- Groups on Geneva
Should your community have tokens?
By Team Geneva
We had a great time hanging out with Jenil Thakker from Coinvise last week! If you haven't come across it yet, Coinvise is a suite of no-code tools built to help creators launch & operate web3 communities. It's pretty intuitive, and definitely something you should check out if you're thinking about launching a token for your community.
We covered a range of topics during the session, but wanted to share his answers to a couple of the top questions that many creators and leaders ask when considering whether or not web3 tools are right for them…
1. 🙋♀️ Who should consider using tokens?
Over 80% of successful communities that use Coinvise are “media” communities collectively producing some kind of content, music, or research. Brands and social clubs like FWB are also interesting use cases for web3 tools!
Most creators use Coinvise to launch a community token or an NFT membership, and then also to distribute their tokens to the right people within their community.
2. 🙋♀️ Why should a community use web3 tokens?
Using NFTs for memberships (compared to something like Patreon or another web2 membership tool) makes it easier to give different people access to the right things across different platforms (including gated rooms in homes on Geneva), split revenue among contributors, create “public goods” funding, and more…
Jenil talked about a number of great examples emerging, including the research project & community called Global Coin Research. For the first year, a small group of them were writing articles and producing high quality research - no token or anything at that point. But then, they wanted to start incentivizing and rewarding community contributions, so the leaders created a token. Now, if you write an article or share research, you can get paid in CGR tokens. This one's a little meta since they're researching and writing about crypto/web3, but the same concept could apply to community-created research and content about food, travel, fitness, or anything really!
3. 🙋♀️ When’s the best time to introduce a token?
Jenil explained (and we agree!) that it's usually best to start with a small, invite-only community, then once you figure out what you're really trying to move towards, you can slowly start to extend invites out to people who are excited to be early members & contributors. From there, once there’s a really strong idea of what the community's mission is, what project(s) they're going to do together, and what the high-level roadmap is - then that’s a good point to make things a bit more public and start thinking about how a token can be useful as a catalyst for the community & projects.
If you try to launch a token too early & people are confused about what the community stands for and what it's projects are, it'll probably just make things more complicated.