The NFT space is still in its infancy, but one thing is abundantly clear… Community is king.
Your community is composed of your customers, investors and fans. All of these people are critical to the sustainable success of an NFT project, as their engagement is required for growth and development at every stage. To achieve longevity in this space, a community engagement strategy is critical, and NFT marketplaces hold the key.
When it comes to engaging your community, there is no single formula. It’s a lot easier said than done, but consistently focusing on new methods will help appeal to members, inspiring them to uplift and amplify your project.
It’s in this spirit that we are providing this new blog series. The strategies we outline throughout these blogs will go a long way when engaging your community. The best part is that each strategy can be explored through one robust solution…a dedicated NFT marketplace.
Deliver a Great Experience
User experience is a pillar of every great web product, and Web3 is no different. Internet users expect a smooth and engaging experience, as all of the best apps and platforms deliver it. This goes beyond the UI and into the way in which users interact with a brand and consume content. Delivering a great experience will grow your customer base, improve retention rates, and create an engaged community.
Blockchain technology deepens the experience for individuals and communities, as engagement can be incentivized through ownership and rewards. Where Web2 engagement is driven by the social status that comes with likes, comments and shares, Web3 is more substantive. Members of NFT communities can own a piece of the pie, and this becomes a massive motivator.
These incentives further the mission to increase customer loyalty. Access to exclusive assets and content with real value is very attractive to those looking for not only community membership, but also physical and digital perks. Coachella is a great example of this, having launched an NFT collection that provides members with lifetime festival passes, exclusive festival experiences, and redeemable merchandise. Not only did they launch a collection that deepened experiences for their members, but they also deployed it on their own NFT marketplace.
NFT Marketplaces Improve Experiences
Coachella recognized the importance of taking ownership of their NFT business model by building a dedicated marketplace. Not only does this empower projects to fully own their content and how it is sold, but it also enables them to customize the experience for users. Ecosystems specifically built for your community deliver more than just a commerce hub. A marketplace can become a home away from home for members to explore, connect and engage.
When relying on third-party marketplaces, projects are making hefty sacrifices in the areas of engagement and communal value. Many projects put a lot of energy into developing a great minting site, but as soon as the mint is complete all prospects and community members are directed to external marketplaces or social channels to join. As a result, projects sacrifice value and lose control over the experience.
A custom marketplace solves these problems by providing a full-cycle experience to each community member, no matter when they join. Customizing the experience strengthens the imprint of your brand and inspires more engagement. Gather your community into one central location for everyone to have a great time and feel incentivized to grow the project together. A unified vision is reinforced when all participants interact and contribute in one location aligned with the brand and content being delivered.
The NFT space is still evolving everyday, but great experiences will remain a driving force for successful projects. Everyone that participates and contributes to a community does so because they enjoy the experience. Maybe that enjoyment is derived from financial reward, collaboration, or just connection with like minded individuals. No matter the incentive, dedicated marketplaces have the power to deliver incredible experiences at scale.
This is why Liteflow is fully dedicated to helping businesses to start building. We are focused on making it easy to get an NFT marketplace up and running, so you can provide an amazing experience. If you’re building in Web3, just reach out and let’s bring your ideas to life!