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In recent years we have seen a rise in web3 technology and its potential to reshape the way we think about building communities, providing a new way to create and exchange value in a decentralized and without trust that traditional communities cannot match.
With web3, communities are not just about social interaction, but also about creating and exchanging value in a way that is fundamentally different from conventional methods. Thus, traditional communities that do not adapt to change risk becoming irrelevant and obsolete in the long term.
Unlike traditional communities that often operate in silos, New Era communities are built on the principles of openness and collaboration, allowing communities to connect and collaborate with each other seamlessly and creating an effect of network that enhances the value and impact of the entire ecosystem.
Thus, traditional communities that do not adapt to the changes brought about by web3 technology risk falling behind and eventually becoming obsolete.
Redefining community
Web3 is redefining community by creating new forms of social interaction and collaboration that were simply not possible before. Communities are no longer limited by physical boundaries or central authority, but rather defined by their shared values and interests.
Unlike traditional communities that often operate within narrow geographic, social or cultural boundaries, Web3 communities succeed in connecting individuals and groups across the world and providing a platform for innovative and inclusive forms of social interaction.
Web3 communities are also redefining value creation and exchange by enabling new forms of economic activity. A few centralized entities no longer monopolize them but are instead distributed among community members, allowing the emergence of new business models that do not rely on traditional centralized structures.
Homerun Opportunities
In the past, companies often viewed their community primarily as a source of revenue. They understood that if they could convince their customers to buy a new product, they would make money.
As a result, much of their community building efforts have focused on marketing and advertising rather than creating a genuine sense of connection and engagement with their customers. This approach worked for a while, but as the market became more competitive and customers became more savvy, it became clear that companies need to do more than just sell products to their communities.
The popularity of non-fungible token (NFT) communities has been rapid and powerful, with traditional businesses and organizations of all kinds taking notice. Increasingly, companies are recognizing the value of creating engaged and vibrant communities around their products and services. Web3 simply provides new tools and approaches to achieve this.
Businesses are realizing that they can create loyal customers who will not only continue to buy their products, but also become advocates for their brand. This can lead to a virtuous circle of engagement and growth, where a strong community fuels business success, and business success, in turn, strengthens the community.
In this way, the shift to web3 technology is not just a technical innovation but a cultural innovation, where companies recognize the value of building authentic and collaborative relationships with their customers.
All that glitters is not gold
However, perhaps the most important aspect of Web3 communities is that they are built around the idea of community ownership. Users are not just consumers of a product or service, but active participants in development, creating a sense of shared ownership and collective responsibility that is absent from traditional communities.
Although traditional communities may continue to exist, their relevance and influence may decline as Web3 communities continue to evolve and provide new opportunities for social, economic and commercial activity.
Whether collaborating with native Web3 communities or directly launching their own Web3 campaigns, more companies will experiment and try to take advantage of what traditional communities currently lack.
The opportunity might be too big to miss.
About the Author: Caria Wei is the co-founder of Nuvo, a platform for scaling user engagement online and in real life. Previously as Head of Product and DevOps at Metis, she has experience in strategic and product management, enterprise program and release management, incident and change management. Caria holds an MBA from York University’s Schulich School of Business, specializing in strategic management and entrepreneurship. Additionally, she is a PMP, AWS Solutions Architect, and Professional Scrum Master.
