Inside Web3 💎 | Creating a community in Web3
I hope you're doing well 👌
From my side, I’m super excited as always! Yesterday the head of listings of KuCoin (Top 4 CEX worldwide) contacted me to discuss our new project Mobula, the 100% decentralized & on-chain data aggregator :) We also signed 15 partnerships with tools that wanted to integrate our API, in less than a week. According to our forecasts, this should cover more than 500.000 requests per day with backlinks and redirection to our main page. I invite you to join the Mobula community, there are only a few days left to get a place on the whitelist, DM me for whitelist access (👉 NomadPirate#8763).
I hope you are ready for this edition... Let's go 🏁
The plan of the edition:
1/ Top 5 Resources of the Week
2/ The intervention of the week: Nick from the Moonlight Token 💥
3/ Focus of the week: Creating a community in Web3 🤝
1/ Top 5 Resources of the Week
🌎 Changing Bitcoin’s proof of work? That’s what Greenpeace wants to deal with. As Bitcoin just reached the symbolic milestone of 19 million mined BTC, Greenpeace, associated with Ripple’s CEO, wants to help Bitcoin move to a less polluting model. “Change the code, not the climate” was launched to reduce the most famous cryptocurrency’s impact on our planet.
⚽ Sports keep digging their way into web3. WWE signed a long-term agreement with the platform Fanatics to merchandise NFTs, Lionel Messi is the new ambassador of Socios.com a fan token platform, Toni Kroos announces a partnership with Binance and Liverpool FC launches a new NFT Collection …
🇧🇷 Cryptocurrencies are doing great in Brazil. After becoming the first Brazilian crypto Unicorn, 2TM is said to be close to being acquired by Coinbase. This impressive private firm valued at more than $1bn might soon be bought by the famous American trading platform. At the same time, Rio De Janeiro claims to accept Bitcoin for property tax payments next year…
💸 Azuki NFT sells for record $1.4 million. The anime-themed NFT collection grows in attention after record sales. Speculation follows on social media while the collection starts to be announced as the next BAYC … To be continued
🥇 3 great Web3 companies in the Time’s 100 most influential companies ranking. Web3 is well represented this year and is starting to be recognized in the media as a promising market. Open sea, The Sandbox, and Sotheby were particularly put in evidence, just one year after Vitalik Buterin, Cofounder of Ethereum had been elected as one of the world’s most influential personalities in the magazine.
2/ The intervention of the week
For this edition, we have the honor to hear about Nick’s experience with web3. Nick is the co-founder of The MoonLight Token, and developed really outstanding tools around the BSC. He has a few tips to share concerning scams and security on this Smart-chain that you might be interested in…
Thanks for the invitation Julian :)
Within its one year of existence, Binance Smart Chain (BSC) has shaken the whole DeFi space, and become a serious competitor to the Ethereum network. This incredible growth has unfortunately attracted scammers, using various techniques to steal crypto from oblivious newcomers. In this high-risk/high-reward ecosystem, what can we do to prevent falling victims to scams, and protect our assets?
1 - Check out the holder’s distribution
Every token on DeFi has a publicly accessible list of holders. It's important to check how the supply of a token is distributed. Wallets with a large amount of the supply are called "whales" and could have a detrimental impact on the price. Some whales will try to hide by splitting their bags into multiple smaller wallets. You can use Bubble Maps to instantly check the distribution of any DeFi token for example.
2 - Check out the smart contract
Smart contracts are collections of code that carry out a set of instructions on the blockchain. Before investing in a token, make sure that reputable contract audits were conducted, and no vulnerabilities were found. In case you are looking to invest in recently launched tokens, here is some automatic contracts checker:
3. Keep your wallet safe
It’s critical that your private keys remain undisclosed to the public. With a Metamask wallet, you are in control of your private keys and therefore your crypto holdings. Though there are still risks, hardware wallets are considered to be the safest option to store private keys: Ledger, Trezor, etc.”
3/ Focus of the week: Essentials to build a powerful community in web3
Beyond disrupting technology, Web3 might have impacted our society in the way to market a project. Handling marketing in cryptocurrencies is really different from the common practices in web2. One main rule: community first. Everywhere in the web3 ecosystem, you will hear people telling about how their communities were developed. This could be associated with the cultural change related to decentralization. People are willing for more transparency, security, and ownership. They wish to be involved in what they invest in. They want to bring a commitment to the technology they believe in. That’s why we observe such devotion to building communities around disruptive web3 projects.
Spotlight on building web3 communities 🔦
One of web3’s biggest promises is to help build a more decentralized world where users would control more value than traditional intermediaries. We can observe that most web2 business models rely on the same mechanism, offering a lot of value at first, then locking users on their platforms to earn as much as possible from them. With the advent of blockchain and decentralization, it’s time to give users more governance, and communities more power. Web3 pledges for a better distribution of economy to the individuals getting involved in this ecosystem. That’s why the next generation of the internet needs to connect more than ever before to the individuals willing to be part of this revolution. Empowering such communities will ensure more trust, in the process to create a seamless experience for users and help build the foundations of this new internet.
The process of gathering such communities ⚙️
In dealing with communities, size isn’t what matters the most. The only thing you should be aiming at, at first, is engagement, then comes growth ... Having 10 people where 8 collaborate and are actively involved is way better than having 100 people with only 10 getting involved… To reach such devotion and commitment, you need to find the right key to make people engaged and excited by the idea to collaborate. This is mainly related to your “why”: a great mission approved by your fellows, a common vision, and steps to tend towards as a team! Mobula's Discord community is starting to grow thanks to our invitation referral whitelist strategy. It's a classic but it works great!
Once you gather a nice community, it’s time to use incentives as a guideline. Keep building your community around your product and mainly what makes sense with it. People need to know and be reminded of why they are involved in your adventure. Building your product and your community should appear as one common process: an open-source collaboration will bring more transparency, governance, and decision-making. Finally, be close to your members: they might have the best possible feedback on the way to handle your project and avoid potential errors during the roadmap.
Cross-platforms communities 🗝
With Mobula, we decided to be present on Discord, Telegram, and Twitter. On Telegram, it's more for the investor community, we have partnered with listing channels to highlight the token and therefore the project. On Discord, it's more for the real Mobula community, a community containing Mobulers (DAO members, contributors to the platform) and curious Discord followers. On Twitter, it's more for the official announcements, especially with the partnerships. The need for trust and transparency has brought web3 developers to communicate differently with their fellows.
Telegram and Discord have replaced mailing and are the first place of expression and interaction for the projects. For instance, Discords make it possible to create efficient infrastructures for communication inside the community and the era of bots and automation reinforces this new way to market a product closer to its community than ever before.
Most projects use Twitter for their announcements/vision and to attract members directly on channels because of the proximity and spontaneity offered by the platform. The combination of both strategies makes the engagement better and faster in a way that any new member can belong to the project and contribute, vote or express very easily.
Transparency, fun, and engagement✌️
A great practice is to keep your community informed about any updates on the project. In a dynamic of co-creation, engagement will come naturally if your members feel close to the development and progression of the roadmap or vision. You might also reward your members with whitelist spots and create a fun experience around the project using small contests and games. This feeling can also come from a secret powerful weapon: memes! They will considerably accelerate your community building and help create strong bonds between members. Moreover, they could go viral on social media and help grow the community even more! This week, we'll be putting up a recurring team To Do post in the Mobula community channels.
Once more: engagement is the key and open DAOs could help you reach it. It enables members to vote or submit proposals to help the development of the project or to be financially rewarded in case of success. By doing this, you will ensure more governance for your members who will feel safe about investing in a project they partially built. In the same way, open-source development can drive participation and help you reinforce your product. You can also bring out this co-creation aspect without DAO, with polls on Discord and decision-making based on the majority.
Vision and storytelling 📣
One last essential of community building is obviously storytelling! It’s really necessary to empower your members with a great story to emphasize the vision they bear and what they could accomplish. Every great story attracts new individuals who feel aligned with its values. This will help model a common purpose to rally and people connect around a shared vision. People need to be proud of the group they are in! They will share this with the world and your product with it.