What Role Does the Community Have in a Crypto Project’s Success?

Crypto has revolutionized many industries since the first cryptocurrency was developed and launched. Blockchain technology brings significant advantages to the table, and increasingly more companies across several industries have decided to include it in their strategies.

Crypto projects keep on launching and evolving, coming up with valuable solutions for processes that may have seemed part of a Sci-Fi script some years ago. Who would’ve thought that crypto would come such a long way?

These days, there are almost 23,000 crypto projects on the market. This means that 420 million worldwide crypto enthusiasts invest in almost 23,000 cryptocurrencies.

Bitcoin has a price of around $30,000, with an all-time high of almost $70,000 reached in 2021. Ethereum is trading at over $1,800 after reaching its highest price of almost $5,000 the same year. The Merge, the most expensive NFT, was sold for $91.8 million in December 2021. Thus, how did such projects grow so much in quite a short time?

Well, the answer stays exactly in that surprising number of 420 million crypto users. In the crypto industry, community drives success. If it were not for a small group of developers, investors, and crypto enthusiasts, Bitcoin would not have become the most popular cryptocurrency in the world. And this happens for any cryptocurrency. So, let’s discuss how the community contributes to the success of a crypto project.

What Is a Crypto Community?

A crypto community is a group of people that gather around a project or a common crypto-related interest.

The crypto community members are willing to invest in a specific project as they believe it will succeed and want to help it do so. Within such communities, crypto enthusiasts share ideas that may help a crypto project grow and develop to accomplish what it planned in the first place.

Every crypto project has a community of crypto enthusiasts that support the project’s mission through various practices. Thus, let’s see how the community can help a crypto project succeed.

How Should a Crypto Community Look Like?

Crypto communities do not always have to start big. Indeed, there are around 850,000 Bitcoin holders in the world. But Bitcoin also started small, just like any other crypto project. Constant growth is more important than instant popularity. 

Take Gangnam Style, for example. It was released in July 2012, and by September 2012, it was recognized by the Guinness World Records as the first YouTube video to reach 1 billion views. These days, the song is not as popular as it used to be. Some users still search for it, but the number decreased significantly. Along with other videos, Baby Shark stole the spotlight as the most viewed YouTube video. 

Thus, building a community that constantly interacts with the project and, most importantly, believes in and is dedicated to its mission is vital. Simply put, a crypto project’s community should be defined by 3 main characteristics: belief, interaction, and dedication.

And when crypto enthusiasts show these characteristics to a crypto project, all they do is contribute to the project’s success. And there are some ways in which a crypto community can help. 

How Can the Community Help a Crypto Project Grow?

Invest in It

Investing will always be one of the most effective ways of helping a crypto project grow. And while a crypto business needs to receive constant investments, having them when launching is critical. This is why newly launched crypto projects organize fundraising events.

And this is where the community comes in. When you launch a crypto project, who will help you grow, if not the community you built around it? 

And we are not even talking about tremendous investments from a few people. Sometimes, less is more, and it is extremely helpful to focus on less from more. 

Focus on Social Media

Besides investing in a crypto project, the community can spread the word about it. Surprisingly, crypto is somehow relying on word of mouth. When many users share posts about a crypto project, increasingly more will join the ship, for sure. 

This is why it is indeed essential to encourage your community to follow you on various channels. This way, you can widen your audience significantly. 

Furthermore, advocates are a crucial part of growing a crypto project. Following your social accounts is something, but sharing your posts periodically is more helpful than thousands of followers will ever be. 

In a Word? Be Present.

Of course, these are 2 words. But let’s focus on presence and how much it helps a crypto project grow. When the community of a project is present and interacts with the team behind the cryptocurrency, success will most surely come. 

The magic formula for a successful crypto project has 2 key elements: its product and the community that supports it. And to make users realize your project is trustworthy and innovative, you first have to make it popular among crypto enthusiasts. 

Thus, it is a matter of “Who came first: the chicken or the egg?.” While a good product comes first, the community makes it popular. 

And crypto enthusiasts can also benefit from being part of a community. Crypto projects often organize special events where they reward their users. This way, they are incentivized and stay close to the project as long as possible. 

And a good example of such a project is MetFi, a DAO launched on Binance Smart Chain that aims to be the first DeFi utility NFT ecosystem focused on incubating Metaverse and Web3 unicorns. The impressive thing about MetFi is that it aims to share the returns with all MetFi NFT owners. Thus, the community built around the project wins by supporting and investing in it. 

Final Thoughts

Crypto has become increasingly popular, which also comes from the crypto community supporting the concept. 

Each crypto project needs a community that believes in the product, aims to invest, and talks about it. This way, the new project can grow and become popular among many crypto enthusiasts. 

Some of the most popular ways in which the community can help a crypto project succeed are by investing in it or becoming advocates on social media. Simply put, the community needs to be present so that the crypto project can grow.   

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