Crypto communities are powerful forces when it comes to getting support for a new crypto project. A great example is the GameStop community that drove the value of these stocks up on Wall Street. That’s not all – we are also seeing the same trend affecting Bitcoin and other blockchain-based projects.
Most conversations in the crypto industry take place at the community level. This is where the crypto audience gets insights into what’s happening at the market level. Crypto enthusiasts can also leverage the pieces of information from these communities to determine their next investment.
You would expect all the online communities to be the same regardless of the industry. However, crypto communities are unique. This is because the members are also potential investors. As such, they are motivated to ensure each viable project that is introduced to them succeeds.
Prospective investors also use the size of each crypto community as an indicator of promising projects to invest in. Other factors they consider include the goal or vision of the crypto project. By drawing on their vision and experience in this sector, they can also identify projects with great potential to invest in.
In some cases, the investors or crypto community members can identify the potential of a crypto venture very early. For this reason, they end up getting impressive rewards. In fact, one of the reasons why CryptoPunks became so big was because investors had faith in the potential of the project. Potential investors use the same strategies to identify the best DeFi coins to invest in. In many cases, crypto investors identify a promising crypto project to invest in and form a community of early backers. Most of the time, their perseverance pays off and they wind up multiplying their initial investment when the value of the tokens they purchased appreciates dramatically.
While many crypto projects fail, there are a few whose developers consistently stick to their plans and deliver on their promises. As a result, they succeed in creating a massive community of devotees. Thanks to their community-building efforts, these developers gradually find their way to the mainstream where their project attains mass adoption.
The best way to build and grow crypto communities
Growing a crypto community isn’t hard. We’ve gathered some tips from the experts who have built the best crypto communities to help you build a supportive community for your project:
Talk about the unique value that your project offers
There’s an inspiration behind every project – a bigger picture that the developers have envisioned. So, what’s your bigger picture? Once you identify what the bigger picture is, it’s important to identify how it can benefit the community. One factor that attracts crypto enthusiasts is the inspiration behind a given project. How does it relate to them? That’s an important question to ask yourself.
Having said that, identify the main challenges and explain how your project offers a reliable solution. If the prospects realize your project is a perfect solution to their daily problems, they will rush into it.
Join different crypto communities on social media platforms
Social media channels like Bitcointalk, Telegram, Slack, Discord, Reddit, and Twitter are great for building crypto communities because this is where crypto enthusiasts hang out. Therefore, your project can benefit if you develop a profile on some of these platforms. It’s even better if you participate actively in some of the crypto communities found on these channels. Creating a memorable brand identity and building meaningful relationships with other crypto enthusiasts is necessary if you hope to build community support for your project.
Of course, it’s advisable to go one step further and create your own communities on these platforms. Once you’ve created your own crypto community, the next step is sharing valuable content with the community members. However, you should be overbeating as you do this. Take your time to examine the community first. How do they respond to new projects in the space? Once you’ve taken note of this, act accordingly. You can also identify where your target audiences are most active. Those are places you should target.
Use a press release to market your project
Over time, traditional marketing techniques are losing their relevance. However, one PR tool that has been used for years and is still relevant is the press release. Many successful brands owe their success to a good press release strategy that helped them to market their project in the crypto market. A well-written press release gives a project credibility. In this way, the particular project can edge out the competition and stand out in a crowded marketplace. A press release allows you to formally announce an upcoming event. As such, it helps you to build a supportive community ahead of your official project launch. Once you’ve launched, a press release can be a useful tool to use when you need to announce further developments in your project. This could be in the form of industry collaborations, new features that you’ve introduced or incentives that you’ve developed for the community members.
Hire a manager for your crypto communities
Creating and managing a community is a full-time job, and many projects have communities on more than one platform. That’s because you must promptly respond to members’ inquiries and feedback, otherwise you risk losing their interest. Beyond that, you need to note down their suggestions – especially if they are improving your project. When picking a community manager, it’s important to pick one who has relevant experience from projects like yours.
Collaborate with other crypto experts
Collaboration helps speed up community building. The best collaborations usually include experts who are respected in the industry that they operate in. Your collaborations could include crypto influencers, thought leaders, and well-known investors. In addition to ensuring that these people have a good online profile, it’s important to confirm that their vision aligns with yours.
Initiate communication and get active in the communities you build
It’s important to initiate as many conversations as you can in the communities you’re part of. Keep the community updated daily by posting fresh content. When new members join, give them a proper welcome. To encourage engagement, you can post thought-provoking questions and offer incentives.
Encourage people to join your crypto communities
There are different strategies you can leverage to attract crypto enthusiasts to join the communities you build. Offering incentives, hosting contests, and offering airdrops are just some of the things you can do. The more members you acquire, the more prospective investors you will attract to your business.
Ask for opinions from the community
If something is affecting your project, the first place to get solutions from is the community. You can even offer a bounty to members who provide effective solutions solution. Asking for feedback and making sure your community members feel appreciated for that feedback is an effective way to build an engaged community that attracts more participants.
How crypto communities contributed to the success of Bitcoin
Do you remember the launch of Bitcoin? At the time, no central body offered the same level of support that the project got from the global crypto community. Different crypto communities from different parts of the world backed this project from the beginning. These communities contributed to Bitcoin’s success making it a greater success thanks to their market influence. As the Bitcoin community continued to grow, more people were attracted to Bitcoin. This led to the massive adoption of cryptocurrency across the world.
Eventually, these crypto communities grew large enough to influence global economies. This is why you can now use some cryptocurrencies to purchase products or services. It is thanks to the global crypto community that Bitcoin has been introduced as an official currency for conducting business.
Having said that, it’s fair to state that every project based on a blockchain needs the backing of a community. With different types of blockchain startups taking over the industry, only those with strong communities can survive. That’s because it takes a powerful community to generate early adoption in the beginning and mass adoption later on.
Hopefully, you now know the significance of crypto community support. More importantly, you should now understand how this community support can drive the success of your crypto project. Through conversations and referrals, a project can achieve mass adoption and thrive in the market. On the other hand, a project without a community will never attain its full potential.
That’s why it’s important to exercise the above guide and build a community for your project. If feel this is something you can’t manage on your own, you should reach out to a team of professionals who can help you with this. For example, PR specialists, expert writers and certified designers at Pressfarm can help you create quality content to capture attention widely and drive people to your project. With a professional press release, some engaging guest posts, and a branded media kit, you can earn credibility online. Once you’ve earned this credibility, it will be easier to attract new community members and investors.
Beyond creating this content, the team at Pressfarm can distribute it widely to ensure that the right people see it when it matters most. Finally, once you sign up, our Account Executive builds a custom media list to help you connect with respected journalists who can help you tell your story. With a PR package from Pressfarm, you’ll have an easier time building a supportive community of crypto enthusiasts for your project.