According to Collins Dictionary, NFT was 2021’s word of the year. To make a mark in the current NFT space requires you to become part of a tight-knit community. As far as NFTs are concerned, the community is, in many ways, at least as important as the digital art itself. A firm understanding of the NFT community can help aspiring NFT artists and project teams increase the probability of long-term success. 

The Role of NFT Community in the Success of an NFT Project:

NFTs could unleash the power and impact of community in a way that we have never witnessed before, by helping numerous artists spread their talents, works, and messages around the world. Let us consider the Bored Apes as an example: the 10,000 members belonging to this NFT group is a glaring example of how shared experiences lead to the development of communities. The Bored Apes community is so interwoven and connected, that the group has even started conducting real life meet-ups and events

Women Empowerment:

Yet another impactful example of community can be seen in Maliha Abidi’s ‘Women Rise’ initiative. The Pakistani-born woman launched this NFT series with the objective of supporting female artists, activists, coders, scientists, and more, through the power of blockchain technology. Increasing female engagement and empowering women through crypto is the primary cornerstone for Women Rise. At the moment, male NFT artists are heavily outnumbering their female counterparts, and initiatives like Abidi’s aim to eliminate or at least diminish this disparity. 

Royalties:

NFTs present artists with the opportunity to generate loyalties, which can be anywhere between 5 to 20 percent of the total sales value. Nick Graham, for instance, recently sold a bomber jacket NFT as a tribute to the Apollo 11 moon landing. The fashion designer sold this creation through the Decentraland platform, for a price of 20,000 Mana (Mana is the digital currency used in Decentraland, and, at the time of writing is equal to USD 1.57). This shows that a creator can generate instant benefit through their art, and signals a revolution in the way that creators are paid. 

NFT artists are further contributing to the creation of communities, by developing platforms where other artists can promote and sell their creations. 

The NFT universe is a classic example of a community – the members spend their time, collaborate, offer ideas, interact through platforms like Twitter Space, and support and buy into other members’ projects and arts. 

The NFT trend has touched and transformed a lot of lives for the better. Take the example of a classically-trained young violinist, who, prior to stepping into the world of NFTs, needed to perform a lot of different gigs to generate an income and get by. One day, though, he decided to record an NFT album, and the revenue that he generates has allowed him to quit all his gigs and fully commit to building a career in music. He is creating a community all by himself – no record labels, managers, or artists required. 

Similarity with the Conventional World of Art:

For all its uniqueness, there are quite a few similarities between NFTs and traditional art forms, the most prominent of which is that a small bunch of artists enjoy a large proportion of the total sales. In other words, fame and money belong to a select few. Many celebrities, who are not connected to the community in any way, have tried to enter and hit it big in the NFT world. However, more often than not, these attempts have concluded with the celebrities being dismayed and shocked at the surprisingly poor revenue that their artwork generated. 

The COVID-19 has forced the world into isolation and disconnection. The NFT community, however, has stayed in touch through social media using assumed usernames. People meeting and creating physical connections with each other is a reflection of the NFT space itself. In fact, an increasing number of NFTs are offering a physical piece of art, or even a community membership, to go with the digital one. 

Wrapping Up:

The crypto planet and, within it, the NFT nation, has communities of all types and sizes – some are quiet and small, some are vocal and large, while some are immensely exclusive. However, each of these communities has a common vision and a desire for belonging and connection. The strength and quality of the community is almost guaranteed to be a major determinant in the success of an NFT project. Out of the innumerable NFT projects that have been initiated over the last year or so, the most successful ones have been those that have effectively leveraged the power of the community.