Blockchains. DAOs. NFTs. Cryptocurrencies.
They are not just buzzwords anymore. Brands have started leveraging these technologies in their online communities to steer forward and generate ROI.
Not familiar with the terms and their implication in the online communities? And, why brands should embrace the shifting online community paradigm?
Don’t worry, we’ve got your back.
We recently organized an exclusive webinar on ‘Web 3.0: Creating Future-Ready Online Communities’. All this and more was discussed by community experts in the webinar.
Our distinguished speakers were –
- Todd Nilson – Digital, Community, and Workplace Experience Strategist at Clocktower Advisors
- John Summers – Founder, Comunify
In case you missed all the community fun, you can watch the recording of the webinar here.
Let’s take a deeper look at some of the key highlights our community aces discussed during the session.
What is Web 3.0 and its Implications on Communities?
While demonstrating the Web 3.0 evolution, Todd shared the steady transformation of the internet that took place over time. The internet was first coined in 1989 as web1. It was the most primitive form of static web content linked using hyperlinks. That’s why it was majorly known as the read-only web. Around 2005, a massive shift took place and was termed Web 2. It introduced dynamic content in the form of user-generated content. Hence, the term read-write internet. With the emergence of advanced technologies like AR/VR, Blockchain, IoT, etc., more collaborative internet is evolving. This semantic, decentralized ecosystem is called Web 3.
John shared that the implication of Web 3 in the community landscape suggests –
- Clearly defined ownership of community content
- Authenticated credibility of community members/users across communities
- Better sense of belongingness with democratic governance of communities
Web 3.0 – The Shift to Decentralized, Future Online Communities
Web 3.0 is the driving force of the massive shift in today’s online community landscape. Web 3.0 is not a stand-alone technology but rather a mix of a couple of interrelated revolutions. Some of these elements are –
Content piracy is a major challenge that artists and content creators face often. Therefore, the need for a decentralized identity management system emerged. And, blockchain is the solution. At its core, a blockchain is a network of distributed ledgers that protects the ownership of the content. So, in the future when the members move across multiple networks, they won’t lose their credibility.
Cryptocurrency takes discussion and socialization to an advanced level. By leveraging cryptocurrency in your community, you can define your goals, major milestones, and initiatives through the network effect. It minimizes disputes and enables community members to collaborate efficiently.
Non-fungible Tokens (NFTs) are virtual wallets that authenticate the ownership of the content through tokenization. They could be monetary or non-monetary, depending upon the type of community and its content. Take gamification as an example, which incentivizes the contribution of community members depending on their participation level. So, NFTs are a great way of rewarding and incentivizing participation. Moreover, it leverages blockchain-powered smart contracts that contain pre-determined conditions. The aim is to ensure that they can be bought to give back to the artist or community.
Decentralized Autonomous Organizations (DAOs) members to vote on the direction of their entity in a community-led organization. DAOs are closely connected to NFTs and cryptocurrencies to obtain governance tokens in structured funding rounds. That is how DAO enables communities with a decentralized ecosystem. This is how each member has equal voting rights, regardless of the hierarchy, leading to democratic governance.
Some might feel like jumping right into Web 3.0-powered communities while others might want to wait a little longer. On this, Todd shared his take that it might be too hasty or late. So, community enthusiasts need to keep an open mind as it’s not a binary decision. Consider every leap forward as an opportunity or invitation to bring innovation to their business.
Concluding the webinar, the two community enthusiasts discussed that to stay at the top of their community game, brands must understand the true nature and the right application of NFT, Crypto, etc. in their online communities.
Wish to Explore More About Creating Future-Proof Online Communities? Talk to Us!
We’ve got something bigger and better coming up! We’re back with the 3rd edition of our virtual conference-Community (re)Focus, 2022. Get ready to witness an amazing line-up of speakers as they share their take on redefining the community landscape with communities 3.0. You can register for the conference here. To know more about our CMaaS expertise, drop us a line at [email protected], and we’ll take it from there!
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