Web3 caters to a diverse group of people. And that makes sense, because who wouldn't want a bit more say in their privacy, the future of the platforms they use, and how they control their assets?
But, in order to move effectively in the space and understand what draws people to — and keeps them invested in — your project, it is important to do a bit of grouping. So, to start at the very, very beginning, there are two extremely broad categories among Web3 communities.
<aside> 🤑 Money Motivated — Many jump into crypto for the lucrative investments it can offer. While these communities can help inform new-comers about your project, and will often work in your project's best interest as they are investors, they can quickly dry up if the token price drops.
<aside> 💫 Belief Motivated — This type of community tends to be very strong. They believe in your mission, vision, and goals, and will help drive all of it forward. This is also where the best contributors and collaborators can be found.
Each type of community has their own value in Web3. And, while some will clearly fall into one category or the other, more often than not, these two are not mutually exclusive. Rather, it's common to find a small, but committed belief motivated community encapsulated in a larger money motivated community.
And, of course, there are different ways to get more and more people to transition into one or the other, because, if there's one thing communities aren't, it's stagnant…unless they're dead.
But, it can be important to understand the overall value of a community, what they drive, and how they can contribute to align with your project's goals and timeline.
People put a lot of weight in numbers. When people invest, whether that's buying a few tokens or putting in some big money, checking the community is fairly common practice. And, while quality counts, quantity is a much faster metric to read. This is where a lot of Narrative & Sentiment comes from, and a large part of why money-motivated communities should not be discounted.
When someone pops into your community to see how strong it is, the number at the top matters. The bigger the community, the more likely someone is to throw a few coins your way. And, if you're fundraising, having a sizeable community can be a big sell.
Of course, for both of these, it's going to be even better if you can prop the numbers up with engagement and contributor metrics as well!
Have you ever heard of network effect? Essentially, as your community grows, each person will have access and influence on a certain number of people…and this multiplies exponentially.
Because personal referrals and recommendations are some of the best ways to convert new members, the bigger your community is, the chances are, the faster it will grow.
Well, there's always armies of bots. Can't say we really recommend that, but they are used. People are faster to get wise to spammy, bot filled communities, though, so if you go this route, proceed with caution.
Otherwise, airdrops and referral campaigns are good ways to quickly drive an influx of people to your community. These will generally be more money-motivated members. But, if you take the right approach, you might be able to convert them into true believers.
And, of course, solving real problems will always drive growth! All you have to do is figure out how to get people to hear about your solutions. But, if the solutions are needed, growth should eventually drive itself.