One of the most misunderstood aspects of non-fungible token (NFT) the property has gradually transformed into one of its greatest attractions. While some focus only on the media that NFTs represent, others explore what it means to be the rightful owner of that media.
In most NFT collections, there is a fixed number of NFTs that people can buy, trade, and collect. This fixed amount of NFTs in a collection means that there will always be a limited number of people who also own an NFT from that collection.
With this rarity and exclusivity of NFT ownership comes a degree of cover and prestige.
The value of community
This prestige of owning a unique object within a larger body of work is well understood in the traditional collectibles market.
Owners of specific sports cars often meet around the world to drive and network with other owners. The owners of a certain rare vintage handbag nod silently when they pass another owner on the street.
Online communities have sprung up to track the serial numbers of these items, document the rich stories, and provide a common place for everyone to share their passion.
Just as an individual can take pride in owning an item, they can also take pride in joining a community of like-minded owners.
Increasingly, NFTs have served a similar purpose. NFTs are generally recognized as a means of bringing together people who share the same common interest. NFT owners can participate in a community where they can share, discuss, plan and strategize with as much anonymity or personal disclosure as they wish.
Unlike the traditional collectibles market, where communities are managed by a variety of private intermediaries, access to NFT communities is seamless thanks to the irrefutable proof of ownership offered by blockchain technology.
Why join an NFT community?
According to the NFT Project, there can be direct and indirect benefits to becoming a member of the NFT community. Providing an accessible space for collectors to share their interest and enthusiasm for a project is something most people appreciate and seek out.
Some of the more common benefits that community members have access to include:
- In-person and virtual live events with founders, other community members, or celebrities
- Limited offers, discounts or exclusive access to products such as clothing, 3D models, digital content and other types of products
- Exclusive access to new collections, community competitions and airdrops
- Social media channels such as Discord and Telegram to network and strategize with fellow community members
Below are some benefits specific to community members of the projects listed on Kraken NFT:
Live Events
From massive international conferences to intimate local gatherings, NFT communities regularly hold events for community members to meet face-to-face. Connected by their shared passion for a particular project, as well as many non-NFT related hobbies, community members meet regularly at live events to put a face to their online discussions.
Some NFT events are “token-gated”. This refers to the need for attendees to first verify their ownership of the given NFT before they can access the event. Some events are also open to non-owners, but each project takes a different approach when it comes to accessing their live events. While some can be organized by the project team, other live events can be organized between community members themselves.
NFT communities held live events around the world. Here is an overview of some recent events from different project communities:
The “Midnight in Paris” event was open to owners and fans alike, providing a sneak peek at two projects while bringing the two communities together in a fun, dancing atmosphere.
Members of the community of Bored Ape Yacht Club organized a meeting for members of a sub-community made up of French-speaking owners. As part of the “Bored in Paris” event, participants were able to interview each other in a fun way.
This meeting invited members of the community and fans of the women’s world collection to discuss a host of Web3-centric topics, including inclusivity, digital fashion, and creative women making their mark in the space.
Merchandise
Because most NFTs only exist in the 2D realm of a digital display, NFT owners enjoy taking their NFTs to the 3D streets. One of the most common ways for community members to demonstrate their membership in a given NFT community is through collection-branded apparel and merchandise.
Sometimes it’s free, sometimes it’s available exclusively to NFT holders, but project-specific merchandise is another perk that community members can enjoy. From hoodies to Honda Accords (yes… even cars were given away), you might be one NFT purchase away from some seriously cool gear.
This product was awarded in the form of a token to each Azuki NFT owner. Token owners could then use the NFT to claim a free physical jacket on order.
For those looking to admire the aesthetics of their NFT in physical form, some collections also offer the option of creating a physical statue representing their NFT. Depicting one of the collection’s most iconic traits – the unmistakable “rainbow vomit” – this colorful vinyl statue has been made available exclusively to doodles the owners.
Community competitions
Many collections offer unique and fun experiences through contests and contests that community members can enter. These contests often come with unique prizes and rewards for their winners.
Community competition events range from quirky fan-art and storytelling contests to full-fledged scavenger hunt and mobile game competitions. These provide unique opportunities for community members to continue to develop and diversify the unique stories that NFT communities love to bring to life.
Few projects have produced more groundbreaking community contests than the Bored Ape Yacht Club. One of their first and most notable contests was an online scavenger hunt where teams within the community formed to solve a series of puzzles and challenges leading to the ultimate prize – 10 ETHthree NFTs – totaling over $200,000!
Often discussed as one of the top NFT projects to help launch the 2021 NFT bull market, Hashmasks followed the launch of their project with a competition where teams (or “tribes”) of NFT holders with similar characteristics participated. to a four-week, multi-round competition that involved the use of their unique “name change token”.
The competition also included a creative battle where participants wrote short stories about their NFTs, with the community ultimately voting for the winners. The price? The winning team’s NFT was placed on a billboard in Times Square for 24 hours.
More than a picture
Each of the community membership benefits covered here generally require individuals to purchase and own the NFT, rather than simply right-clicking to save the NFT. Just like you can’t enter a country with someone else’s ID card, you can’t enter an NFT community with someone else’s NFT.
For this reason, many consider the most valuable aspect of owning an NFT to be the access it grants to a community of like-minded people. Many NFT owners appreciate the opportunity to share their passion for collecting – as well as their ambitious ideas, insights and interests – with others who share the same passion.
More and more often, it is the NFT holders themselves who have the biggest say in shaping the future of the NFT collection.
Ready to find your NFT community?
While you may initially be drawn to an NFT community by its unique art direction, you may end up sticking around because of the relationships you develop within the community.
Kraken NFT offers one of the safest and easiest ways to find the right NFT community for you. Check out some of the collections available today and start your NFT journey with Kraken.