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Exclusive Communities
There is huge potential for early players in the rapidly-expanding Web3 Metaverse, and the growth of NFTs is closely linked to this expansion.
Various drivers are at work. As the user community becomes increasingly sophisticated and responsive to the issue that they are "the product" on many social media platforms, digital identities will continue to shift from self-identification as required by platforms such as Facebook to pseudonymous identities represented by NFT images, as is becoming more common in Twitter.
Add to this the phenomenon that NFT projects have, in and of themselves, created thriving communities with high levels of engagement. In fact, their network effect may well be a forerunner for a paradigm shift in social media.
Bored Ape Yacht Club's (BAYC's) dNFTs, for example, are not just used as profile pictures. Ownership guarantees access to a members-only Discord server: a BAYC community forum. If the success of BAYC teaches us anything, it is that people value exclusivity. Yuga Labs' Bored Ape community grew rapidly because of BAYC's exclusivity. Under the influence of celebrities, sports influences, and social media influencers, BAYC NFTs became a status symbol. Digital NFT collections, such as those launched by Yuga Labs, also demonstrate that it is possible to add value around NFT collections to increase the utility of NFTs for their owners.
It is notable that such communities are involved, value the opportunity to drive the business, and can be a vibrant source of innovation and income. For example, Doodles members have been able to vote (with a 1 NFT:1 vote model) on proposals for scaling the Doodles team, selecting Doodles live events, and funding a 3D Doodles project. Doodle’s community-initiated project, Doodlebank, has implemented two successful proposals since its launch. Noodles, a Doodles’ Picture for Profile (PFP) project, generated 48.9 ETH for the Doodlebank treasury. The second community-approved proposal was a free airdrop for Doodles’ holders that cost the treasury just a tenth of this at 4.2 ETH.
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