NFTs (Non-Fungible Tokens) have taken the world by storm in recent months, turning digital artwork into tangible items of value. This technology allows artists, creators and entrepreneurs to monetize and share their artwork with a global audience. It’s not just the buyers, though – the communities that have been built around NFTs have made them an enduring success.

Web 3.0 technology allows us to create digital cultures that have broad appeal, enabling the emergence of communities around the globe. With the world’s first blockchain art sale for Beeple reaching US$69 million at Christie’s, the potential of NFTs has been enhanced further. While the visual element of art is attractive, it’s the communities that so often decide the longevity of a particular NFT project.

NFTs can create a real sense of belonging among people who share a common passion or interest, allowing them to collaborate and cooperate primarily through the Web 3.0 technology. Visuals can play a part in the values these communities hold dear – they can be a way of unifying the group, inspiring and motivating members, or emphasizing particular issues or values within the shared narrative. CryptoPunks – with their retro pixel-style – have become a symbol of the ‘irreverent spirit’ of NFTs and blockchain art.

The same reasons that any ‘traditional’ online community can succeed or fail still hold true for NFTs. A lack of engagement, rewards and a shared sense of purpose quickly leads to disheartened members, making a lasting impression virtually impossible. But the advantages of transparency, financial alignment and rewards that blockchain allows, may just be the answer.

From established names like Nike, Adidas and Starbucks to remarkable emerging cultures, NFTs and blockchain offer huge opportunities. With the participatory approach, fast decision-making and external manipulation all minimized, blockchain is bringing communities and brands ever closer, collaborating in ways never before seen. It’s clear that the right combination of art, engagement and collective purpose has been the most successful route to success among NFTs so far; may more communities reap the rewards of this amazing brand-new technology.



Other News from Today