Building a crypto community: Bounties aren't all there is to it

Bounty campaigns do help. Here's what else to do.
You are reading about: "Building a crypto community: Bounties aren't all there is to it"

By Marina

Published May 9, 2022

Building a community is all about engagement - in crypto or elsewhere.

The more engaged your community is, the more likely it is to grow. The more growth you get, the easier it is to get both funding and income from sponsorships.

Marketing Bounties are such a hit for a reason

That’s why marketing bounties are such a popular marketing tool in the crypto and NFT space.

In case you weren’t familiar with this marketing tool, bounties are promo events that usually run for 4-12 weeks, are managed by trusted community members (called “bounty managers”) and are only announced on a few select community outlets.

A bounty event has people post content on their social media or blogs and pays them weekly for reported work. Usually, the bounty event is launched to generate initial buzz about a newly launched token and so people get almost always paid directly in that token.

Some bounty events are aimed at community growth around a token that has existed for a while. In that case users get paid for chatting in Telegram groups (the content has to be meaningful) or just for following and liking things on Twitter.

Bounty participation is usually limited to several hundred people per social network, because the expense allocated for the bounty promo is almost always fixed.

In bounty announcements, this is called the “bounty pool”. The pool is held in escrow by the bounty manager and gets divided among the participants. This means that the lower the total number of participants, the better the payout for each.

It’s also the reason why you are not likely to ever hear of bounties unless you specifically look for them.

Even successful bounty-supported projects can flop later

At the same time, without any reciprocation from the project’s side, not even paying your bounty participants will get them too far.

This is a simple fact - just look at the rate of altcoin projects that fail. The communities they built during their promo simply vanished as soon as the payouts of the token stopped coming.

And that’s a shame, because if the community is engaged and trusts the team, then they are usually willing to stick around for another projects of theirs - even if the first one fails on regulatory difficulties or lack of earning potential.

Building a strong community is just worth it, no matter how far into the future your plans are looking.

Even in the worst case scenarios (and this might not fly in all jurisdictions), owners of a failed token projects have sold their communities and email lists to other blockchain entrepreneurs.

What else to do to build a strong crypto community

Here is a rehash of what seems to be working well in terms of building a strong, engaged and east-to-monetise crypto community:

  • Post often, even if it will feel like spamming. It’s important to be active on social media several times a day. It might feel like spamming to you, but it won’t to your readers. There is a flood of content anyway, you won’t be visible if you don’t post often.

The actual posting frequency depends a lot on your medium and your message. If you are an NFT artist, for instance, then you will post visual art on Instagram. In that case it is not too much to post twice a day: Everyone likes visually pleasing things and if your posts are sparse, you will get lost in people’s feeds.

  • Be responsive on social media. This one seems obvious, but it’s worth repeating. Social media is a crucial part of building a crypto community. The more active you are on social media, the more likely you are to engage potential followers. When someone tags you, like it and retweet. Engage back when the community engages with you. This makes so much of a difference.

When someone does take the time to engage with your content, make sure you respond. Showing that you’re interested in what others have to say will go a long way towards building a strong community. You don’t need to be a thought leader, just be present. People respond well to that because there is still quite a lot of scammers in crypto.

  • Create quality content. The crypto world is full of noise. If you want your voice to be heard, you need to create engaging content and offer fresh perspective.

No one wants to read the same old news regurgitated, or an article that all too obviously mines popular Reddit posts. Find a new angle, or better yet, do your own research and create your own content.

  • Last but not least, offer bounties. Bounties are a great way to encourage people to engage with your content. Offering rewards for things like retweeting or following you will help to get your name out there.

One good way to approach bounties is to attach them to well known anniversary dates, especially in the crypto space.

One good example is the Bitcoin Pizza day on May 22nd every year, which commemorates the day when an early bitcoiner bought a pizza for 10k BTC.

Another strategy is releasing small bounties around general holidays. That is guaranteed to provide a quick boost. You can just let out a short tweet or a post on Medium.

If you want an example, see what OnJuno did at St Patrick’s day.

Final words

Building a crypto community is all about engagement. The more engaged your community is, the more likely it is to grow. The more growth you get, the easier it is to get funding. That’s why marketing bounties are such a popular marketing tool in the altcoin and NFT space.

Also Read: Crypto events: Are they worth attending? LocalCryptos, the non-custodial p2p platform, added a crypto-to-crypto exchange feature

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Editor: Diana

I'm a nobody and nobody cares. I like researching business models so that later I can fail miserably anyway.

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About the Author
By Marina

BIO: Marina is a marketing and communication expert who covers an extensive range of topics in her posts, including cryptocurrency, budgeting, business, debt consolidation and start-ups. ·

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