PNG White-01 (1) (1)

The Illusion of Community in Web3

What is a Community?

The rise of decentralized technology and blockchain has paved the way for the emergence of Web3 which promises to deliver a more democratic and open internet. Web3 projects are designed to bring communities together, but is the term “community” being used accurately?

A community is typically defined as a group of people with a shared interest, who interact with each other regularly and have a sense of belonging.? In the case of Web3, the term “community” is often used to describe a group of individuals who are invested in a particular project or protocol. However, these groups do not necessarily have meaningful relationships with each other, and often consist of people who are primarily interested in financial gain or prestige.

“It’s all about hype and ROI”??

The Web3 meta tends to misunderstand the concept of a community and reduces it to a group of individuals hyping up projects for their own benefit. This results in a fragmented and shallow environment, lacking the strong connections that are the hallmark of a true community. This can be seen in the way many Web3 projects are marketed, with an emphasis on short-term gains rather than building long-term relationships between members.

Furthermore, the current Web3 ecosystem is highly speculative, with a focus on high returns on investment rather than community-building. Many projects are driven by a “get rich quick” mentality, where individuals are more concerned with maximizing profits than contributing to the development of the community. This is further compounded by the lack of accountability in the decentralized space, where individuals can easily hide behind pseudonyms and engage in self-promoting behavior without consequence.

Now what is the reality of Communities in Web3?

The reality is that true communities are built through meaningful relationships and mutual support. They are not created by hyping up projects or pumping prices for financial gain. In order for Web3 to deliver on its promise of creating a more democratic and open internet, it is important for individuals to understand the difference between a true community and an illusory one.

In conclusion, the current Web3 meta misunderstands the concept of a community and reduces it to a group of individuals hyping up projects for their own benefit. A true community is built through meaningful relationships and mutual support, and cannot be created through speculation and financial gain alone. If Web3 is to deliver on its promise, individuals must prioritize community-building over short-term gains, and work towards creating meaningful connections with each other.

If you want to learn more, check out the other Insights-Articles!

More Articles

October 7, 2022

The Dunning-Kruger-Effect in Web3

The Dunning-Kruger-Effect Web3
The Dunning-Kruger-Effect states that people with low competence are very confident in their abilities, while at the same time, people with high competence doubt their abilities.
September 28, 2022

„Skeuomorphism“ – make new things look like you know them

Skeuomorphism - make new things look like you know them
Skeuo-What? Sounds like gibberish? Well let me explain why Skeuomorphism can help us with adoption of Web3 and NFTs!
September 22, 2022

How can we make crypto and Web3 safer? Innovate!

How to make crypto and Web3 safe
How can we make Crypto and Web3 safer? Innovate! Services like EternalProxy or Vulcan are providers of such innovation!
September 14, 2022

I’ve got 99 problems but Web3 legal issues ain’t one…

web3lex legal web3
You’re a creator in the NFT- and Web3-space? Well then there is a good chance that you’ll have some questions regarding legal topics. But don’t be afraid, there’s help!
September 12, 2022

Community is key for Web3!

Community is key for Web3
Building strong networks and communities has become one of the strongest use cases of NFTs. And this is also what you can see in most successful project: A great community.
September 6, 2022

The next big thing will start out looking like a toy!

The next big thing will start out looking like a toy!
People trading images of apes on the internet might look like a toy to some but you should not underestimate the impact this will!
Cookie Consent with Real Cookie Banner