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What is a Web3 community?
A Web3 community is a virtual community where a group of people with shared ownership can meet. In a traditional online community, ownership was usually by one creator or community leader who would sell memberships. With a Web3 community, community members can share digital ownership, secured by blockchain – usually through gating with the sale of social tokens.
Unlike the membership structure of a traditional online community, holding ownership through token gating means that the person who owns the token can resell it if they decide to leave the community – meaning that joining a community could function as a literal investment.
For example, if you joined a coaching community with limited spaces and that coach grows in popularity and demand, your token to access it might be worth more than you paid for it if you decide to leave.
The rules around buying and selling community tokens can also be dictated in a blockchain contract, detailing how and when it can be sold and potentially giving the community host a portion of the resale value as well.
Ready to start building a token-gated community on Mighty?
Advantages to Web3 Communities
- Membership can function as an investment and members hold ownership.
- It gives a way for the community to scale without selling more memberships (e.g. limited membership communities can scale through resale and increased token value).
- Can still integrate with traditional community membership sales and bundles.
Now Read: 15 Realistic Ways to Monetize Your Social Media Followers