Why Community Is the Key Hallmark of Crypto

It seems rather evident that every piece of marketing – both commercial and political – is built around the community. Indeed, targeting a group of people converged into the interests of the company or product is not a big deal, as this strategy has been used since the first days of PR. Still, another matter is to build a community, support its activity, favour it, and be in direct touch with it. Well, this is a big deal now. 

Apparently, one of the most illuminative cases of active community building is crypto-oriented community. It truly stands out, and not only by its deep engagement, but also due to the methods of community building that crypto companies use. 

All facts combined lead us to the conclusion that the crypto community is one of the foremost drivers of the industry. But how did it come that way?

Full Circle

Since the emergence of Bitcoin, a community has begun to shape itself. The initiators of changes, devotees of decentralization, and the ones who mistrusted the fiat currency after the world crisis hit – all of them came together with a new implementation of money. In fact, Bitcoin’s white paper turned out to be sort of a manifesto for the supporters of crypto – a manifesto that laid the concept of blockchain, followed still. 

Yet, the devotion of crypto fans was not enough for the community to prosper. That’s why the very industry was (and still is) up to spurring the community itself. Through developing new community building features and enhancing the existent ones, crypto entities managed to boost the engagement in crypto. 

That is how a full circle works – a commitment is enhanced by cutting-edge PR, and PR brings superior outcomes thanks to the commitment. Consequently, the cycle drives crypto marketers to enhance the tools and approaches to community building. 

Communication Is Pivotal

The cruciality of crypto community building lies in the tools. Those, in fact, are distinguished by the prevailing focus on building a direct communicational vector with the audience. Significantly, SMM plays an essential part in keeping in touch with the community, and it rallied so actively that it even achieved leading positions in the social networks: notably, X is currently the foremost crypto hub, where the online community is consolidated around the blockchain currency. 

But SMM is just a toolkit. Creating effective communication strategies – that is what matters the most. As a matter of fact, crypto marketing heeds this option with staying in constant communication with the users, and triggers them to share their interests and sentiments as well as to have access to such valuable data. Besides, regardless of the strategic benefits, complex and user-cheering communication models undoubtedly raise the brand awareness, and propensity towards the company that evidently contributes to its reputation. 

New Ways to Foster The Community

Given the fact of the community’s essential role in crypto reputation, the key role of the community building is occupied by voicing a strong gratitude towards users for their loyalty. And notably, such well-known loyalty programmes as Bug Bounty (a reward for detecting bugs and errors in the operation of the service) and the reduction of commissions and service fees are no longer surprising. Currently, crypto companies are turning to more and more revolutionary strategies to keep the community active. These include interactive activities for rewards, exclusive NFT collections, and even prizes for using services. The most striking example of the latter is Souldrop by cryptocurrency exchange WhiteBIT. Successfully using new technologies, namely Soulbound – the concept of information and tokens that can neither be transferred nor sold, but only received – WhiteBIT has created its own WB Soul ecosystem within the WB Network blockchain, and now will be rewarding soulbound tokens on a monthly basis to users who hold the exchange’s native token WhiteBIT Coin ($WBT) in a crypto deposit. This month’s staking will run from 4 to 15 September. 

The example of Souldrop is a perfect case in point of crypto marketing, as the initiative increases community loyalty by encouraging them to use the exchange’s Crypto Deposit service with its own cryptocurrency WhiteBIT Coin and create its WB Soul wallet on the native WB Network blockchain. Here we see an illustration of the involvement of all parts of the product ecosystem with a focus on community activity. This is proof that community building is a key element in the marketing of every crypto exchange.

The company also became advanced because of its meticulous approach to the platforms it collaborates with. A worthy example may be Scamfari, which was the first project on WhiteBIT Launchpad and whose native asset $SCM has already successfully listed on a crypto exchange.

Community Equals Operability

Still, it is worth noting that the interest into community is not driven solely from the commercial goals. The truth is, crypto companies are insightful enough to understand that the more users blockchain has, the more efficient and stable its function.

Indeed, blockchain and, undoubtedly, cryptocurrencies are supported by the number of their users. Every single crypto fan, every transaction, every investment into the decentralized array sustains the operability of the chain. That is why crypto companies are extremely interested in bringing more active users to the crypto dimension and shape a reputation of the top-notch and progressive sphere. 

Hence, community ensures the actual vitality of crypto overall. That is why the blockchain industry is not able to exist properly without an actual community.

This article does not cover all the means to form crypto communities just as it does not disclose the pivotal role of the active users of crypto. However, it would have been rash not to highlight that integrating into a community is a more effective way to set your foot in the crypto industry rather than trying to make a first investment. It is purely significant how the community not only supports the industry, but also brings newcomers to it. 

Paul Osadchuk

Paul Osadchuk

I am a crypto-enthusiast with 5-year experience in copywriting. Worked for web3 companies and cryptocurrency exchange, which drove my keen interest towards the industry. Been writing for different publications on cryptocurrency, technology, economics and politics.