While the bear market can be challenging for Web3, crypto, and NFT projects that took a hit, it also presents a unique opportunity.
By focusing on community building during the bear market, projects can attract and nurture a community of genuine supporters who share the project’s long-term vision.
Unlike the hype-driven bull market, the bear market allows for a more deliberate approach to community building and a chance to differentiate the project from those who are only interested in short-term gains.
“Those who build in the Bear, reap the rewards in the Bull.”
In this article, we’ll deep dive how focusing on the community during difficult times can make or break a Web3 project.
Most “community members” enter Web3 projects during the height of the bull market where there is excitement and euphoria. During this time, your Discord server pops with so many messages.
When the bear market comes, the community leaves en masse. Who is left?
This strong set of community members, while small, can go a long way in attracting people with similar values. The project foundation becomes built on solid ground and brings in even more high quality members.
- Kristine Badon, Community & Growth Lead at BlockchainSpace
At BlockchainSpace (BSPC), we keep our community engaged and continue to grow through strategic acquisitions and partnerships with guilds and games. We recently partnered with High Yield Guild and Raijinshu Guild to create more opportunities for gamers in the blockchain gaming community. Members of High Yield Guild also participated in our War Legend tournament with $7,000 of prizes.
The average length of a bear market is 388 days. Not too long right?
While it takes just over a year for the market to find the bottom, it can take even longer before the market begins to recover and rise towards all-time highs. The longest bear market during the 2000s dotcom bubble took 929 days and almost a decade for prices to reach all time highs.
There’s no telling how long one could wait.
- Kristine Badon, Community & Growth Lead at BlockchainSpace
A bear market allows a project to nurture a community with its long-term vision. A solid belief in the project and technology behind it, helps keep people strong during stages of price decline.
Here’s how BlockchainSpace keeps members in-tune with our broad vision:
We have also kept our Medium blog and Twitter channels up to date to inform our loyal fan base on the developments that have taken place:
Through our weekly Got Guild YouTube show, we educate our community on important topics within Web3 as well as how blockchain technology is shaping our future.
We also maintain a highly active Medium account where we continuously release content to further the knowledge of our community. Read our various informative pieces here:
As projects continue to build their communities during the bear, this ensures an intact customer base that attracts potential investors and partners.
Most of the biggest crypto and NFT projects from the previous bull market, began during the 2018–2020 bear market and attracted its first set of users and venture capital.
BlockchainSpace has been building with strong communities and creating partnerships throughout this bear market:
We continue to remain on the lookout for potential partnerships and acquisitions.
There is an opportunity amidst every crisis. Strong projects continue building during the bear and double down on their communities.
Make sure to check out Metasports that has their customers locked-in too and engaged during these difficult times.
BlockchainSpace empowers web3 communities to scale through its innovative solutions and products for guild leaders, gamers, creators, and everyone in between.
Our flagship product, GuildHub, helps guilds and creators build, manage, and reward engaged communities.
BlockchainSpace also offers data and infrastructure, tooling and automation systems, and bridges to financial services. Backed by big names in web3, the team is dedicated to helping partners maximize their community’s potential.
To date, we have been enabling more than 26,000 guilds and 4 million+ players worldwide to unlock a better and more connected new world.
Get updated on our latest product releases, events, and more:
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