Various Ways Web 3.0 Projects Can Build a Strong and Persistent Community in the Crypto ‘Winter’

The global financial market has taken a hit this year, and this includes the cryptocurrency market. Bitcoin is currently trading at 72% below its all-time high, while some of the weaker altcoins are out of the picture.

However, one of the most important lessons of the bear market is the advantages of keeping the community intact and more active than ever before. Web3 has become a crucial part of the internet today, and the bear market should not dim the light on a journey with such promise.

If the Web 3.0 ecosystem were to turn into a ghost town, it would be a nightmare for the internet natives who yearn for privacy and control over their data. The web3 community ought to remain vibrant for three main reasons: sustain demand for the next uptrend, enable seamless onboarding through peer support and increase the longevity of innovations.

However, there are certain ways web3 projects can remain active even during the ongoing bear market. Some of the best ways to achieve this mission include;

Community Incentives

Although criticized by Web 2.0 diehards, the incentive model behind Web 3.0 innovations is a huge part of the industry’s success. What started with CryptoKitties in 2017 has now evolved, with hundreds of other projects, including Axie Infinity adopting the incentive model.

The projects have recorded billions of dollars in NFT sales over the past few years, thanks to the incentive model that keeps the community active. However, NFT projects should be careful not to overdo reward initiatives. This is because their native innovations can easily lose value if the focus shifts from building practical innovations to giving away free collectibles or internet coins.

Tapping Into the Latest Trends

Another way to keep the community active is by taking advantage of the latest trends; for example, the past two years ushered in the era of Decentralized Finance (DeFi), Non-fungible tokens (NFTs) and the metaverse. While Bitcoin remains king, it is a no-brainer that most of the recent adoption was propelled by the aforementioned ecosystems.

A key feature of the crypto space is its ever-evolving nature. Innovations come up faster than one would expect. According to Dapp Radar, most of the projects that witnessed significant community growth in the past two years are either DeFi or NFT based.

This means that for the web3 community to grow and remain relevant, projects have to tap into the latest trends. This would ensure the continued growth of web3 projects despite the bear market.

Community Meetups

While it may seem obvious, most of the existing blockchain projects do not hold physical or digital community meetups to keep the participants engaged. Projects that don’t hold community meetups are setting themselves up for failure. There need to be spaces where community members can exchange ideas or engage in fun and competitive activities. Moreso, in a bear market.

Polygon is a leader in terms of community meetups and has become the number one Layer-2 chain built on Ethereum. Polygon has been building a physical and online presence throughout the world by organizing meetups, hackathons and educational forums to onboard more people into Web 3.0.

Conclusion

The current bear market might last for a while, and this means that niche ecosystems such as crypto have to be flexible and adopt innovative ways to keep the community active. By adopting the methods discussed in this piece, web3 projects can survive the bear market and look forward to thriving when the bull market comes.