The power of communities and their impact in the cryptoverse

The power of communities and their impact in the cryptoverse
Photo by Ian Schneider / Unsplash

Web3 has brought the role of communities in building successful projects and initiatives to the centre stage. Bitcoin, Ethereum, Crypto Punks, Bored Ape Yacht Club, Pancake Swap and all other projects in the DeFi, NFT, and cryptoverse have been led and grown by communities. But that leads us to ask, how impactful are comminities?

Coming together for a shared purpose

Web3 is Web2 + decentralisation. Decentralisation is shared ownership. Basically, no single godfather. When the entire community is officially the owner of that project, every individual feels a greater sense of involvement in it. It is this community that votes on every decision, promotes the tokens and evangelises the purpose of their project in the world. These communities are micro-economies in themselves and are often described as network states.

Another form of web3 community that is coming to the foray is DAOs. Decentralised Autonomous Organisations.

Some of the biggest positives of DAOs include:

  • Greater transparency
  • Built-in public - maintaining public roadmaps outlining near-term and long-term initiatives.
  • Working on multiple projects - allows the flexibility to spend your hours on diverse projects rather than the current model of working at one company for n number of years.
  • Greater opportunities to learn and grow - a transparent work style allows people to observe and learn from each other.

Defy Community

At Defy, we realise the importance of creating a community. We know that the modern user wants to receive feedback, to understand why a brand offers its service or goods and what values it is based on.

At Defy we have made it our goal to not only nurture our relationships with our current brand advocates but to also cultivate new ones, turning the infrequent guest into the loyal guest, and ultimately an advocate for the brand. Here, the community plays the biggest role in realising this goal.

We formed our community keeping the following goals in the mind for the users:

  • Education - Knowledge about crypto
  • Networking - Meeting like-minded people investing in crypto
  • Support - App related support queries and help with investment decisions

Our Telegram and Discord platforms served as the forums for the community to share their feedback with us, seek help from other community members and educate themselves with the help of educational content shared on a daily basis.

Initiatives such as the Web3 Basics workshop helped the users get a larger perspective of the crypto world. In a span of 5 live sessions, they were acquainted with the concepts of Bitcoin, Ethereum, DeFi protocols, NFTs, DAOs, Metaverse and blockchain technology.

Feedbacks like these from the users capture the essence of what can be achieved when people come together to learn and grow.

We also conducted weekly Twitter Spaces with interesting folks from the blockchain and web3 ecosystem. We discussed a wide range of subjects, viz., crypto taxation, crypto from a lawmakers POV, NFTs from an NFT artist POV, future of web3 in India, web3 development, and so on. These conversations not only gave a comprehensive picture of the cryptoverse to our users but also exposed them to the myriad career and wealth creation opportunities in the field.

Few things you can look forward to when joining our community:

  • Connect with top-notch web3 minds and crypto researchers
  • Join interactive sessions with leading blockchain founders and experts
  • Meet fellow crypto investors that can help you with valuable feedback
  • Participate in educational workshops
  • Win exciting giveaways