Why buy an NFT: Community membership

One of the most misunderstood aspects of non-fungible token (NFT) ownership has steadily turned into one of its biggest draws. While some are solely focused on the media the NFTs represent, others are exploring what it means to be the rightful owner of that piece of media.

Within most NFT collections, there is a fixed number of NFTs for people to buy, trade, and collect. This fixed amount of NFTs in a collection means that there will always be a limited number of people that own an NFT from that collection as well. 

With this rarity and exclusivity of NFT ownership comes a degree of collectibility and prestige.

The value of community

This prestige of owning a one-of-a-kind item within a larger body of work is well understood within the traditional collectibles market. 

Owners of specific sports cars often meet up around the world to drive and network together with fellow owners. Owners of a certain rare vintage handbag silently nod in acknowledgement when they pass another owner on the street. 

Online communities have sprung up to track serial numbers of these items, document the rich histories, and provide a common place for all to share in their passion. 

Just as an individual may take pride in owning an item, he or she may also take pride in joining a community of like minded owners of that item.

More and more often, NFTs have served a similar purpose. NFTs are commonly recognized as a way to bring people with the same common interest together. NFT owners are able to take part in a community where they can share, discuss, plan, and strategize with as much anonymity or personal disclosure as they wish. 

Unlike the traditional collectibles market, where communities are managed by a variety of private intermediaries, access to NFT communities is transparent thanks to the irrefutable evidence of ownership afforded by blockchain technology. 

Why join an NFT community?

Depending on the NFT project, there can be both direct and indirect benefits to becoming a member of the NFT community. Providing an accessible space for collectors to share their interest and excitement in a project is an element that most people enjoy and seek out. 

Some of the most common benefits community members have access to include:

• In-person & virtual live events with founders, other community members, or celebrities
• Limited offers, discounts, or exclusive access to products such as apparel, 3D models, digital content, and other types of merch
• Exclusive access to new collections, community competitions and airdrops
• Social media channels such as Discord and Telegram to network and strategize with fellow community members

Below are some specific community membership benefits from projects listed on Kraken NFT:

Live events

From massive international conferences to intimate local gatherings, NFT communities regularly host events for community members to meet up face-to-face. Connected by their shared passion for a particular project, as well as many non-NFT related hobbies, community members regularly meet up during live events to put a face to their online discussions.

Some NFT events are “token-gated.” This refers to the need for participants to first verify their ownership of the given NFT before being able to access the event. Some events are also open to non-owners, but every project takes a different approach when it comes to access to their live events. While some may be organized by the project team, other live events may be organized amongst the community members themselves.

NFT communities have organized live events all around the world. Here’s a look at some recent events from different project communities:

The “Midnight in Paris” event was open to both owners and fans alike — offering a glimpse into two projects while bringing both communities together in a fun and dance-filled atmosphere.

Community members from Bored Ape Yacht Club held a meetup for members of a sub-community formed by French-speaking owners. As part of the “Bored in Paris” event, attendees got to interview one another in fun ways.

This meetup invited community members and fans of the World of Women collection to discuss a host of Web3-centric topics, including inclusivity, digi-fashion, and women creators making their mark in the space.

Merch

Because most NFTs only exist in the 2D realm of a digital display, NFT owners like to take their NFTs to the 3D streets. One of the most common ways community members have demonstrated their membership to a given NFT community is with apparel and merch bearing the collection’s branding. 

Sometimes it’s free, sometimes it’s available exclusively for NFT holders to purchase, but project-specific merchandise is another perk community members get to enjoy. From hoodies to Honda Accords (yes…even cars have been given away), you may be one NFT purchase away from some really cool gear.

This merch was awarded in the form of a token to every Azuki NFT owner. Token owners could then use the NFT to claim a free, made-to-order physical jacket.

For those looking to admire the aesthetic of their NFT in physical form, some collections also offer the ability to create a physical statue representing their NFT. Representing one of the collection’s most iconic traits — the unmistakable “rainbow puke” — this colorful vinyl statue was made available exclusively to Doodles owners. 

Community competitions

Many collections host unique and fun experiences via contests and competitions for community members to take part in. These competitions often come with unique prizes and rewards for their winners. 

Community competition events have ranged from original fan-art and storytelling contests, to full-blown scavenger hunt and mobile game competitions. These offer unique opportunities for community members to continue expanding and diversifying the unique backstories that NFT communities love to bring to life.

Few projects have produced community contests more groundbreaking than the Bored Ape Yacht Club. One of their first and most notable contests was an online treasure hunt where teams within the community formed to solve a series of riddles and challenges that lead to the ultimate prize — 10 ETH, three NFTs — totaling more than $200,000!

Often discussed as one of the key NFT project to help kick off the 2021 NFT bull market, Hashmasks followed up their project launch with a competition where teams (or “Tribes”) of NFT holders with similar trait characteristics entered into a four-week, multi-round competition that involved utilizing their unique “Name Change Token.” 

The competition also included a creative battle where participants wrote short-stories about their NFTs, with the community ultimately voting on winners. The prize? The winning team’s NFT was placed on a billboard in Times Square for 24 hours.

More than a picture

Each of the community membership benefits covered here generally require individuals to purchase and own the NFT, rather than simply right-click-saving the NFT. Just as you could not enter a country with someone else’s ID card, you cannot enter an NFT community with someone else’s NFT.

Because of this, many see the most valuable aspect of owning an NFT to be the access it grants to a community of like-minded people. Many NFT owners value the ability to share their passion for the collection — as well as their ambitious ideas, insights, and interests — with others that share that same passion.

More and more often, it is the NFT holders themselves who have the biggest say in shaping the future of the NFT collection.

Ready to find your NFT community?

While you might be first drawn into an NFT community by its unique artistic direction, you may end up staying because of the relationships you develop within the community. 

Kraken NFT offers the one of the safest and easiest ways to find the NFT community that is right for you. Check out some of the collections available today and start your NFT journey with Kraken.