How Community Building Brings People Together in the Bear Market
May 1, 2023
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.
Attract Genuine Community Members
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?
The project core team
Those who made friends in the community
Members who strongly believe in the project
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.
“By staying engaged with our community and letting them know that we’ve been working behind the scenes to expand and evolve with the ever-changing Web3 landscape, we continue to attract genuine community members who share our values and long-term vision.”
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.
Instill Long-term Confidence
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.
“Building a strong community during the bear market requires a different approach compared to the bull run. At BlockchainSpace, we understand the importance of supporting our community through difficult times, which is why we incentivize our members with various activities such as game nights, giveaways, and engage-to-earn events.”
Jobancom (Philippine-based digital tech strategy company for E-Sports) — April 2023
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.
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