Token-Gated Communities in #Web3
In our previous Medium article, we shared our thoughts on the value of Web3 communities and how these communities have been built through…
In our previous Medium article, we shared our thoughts on the value of Web3 communities and how these communities have been built through the launch of various types of NFT Collections.
However, how exactly do NFTs provide or allow better management of access within a single community?
NFTs and other forms of tokens can help moderators, project leads, and founders develop and gatekeep members whilst at the same time, providing them with an avenue to build loyal and engaged communities.
What is Token-Gating?
Within the Web3 ecosystem, token-gating is the next evolution of gating a community through either a virtual and, or physical experience. Regardless of whether the community is virtual or physical, or a hybrid of both, members are given access based on the type or number of tokens they hold.
To expand on that point, an experience, a membership subscription, etc can be gated through the use of a fungible or non-fungible token (NFT).
This concept could be most easily understood in the example of Moonbirds, one of the top NFT collections in the space, with a total volume of over 170,000 ETH.
Moonbird NFT Holders get to enjoy a private club membership, access to a private members’ Discord channel, admittance to gated parliament channels, and more. In contrast, anyone who isn’t holding the Moonbird NFT in their wallet will be denied access to these exclusive channels.
How does Token Gating work?
Token gating runs on the public blockchain and works by using the access key of a digital wallet to read the data in that wallet. As long as an individual is currently holding the right token in their wallet, they are granted access through a verification process that can be facilitated by a third-party app.
Since the transaction of owning an NFT is recorded on the blockchain, the origin and provenance of acquiring this digital asset is entirely explicit.
When these processes are put in place, the credentials within the wallet of an individual are tied to them through on-chain or off-chain tokens. This allows for maximum transparency and verification.
Benefits of a Token-Gated Community
In any community, built in either Web 2.0 or Web 3.0, it is practically impossible to avoid trolls from causing toxicity and negativity. These trolls appear especially in online communities with the main intention of causing disruption in the progress of any project.
Through the use of tokens, members come with a certain level of commitment especially since an investment has to be made on their part, in the form of the token purchase, to join the gated community.
With that, members who join the community come with positive motivations and objectives, and the chances of them becoming community trolls are slimmer than before.
The Club Salad NFT Holders x #Salad Fam
With the success of many NFT collections, and the communities they have formed thereafter, Club Salad aims to do the same with the launch of the Club Salad Access Pass (Genesis Collection).
This collection provides the top 200 fans of our #SaladFam with additional benefits like priority whitelist access to our community events, exclusive and gated members-only utilities, early alpha updates, and more.
As of this time of writing, 175 NFTs have since been minted, and we are left with just 25 passes. We don’t have any plans to launch a new collection as we are focusing on providing maximum value to our existing holders.
So if you haven’t already minted a pass for yourself, this is your FINAL chance to do so: https://events.salad.ventures/club-salad-nft-access-pass/.
Club Salad aims to consistently bring value, actively communicate with our members, and most importantly, ensure accountability within the community.
This is only the beginning, and we are excited to share what’s next with you in the upcoming year, so make sure to not miss out on the next event by connecting with us:
Club Salad Access Pass (Genesis Edition): https://events.salad.ventures/club-salad-nft-access-pass/
Salad Tuesdays: https://events.salad.ventures/salad-tuesdays-sg/
Join our Salad Tuesdays Telegram Announcement Channel: https://t.me/+h7Cy_YOeFZg3YWY1
Let’s meet IRL, and buidl together!