The “Beyond Buzzwords: Genuine Insights on Community Building” panel took center stage at The Gateway: Korea, featuring leaders of some of the most successful NFT communities. The speakers were Elroy Cheo from ARC Community, Frank DeGods, Gmoney, Matt Medved, and Dave Krugman of ALLSHIPS. The discussion delved beyond surface-level platitudes to explore the importance of authenticity and commitment in fostering thriving online communities.
Medved asked the founders about their biggest lessons learned from fostering communities in the space.
Gmoney emphasized the demanding nature of launching an NFT project, stressing that it requires wholehearted dedication. He described it as a 24/7 commitment, acknowledging the immense pressures faced by founders in the digital landscape.
Dave Krugman shared his perspective on the quality of a community, stating, “I’d rather have 10 thousand collectors than 10 million followers.” He highlighted the distinction between active community members (collectors) and passive ones (followers), emphasizing the value of engaged and committed individuals.
Matt Medved raised the topic of handling backlash as a community founder, directing a question to Frank DeGods about his experience with the DeGods Season III backlash. Frank emphasized the importance of putting a product out, actively listening to the feedback from the community, and making thoughtful decisions.
He acknowledged that while other opinions can be insightful, ultimately, founders must make their own decisions.
Elroy Cheo provided insights into ARC Community, which currently dominates Singapore but has ambitious plans for expansion across other parts of Asia.
Frank DeGods shifted the discussion towards retaining existing community members in Web3, emphasizing that the focus shouldn’t solely be on onboarding new members. He used an analogy, saying, “The reality is that we need to retain people [in Web3] better. If you have a lifeboat that is leaking, you don’t want to invite more people into the boat until you fix the holes/leaks.” This metaphor underscored the importance of addressing existing issues before expanding further.
The panelists concluded their discussion with a deep dive into the topic of royalties and their significance in the context of community building. Gmoney and Krugman explored how royalties impact their perspectives on community members and the role of creators in maintaining and nurturing these relationships.