Community-based businesses aren’t a new concept, but their trajectory over the past few years feels notable. Many companies today, both in crypto and elsewhere, are tapping into communal / social networks to shape (or in some cases replace) their product offerings. This approach leverages the built-in trust and communication within these groups, allowing businesses to grow organically alongside the communities they’re tailored towards. Companies gain loyal customers, and community members find a sense of belonging. The end goal for members is a sense of ownership; a stake that drives them to contribute and stay engaged. While community has become a buzzword in crypto, early NFTs and DAOs exemplified this shift by transforming online gatherings into collectives where shared identities merged with financial incentives, challenging a number of traditional structures. The result was a class of companies that thrived on the involvement of their members.
It’s always interesting to look at the platforms and tools that power communities. Discord and Telegram as home bases for many businesses is a testament to this shift in strategy. A few years ago, a “regular” company spinning up a Discord would have felt out there. Now, the platform’s value is clear. OpenAI, for example, has its own discord server that helps connect genAI enthusiasts. How far does this go? Do we see other platforms emerge? Companies are recognizing the benefits of direct interaction, beyond social media or physical stores. Dedicated platforms existing solely for brands to build and manage their communities will only become more common.
Recent M&A activity in the community space offers another peek into this future. Bumble's move to acquire Geneva signals a shift towards group dynamics in digital relationships. Similarly, Uniswap's acquisition of Crypto the Game hints at community engagement potentially driving larger marketing plays, with gamified contests that seem to entertain and drive outside product usage.
Okay. So we’ve analyzed this semi-mature phenomenon with online communities; now it feels like the pendulum is swinging back to in-person interactions. The decline of things like Peloton and the comeback of casual run clubs point to this shift. These clubs remind us of many early crypto communities, where immediacy and real-time feedback shaped brands. Run clubs have been around, but the recent attention on social media and similarities to other online business models (ex: newsletters) are noteworthy. They offer a fresh take on community building, one that combines the appeal of shared activities and collective brand shaping.
As the digital and physical converge, novel loyalty programs like Blackbird are pushing one side of this intersection forward. Similarly, IYK aims to fix the disconnect between NFTs and tangible goods, strengthening the bond between brands and their IRL supporters. This fusion of digital and physical experiences breathes new life into community engagement, with these digital assets acting as both mementos and loyalty incentives. By embedding technology into products, brands can create targeted rewards and encourage community gatherings in the physical world. As our lives are increasingly hybrid, seamlessly blending online and offline interactions feels more important than ever.
Either way, the community piece is starting to feed into seemingly disparate companies. Tight-knit groups signal authentic connections and continue to be the strongest signal that something genuine is at play. The internet alone won’t always cut it, leaving us to sit on how online elements could play into IRL communities. NFTs, and other digital assets, have emerged as an early bridge here. New ways to form, coordinate, and incentivize a community.