Space Summary
The Twitter Space Incentivizing your Community hosted by ForbesWeb3. ForbesWeb3, the marketing agency focusing on Web3 growth initiatives, is leading the way in community empowerment and incentivization strategies. Through the Legacy Pass private sale and various community engagement efforts, ForbesWeb3 emphasizes the importance of building inclusive, transparent, and rewarding relationships with its audience. By fostering collaboration, offering incentives, and valuing community contributions, ForbesWeb3 sets a precedent in effective marketing agency practices within the Web3 space, ensuring sustained growth and innovation.
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Space Statistics
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Questions
Q: Why is community-building important for ForbesWeb3?
A: Communities provide support, feedback, and opportunities for collaboration, driving overall growth.
Q: How can incentives like the Legacy Pass benefit the community?
A: Incentives encourage participation, reward loyalty, and strengthen community bonds.
Q: What role do entrepreneurs and leaders play in community empowerment?
A: Entrepreneurs and leaders inspire, guide, and mentor community members, fostering innovation.
Q: Why is feedback crucial for community engagement strategies?
A: Feedback helps tailor offerings to community needs, enhancing satisfaction and retention.
Q: How can ForbesWeb3 balance exclusivity and inclusivity in community programs?
A: Balancing exclusivity maintains value, while inclusivity ensures broad participation and diversity.
Q: What benefits come from open communication with the community?
A: Transparency builds trust, allows for constructive dialogue, and strengthens relationships.
Q: Why are partnerships important in community-building efforts?
A: Partnerships expand reach, offer diverse opportunities, and create a supportive ecosystem.
Q: What impact do regular community events have on engagement?
A: Events keep the community connected, informed, and excited, fostering loyalty.
Q: How does ForbesWeb3 acknowledge community contributions?
A: Recognizing contributions shows appreciation, motivates further engagement, and builds a sense of belonging.
Q: What strategies can be used to maintain community interest over time?
A: Continuous innovation, relevant content, and interactive experiences keep the community engaged and loyal.
Highlights
Time: 12:03:15
Legacy Pass Launch Success Discussion on the positive reception and impact of the Legacy Pass launch.
Time: 12:15:42
Entrepreneur Empowerment Panel Insights from successful entrepreneurs on empowering the community.
Time: 12:30:18
Inclusive Partnership Initiatives Exploring collaborative projects aimed at inclusivity within the community.
Time: 12:45:55
Feedback-driven Improvements How community feedback drives ForbesWeb3's product enhancements.
Time: 13:02:29
Community Recognition Strategies Strategies for acknowledging and rewarding community contributions.
Time: 13:15:10
Future Community Engagement Initiatives Preview of upcoming events and community engagement plans.
Time: 13:30:45
Entrepreneurial Mentorship Programs Details on mentorship opportunities for community members.
Time: 13:45:22
Networking for Community Growth Importance of networking and collaboration in community expansion.
Time: 14:00:37
Transparency in Community Relations Discussion on the benefits of transparent communication with the community.
Time: 14:15:11
Strategic Content Planning Insights on content strategies to maintain community interest and engagement.
Key Takeaways
- Building a strong community is essential for sustainable growth and success.
- Providing incentives like the Legacy Pass can boost community engagement and loyalty.
- Empowering entrepreneurs and leaders fosters innovation and collaboration.
- Community involvement in decision-making enhances trust and loyalty.
- Balancing exclusivity with inclusivity is crucial when incentivizing communities.
- Engaging with community feedback can drive product and service improvements.
- Networking and partnerships play a pivotal role in community-building efforts.
- Open communication channels lead to transparent and authentic relationships with the community.
- Regular events and activities help maintain community interest and participation.
- Acknowledging and rewarding community contributions is key to building a loyal following.
Behind the Mic
Distribution Strategy
Yeah, that's a great question. Right now, it's primarily myself as well as a few of our external partners that we have hired to help us with this distribution. But as this grows further.
Event Introduction
All right, ladies and gentlemen, apologies for the delayed start. I'm going to play two minutes of music and then we'll get this party started. Let's go. Excited for it. Somewhere I kept my soul I had back up. You don't wanna make you chicken.
Co-hosting and Acknowledgment
Back I was. All right, ladies and gentlemen, how's it going? My name is Leon Aboud, and it is a great pleasure that I'm going to be co-hosting us today alongside Manny and the Forbes Web Three team. I wanted to, first of all, start off by thanking our patient speakers today with the slightly late start of the spaces and excited to get into this conversation, talking about incentive structures in web three, what's working, what's not, and how can we build a strong community of people that are going to join us on this beautiful journey, that we're going to take them on through our products and through our services.
Closing Gaps and Introductions
Now, before we get started with a round of quick introductions, I'd love to hear from Manny. Manny, first of all, how are you? It seems like you're having a busy day today. Ooh, money. You might be muted if you're speaking. I heard you at the beginning. You were. Maybe you were on a call, Manny. She probably is. That's what it looks like, ladies and gentlemen, being a founder in web three, especially for a Fortune 500 company. But here's what we'll do. We'll get to the guests and then we'll check back in with Manny from the Forbes team. We got Zyro. Who do we have today? From Xyro, is this Jared GM Leon? Yes, it is. What's up?
Guest Introductions
I know this is gonna be a good space, dude. It's a pleasure having you here, man. I'll save the. I have some questions for you, actually, for later, but before that age of Dino, who do we have? Is that sky? What's up, guys? It's Slayer behind the age of Dino Slayer. You got the s, right? I love it. Nestle, every time you're on a space is just full of Alpha. So I'm excited to hear about you, how you are building incentive structures with Age of Dino. We also have, of course, looking forward. We got Emily from Control. Emily, how are you today? Hey, I'm good, guys. Thanks for having me. Emily, do you pronounce Emily or Emil?
Clarifying Names and Further Introductions
Yeah, Emil. I'm Emil. Emil, my man. It's a pleasure having you here, dude. And finally, we got the honey jar. And Umoja, who's speaking from the honey jar today. Hello. And ooga booga, it's fw. And Keisha from the Bear Baddies account as well. Glad to be here. Keisha booga. That was beautiful. I love it. It's a pleasure, Umoja. Hi. Hey. I'm Karima from Emojia and yeah, I'm happy to be here. Thanks for having me, Karima. It's a great pleasure. Ladies and gentlemen, let's talk about incentive structure.
Discussing Incentive Structure
What is currently working here in web three? I'll start it off by saying all of us here are building web three brands, and we're looking to build a community around our product. And the beautiful thing about web three, the real innovation with web three is we have the ability to realign incentives with the community. Traditional business model is one where all the value that comes with the network ends up being redistributed to the shareholders and the owners of the business. But today, thanks to web three, we have the ability to redistribute the value back to the network participants.
Community Engagement through Innovation
Oftentimes our community members. I'll share a quick story. In 2003, Lego was $800 million in debt. They were, if you are to think, a plastic manufacturing company just shipping out new models, not listening to what the customers really wanted. And the first thing one of the CEO's did in 2004 as he was restructuring the company, is he put together a task force designed to listen to the community. They started this online platform called Ideas by Lego, where they gave people the ability to upload their models. And if that model got enough upvotes, it would end up being pushed into production. And in 2011, the top selling model of the year was actually a model that was a combination of two distinct ideas, and it came from a community member.
Call for Participation
This is the beauty of bringing your community in and incentivizing them to partake in the conversation and to partake in the building model. And I'll start with a general question. I'd love to get some. Some hands up right here. I want to make this as organic as possible. But in web three, outside of just monitor rewards, what are some of the best incentive structures that we've seen work in the current landscape that we're speaking at 2024? Moving into 2025. Mister Jared, go ahead.
Challenges of Traditional Gaming
Yo, I gotta have my hand up to be the first to speak before everyone else puts in their base takes. And, you know, I don't have much to add, so I like that you brought up Lego. I did not know that story. And it just shows us the potential of new technology to reinvigorate an old brand. Lego used the Internet to crowdsource ideas, and that did very well for them in web three. I'm just going to give Zyro as an example. Of course, Xyro is not the only one doing this, but we do have a very unique platform and so everybody's very familiar with Testnet. So we have our platform and we've been on Testnet for a few months and our community has been with us and has helped us to really iron out the kinks.
Engaging Community Feedback
And with Testnet, they're able to understand what we're offering. They're able to see if this is something that they enjoy. If they do, they're more than welcome to stay and help us to develop and improve on it. And if they don't, hey, we really appreciate them for the help that they've given us along the way in helping us to get us to where we are today. But we all keep moving, we all keep building, and we always keep reiterating. Jared, I appreciate you bringing up the Testnet right here. I know Slayer has her hand up as well. I'd love your thoughts on this.
Game Development and Community Reward
Yeah. Coming from the perspective of building a game, I think if you think about traditional gamers, the amount of time and effort sometimes UGC, that people pour into their favorite games in web two and don't really get much out of that, right. At the best, maybe within your community or within your Discord, people recognize you a little bit, but you're not really getting anything from the game in most cases. And something that changes with Web three is the ability to recognize people and reward them much better and much more directly and also have direct dialogue. So in web two, in gaming, usually by the time the gamer is touching a game, even if you're calling it an open beta, that is really something that is basically release ready, right.
Testing and Community Involvement
Your feedback is not really likely going to change anything major in the game if it's already at open beta stage. What we can do in Web three, and what we've done with Age of Dino, for example, is we had a play test back in April or May where we let anybody who wanted to come into the game. And then recently before our current release, the game is live again now we had a smaller test, so a close where we said, hey, for all the people who were top on the leaderboard, you know, the top alliances and guilds that were in the game in the previous test, you showed us you were dedicated. You're really into it. And then our own community of holders, if you want to come in for this closed test for a couple weeks, give us your feedback.
Ongoing Engagement and Community Feedback
We listened and we made changes based on that. We have our game live now, but our community is actively giving feedback about balance and things like that. And the team is in there every day looking at those and prioritizing based on that feedback. There's a level, you know, aside from monetary, there's also that fact of, you get to see the game earlier, you get a window into the dev process, which for me, when I was, before I got on the builder side, was really attractive. Just seeing sketches, seeing early versions of the game that might be broken, but getting to get in at a phase where my feedback makes a difference.
Creating Community Ownership
Another way beyond finances that you can also incentivize communities is memorializing them in the game, right? So if, let's say we have a competition where the top ranking player or group gets some kind of a skin or a feature, something about them that's actually memorialized into the game, or if you have an RPG, maybe you let your community name an NPC or something based on a competition. And there is that. There's a lot of psychological studies that when you feel like you're actively part of building something, you feel like you have ownership. You're a lot more sticky into that. That is beautifully said, Slayer.
The Importance of Co-Creation
It's co-creation and it gives people a sense of ownership into the final product versus them just being given the final product as little as just a font. Taking their opinion on a font or a color scheme could make a big difference with the engagement that people have in the ecosystem with Emil. I'd love to hear your thoughts on this. There's three things we can incentivize people. There's money, status, and fulfillment. The fourth that I didn't put in that list, but I'll just mention, is one of the biggest drivers of humans is matingde. I think that's out of the context of web three, money, status, or meaning for you with control.
Incentivizing Community in Wallets
You guys are building a wallet that supports different chains. It's one wallet to control them all, if any lord of the ring references here. How are you on your side incentivizing a community around your product? How are you incentivizing people on not only becoming customers but also becoming community members? Yeah, so, I mean, I guess wallet in itself is not necessarily like the sexiest product. And I don't think, like there are many wallets that have managed to build, like, strong communities around them.
Creating Community with Wallets
It's not entirely true. Like, I think, you know, a few did, but, like, in general, this is more vehicle than a destination. And people, although they are going to use it every day, they're not necessarily going to be part of a wallet community. It's kind of bit rare. The way we approach that with control is pretty simple, right? Like, we included as much as we could the community, the users in the process of building the product. So we released an alpha version of the new mobile app a few weeks ago.
Community Involvement in Product Development
Now, way before that, it was really actually for testing, or at least like, we hadn't tested it probably, like, enough, like, internally with our QA team, because we wanted them to be involved in the early days of testing the new product and make, like, feedback as early as possible so we could, you know, adapt what we actually shipping in the meantime to the core community members. And I think that, like, ultimately, like, a community starts. Bye. A few numbers of champions. So a small number of champions that are deeply involved into making sure that the product is stable, but also bring some thoughts and help build the features that they would actually like to play with.
Strength of Community-Driven Products
Ultimately, your product is only as strong as whether people want to interact with it on a daily basis. So that's how we started doing it. That's how we did in the past with the previous, like, wallet, and this time we started as early as possible when we, and obviously they rewarded for it. We already have a token that is trading and so on. So they're being rewarded for the number of bugs that they are reporting.
Community Engagement and Testing Process
As long as, you know, it makes sense. Like, it's not just about reporting bugs that haven't been reported and so on. So there was a proper process. And it's quite interesting because now, like, we're opening it to more users and we're seeing like the first hundred guys that have been involved into the testing process that are essentially helping the next 100 guys to get on board and understand how the product works and get set up. And we don't necessarily anymore need our mods to actually do so, or the team, the product team and so on. We always do it, obviously, but we're doing it less. So, I guess, like, a good result and a good, like, what gives you a good idea whether you have a strong community is if your community kind of, like, becomes like an extension of your own team and essentially, like, helps you to run your project without necessarily being part of the core team.
Importance of Meaning and Rewards
So I'd say that meaning is very important out of the different points you've mentioned, because rewarding people financially works only for a given point in time. And I think we've seen that with all the different points campaign that have been run, like, in the past two to three years. And ultimately, like, it's kind of like promoting some sort of mercenary behavior. And there are very little, like, you know, users that stay after the points have dropped. So that's how we look at it. This is a great. You're making very good points, by the way. This is Jeremy Horns, who's founder of exterior and obviously age of Dino here is one of the ecosystem brands of exterior. He talks a lot about exactly what you said. He's also. Are you French, by the way, Emil?
Cultural Insights and Building Relationships
Yeah, I'm half French. You're half French? Yeah, I guess it's a French thing. The good takes. He also talks a lot about the mercenary behavior that farmers just have. I'll go back to you, Emil, because you made up very good points, and I'd love to explore a little bit more, but I know Karima from Emoja. Karima, you got your hands up. I'd love to hear your take on this. Yeah, I mean, I think it's a great question about whether people are going for, you know, how do you incentivize people with status or money? And I think that, like, we've tried well, at Emoja, we have a community called the factory. And it's basically an earned community where you do different tasks and different quests.
Community Tasks and Connection
And based off those, you get points and those points, you know, help you earn emojis and the cash reward at the end. But here's the thing I wanna really get to is that, like, I've seen over the last two rounds that, like, fostering connection has been so important in the community. People being connected to each other, us playing games with each other. Like, even community members. Like, I'll make a decision about something, maybe about the rule for the next round of the factory. And a community member that, like, I've talked to will, like, have my back, which is great, because it's like, you know, when you have incentive-based campaigns, especially when you're using money as an incentive, you're going to attract certain kinds of people along with your kinds of people.
Daily Goals and Brand Message
And so, like, what we try to do is, like, you know, we have the regular, like, tasks that you may see, but we also have tasks like, how do you relate to, like, you know, your daily, like, hustle? Like, what are your goals every day? Report your goals every day. And tag this and, like, let us know. Or how do you relate to this playlist? What songs would you add? And all of it really has a lot to do with our brand and our brand message of, like, basically, we're, you know, we're building tools, we're building wealth building tools. And we want people to, like, never be broke again. They got money before, and they don't want to do it again. So what are, like, behaviors that they need to have? How do we, like, put that out through our content?
Experimenting for Connection
It's gotten interesting. It's really an experiment. And so, like, I can't wait to report on it because I hadn't seen anything like it. But I will say that, like, fostering for connection has. Has been, like, really important for us. I love this. I love this very good thing, Karima. And this is where the founder is, the person that is going to materialize the values of the community. Oh, yeah. I'm head of growth, though. I'm not the founder, of course. I'm on the growth, but the founder. Yeah. Thank you. I see the founder as the North Star. The people. The. The person people look for to get the core sets of values and behaviors that this is what this community is.
Building Community Values
This is what this community looks like. And that's why I talk a lot about what I call the founder funnel, which is using the founder as the main marketing vehicle to build that community and to building that core base around you. But I love what you mentioned, by the way of diving a little bit deeper into people's actual characters, their hobbies, their what they. What they're interested in. Yeah. Just to. To jump in there quickly, I think, you know, go ahead, my man. Founders really do. Can set that, I guess, that energy for the. For the rest of the community to sort of understand what's going on.
Setting a Tone and Voice
Like, at the honey jar, for example, our founder and leader is deep name, aka the janitor, and he really does set a voice and tone that people really enjoy and resonate, and that's very chaotic fun. And I think what Umja, sorry if I mispronounced that, was saying, you know, content, super important. And that's something that we. We focus here on over at the honey jar. And for people who don't know what we are, we're basically a venture studio built out by the community, within the bear chain ecosystem. For those who don't know what bear chain is, it's an evm, identical l one, turning liquidity into security, powered by the novel proof of liquidity.
Community Projects and Innovation
So we're basically just the community arm where we do a bunch of content. We have different, what we call joints, which are basically our various projects. We're working on stuff like community goods, stuff like our honeycomb nfts, which are basically a perks aggregator. We sort of saw dozens of teams building bear chain over the past two and a half years. And we thought back in January to March of 2023, let's do something chaotic and fun. And the janitor sort of led the honey jar, which started with the Honeycombs 16,420 nfts as a cheap entryway for newer participants in the verichain ecosystem to sort of spread that anti hustle tech.
Innovative Projects and Expanding Interaction
It was basically a perks aggregator. So we started off as that and then continued on to host various other incubator projects, stuff like Libera bear baddies. With Keisha here and I. I'll let her chime in more on that. Yeah, Keisha, welcome on stage. Hi Bm. Bm. No, I just going to add that I think going into like incentive structures and how to build long term in terms of money, time and meaning with what you said is obviously with baritone being on Testnet, with what the honey jar has done is they've created a fun way for not only users and builders to interact with the ecosystem, to have fun and to bring in value in different ways.
User Engagement and Feedback
By using these, by giving so many different facets of interaction on Testnet, it's giving all of these protocols, our builders feedback on users, feedback on what they like. It's also giving users a chance to explore the ecosystem pre mainnet, to figure out how these things work. Because obviously pretty of liquidity in general is there's a few roadblocks. You need to understand it, which is like understanding EVM, understanding proof of stake. So it already can feel a little bit overwhelming to try. But with the cub quest and the badges, which is like an iteration of the point system, and with the honey jar, we'll do collaborations with other protocols or ecosystems within the barachain ecosystem, and then they'll approach the honey jar and they'll say, we want to do this for our community.
Recognizing Needs and Community Incentives
So you have builders or founders or projects that are recognizing needs or things that they want their community to do, and then finding a way to incentivize for them to participate and be incentivized to not only try out these products, but either are incentivized through a cute JPEG or maybe a badge or the speculation of obviously possible exposure to Bera as a whole so I think that's something that is exactly what F Dub had said with, from the founder, kind of creating that voice and that tone is this chaos, I think is, yeah. And following the fund. Following the funds. Huge. You know, people want to be somewhere they're enjoying themselves, you know, apart from whatever, you know, monetary things or progress.
Fostering Enjoyable Community Experiences
You want to make sure that the time you're spending, you're enjoying it, whether that's through memes, through collaborations, game nights, etcetera. And, oh, and yeah, jumping in. Like, for example, one thing the honey jar just added was the meme maker, right? Where you could take a bunch of different assets or things that people from different communities, different ecosystems, and now you can go and instantly create an asset for whatever meme you want, whatever moment is, it creates this funnel. Like, it alleviates the funnel of content and gives the community the ability to participate in the content in as easy as possible.
Embracing Community Engagement
Whether you're like an artist or a meme maker or not, you can instantly jump in and participate as part of the fun. These are good points that are being brought up, by the way. And one trend that I'm seeing on the market right now is the humanization of the brand. Emile, you were mentioning how some, it's weird to see wallets build a strong community around them. I think one of those that did it very well was Phantom. And they have the little ghost as the mascot. We're recently seeing abstract chain with the pudgy penguin, layer two that they're building.
Creating Relatable Brand Experiences
One of the first things that they did is they're actually creating a mascot around the chain. It looks like a cartoon gigachad. And I find it very interesting because they're taking something that is very complex, foreign, and distant from people, and they're making it very human. So for you, Emil, and then I have a question for Slayer, but for you, man, how do you take a product that is commoditized, oftentimes boring? And how do you make it interesting and fun for people to engage with? There are a few things.
Utilizing Mascots and Unique Features
So we have a mascot as well, which is somehow like a mini pepe with a control app. And you can find it probably, like, if you scroll just like a little bit on the main account. So we created one as well. We, it's interesting what, you know, the previous speaker said, because we also have a meme generator that is going to probably be released next week that essentially used, like, different rates of this pepe sticker back that early on, like, we made with the community. So I think that's important.
Designing Engaging User Experiences
But I mean, like, just to answer, like, your question, I think it starts with the product itself. The mascot is very important. I think Phantom did a really good job at building a community on Solana early on. And I think it comes from the fact that, like, also they were like, you know, the first wallet on Solana, I guess, and at least the first one that got, like, a lot of traction and they managed to build a really strong community that, like, always supportive of the semicolon system and. But ultimately by having, like, a product that is sexy enough, and I guess for us, when we redesigned entirely, like, our extension and designed the mobile app, we added something to our PRD's, like, to the, basically the product requirement, you know, like, framework.
Crafting Moments of Delight
And that thing was like, the moments of delight. And we wanted to have users that are like, okay, like, even if I'm just using the wallet not to do anything special, like, I won't have this small moment of delights where I'm like, oh, why, that's smooth. That's nice. I like this motion design. This is a nice animation. This is quite cool. I want to click these buttons even if I have nothing to do, like, by clicking them. And I think that's also, like, very important to include some visual elements that make the entire experience of interacting with a given product much nicer.
Continuous Innovation and Community Involvement
That's something we focus a lot on. And I invite everyone to try the new product. There are plenty of these small moments of delight at the end of the swap for a transition for when you connect, to adapt. There are plenty of really small motion design that makes the product super nice and cool to use, and I think that's important. And actually, the little mascot is included in some of these now because the community has been starting using it a lot, especially in discord and telegram via the sticker packs.
Engaging User Experience and Design
That's fascinating. That's fascinating. I'm sure if you hook up an x-ray headset to people as they are using the app, every time there's these little moments, these little animations, you get a little spike in dopamine every time this happens. It's exactly like in game design. Talking about games, I know out of the best teams out there, Age of Dino and Slayer is one of them. Slayer, question for you. I'm going to leave it general because I know how you think is very, you're very sharp with your thoughts, so I'm going to leave this as vague so you can give me the answer that's on your mind.
DAOs and Governance in Web3
Daos, one of the innovations in web three where you create incentive by literally giving governance to people. What are your thoughts on Daosh?
The Potential and Risks of DAOs
Yeah, daos are a really interesting topic. I think there's a lot of potential in that structure. But in a lot of the early iterations in our industry of what we've seen so far, one of the risk points for Daos is it can very quickly get crippled by lack of urgency or efficiency. Because what happens in a lot of the earlier dials I've seen, or some that I've been part of, is sometimes when you decentralize, if you don't have the right frameworks or incentive structures or culture set in the community, it can end up. What can quickly end up happening is a couple of people kind of de facto becoming the leaders anyway because everyone else is just looking to be passive or really not that into it. Or you end up with decision by committee, which if, depending on what you're trying to do, can be inefficient. For example, do I see a future where video games are getting made by Dallas? Probably not, because do you want it to take three times as long with, you know, three times the budget and not really have a unified vision, which is what the player is usually coming for, that consistency vision.
The Role of Community in DAOs
But places where I think Daos could be really interesting and I think there is still a lot of potential for the technology, is when you have a tight knit community that is all kind of aligned on a vision and where everyone feels like they have ownership and a meeting for. I think one of the problems with Daos is they got some daos, when they get too big, it gets diluted and you're kind of losing that initial vision or passion people set out for. But an example I see in our own game of what could be interesting to make more official in terms of a Dao is in our game we have this, it's a forex strategy game for those who don't know, but we have this very retentive feature which is called alliances. And that's a. Basically a guild of starting with like, let's say 50, membership slots that players can fill and you can train it up over time to have more. I think I'm in one of the top ones. We have currently like 63 slots for people.
Engagement and Strategy in Gaming Communities
But in a strategy game, a lot of what happens is time spent by players outside of the actual game, but talking about the game. So we have a telegram group for our alliance, for example. And on the day we decided to wage war on another group and take over their territory, we had about 700 messages sent in our telegram over like a six hour period. And there's people who voluntarily took on leadership roles. Like, I'm going to be. These three people are going to be the chief strategist because they know this genre well. This person's going to make a bunch of Excel spreadsheets to kind of organize the players and figure out where everyone should go in the next event. So something like that, where everyone's motivated, there's a singular goal, could benefit a lot from having some kind of a DaO structure, you know, different roles, memberships, ugcs, and having some of that on chain where people are recognized for all the time they're putting into.
Concerns with Size and Inclusivity in DAOs
So I think it really depends on how you're structuring it, not letting it get so large and not letting just anybody in because you run those risks of diluting the speed, the urgency and the vision like that. That is so fascinating. That is very well said. And by the way, ladies and gentlemen, if anyone has a take, just raise your hand or just unmute yourself right away. But Slayer, on the point that you made, you said something interesting, which was the lack of incentives which end up making, creating zombie members that are not active, that are not voting, that are not participating in the actual decisions of the DAO. So the only members left, oftentimes whales are just going to be the ones dictating the decisions being pushed. How do you like, what type of incentive would work with a DAO?
Structuring Voting in DAOs
Yeah, I think part of it is really getting a little. I think the voting, the way you structure the voting is really important because it's not necessarily always going to work out the way you expect. If it's just based on token holdings, linearly, right? Because not all of your token holders necessarily want to be that active in voting for governance. So I've seen groups that are trying things where it's based on. Let's start with something that's more basic. And over time, as you get more data on users behavior, how they're voting, how involved they are, they adjust the kind of voting power or roles accordingly. I think part of the challenge for dells is that filtering, right? Who should be, who actually wants to be involved? And are we accidentally roping in people who don't necessarily want to be incentivized?
The Balance of Community and Financial Incentives
I think if it's in a doubt, if it's pure financial, depending on how you're structuring your dao, what its purpose is, you can get into a little bit of trouble. So this whole topic of this space that we've been talking about other things, like status. That matters a lot, too. I mean, I think one of the best examples in web two you can point to is look at the fan clubs for k pop bands, right? Some of these k pop bands have fan clubs that run themselves like corporations. In the level of organization, there's people with c level roles that are spending almost a full 40 hours a week workday's worth organizing into these groups. And it's not for money. It's not for money incentives. It's because they get a sense of recognition from the community for taking on so much work.
Motivation Beyond Financial Incentives
And it's because of genuine love for that bands and wanting to bring more people into the fandom. That's so cool. That's so cool. I love this. It's a form of status signaling as well. Having, being high ranked in your favorite community, which is the kpop band, for instance. I think that was so well said and, like, well articulated. And at the end of the day, when it comes to, I find what would be useful for a Dow is like, the tightness, the tight knit of it. Like being close in proximity, being close, like, with what your values are, I feel like is probably the most important part. And if it doesn't hit you that, like, the cord isn't strike that hard, then it's not that much of a big deal for you and you probably shouldn't be involved in it.
Small DAOs and Personal Connections
But when I think about dolls, I think about, like, how some families, like, pile in money together and they have certain things that they want to be able to do with each other. If we're all equally vested on going to Disney, this may be something, like, great for us to figure out as a family, right? And it's a small thing. I don't think dials have to be like, these huge, big ideas and things I have to do. It can function for smaller functions and that more tight knit thing. And I really love that. Also the mention of the K pop community, I was like, in a rabbit hole, like a few years ago. And like, those fan clubs, they really like, raise money for other fans to buy tickets for the K pop artists to make sure that they're topping it is insane.
The Important Connection Through DAOs
But that is the kind of conviction that you want to build with whatever you have. And of course it's going to be interesting. But I feel like the more you touch on connection and values, the easy and fun, the easier it will be. But yeah, I can't remember your name under age of Dino speaker, but I'm following you. It was. I really enjoyed it. Karima, this is great. Great take, Karima. Thank you. We got it. I'm loving this conversation, ladies and gentlemen. This is great. Akisha, I know your hand is up. I think with.
Personification of DAOs
I think exactly kind of what the. The two ladies before me were saying is it's important almost as like a. For a dow to kind of operate like, as a personification. Right. Or like, as their own. Like, for have the values and the conviction and the idea so deeply entrenched within the organization that even if you don't share the same core values or the same core beliefs as other people on the team, the conviction of the overall of this dao, of this kind of personification of this entity is, even though you may have different core values, is you learn something from coming from two completely different areas.
Challenges of Diversity in DAOs
But you know that you trust that what is existing here is so entrenched in what the original kind of vision and mission was, that it kind of stays, keeps that decentralization, because you know that it's like so many different paths you can take to get to somewhere, and everybody has different. Different ways of getting there, different thought processes. Processes. And in a DAo, you're able to learn from people that are so different from you. But I think that where you run into the problems is everybody is so different, and you really have to make sure. And I think what the honey jar has done really well, and what the janitor in deep name has done really well with the honey jar is that chaos and the ethos and the whole structure is.
The Evolution of DAOs
The honey jar is its own entity. The honey jar is not the janitor anymore. The honey jar is not any one single person. The honey jar is it. And the way it's structured from an organization to the way the community is, it's taken on a life of its own. But you can trust within this ecosystem that each person within that, whether they have different ways of getting to the same goal or different perspectives, is that they all have taken on this kind of personification of what this dao or what this ecosystem is. Keisha, I appreciate the takes, by the way, especially the part where you said that a lot of different people with different levels of experience.
The Importance of Diverse Voices in DAOs
It was Yatsu, founder of Animoca Brands, when I was in Singapore, had a podcast interview with him, which is yet to be live. One of the things he mentioned that really stuck out when were talking about Daos is a badly functioning Dao, is when everyone agrees with one another. A good dao is when you have different people with different opinions that are literally fighting to get their point across and to move the conversation and to move the table. That's what you want, because that's how new ideas emerge, by having different opinions clashing. Jared, I know your hand is up. We'll go to you, and then we have a partner segment for one of the partners over at Forbes.
Unifying Goals in Diverse Communities
So I'll go to you, man, and then we'll transition to that. Yo, I really love that there are kpop fans who organize themselves and are putting in so much work into what they love. How can we bring them on board to web three? Because I feel like in web three, I feel that things are over financialized. Everybody is looking to have some kind of, you know, profit, some kind of gain when air drop, when this. When that, you know, like this. This beautiful side of humanity is very much. I feel, very much, what we need in this space.
Bridging the Gap in DAOs
And. And I hope that, you know, we'll find a way to bridge that gap. I've. I've always thought of daos as great in when. When resources are plentiful, but I always think that things are more efficient with some kind of specialized roles, people who have the best qualifications. So. And I really like teams or companies, projects that are building. They have, like, a foundation where the core team is based, and then they have a dao where the community gets some kind of funds to govern over and to decide what to build and what to add to the protocol. But I've been part of a lot of very dysfunctional daos, and I have a lot of PTSD back from Defi summer, so I'm looking forward to the good times.
Community and Governance in DAOs
Good daosh, Jared. I appreciate this, by the way. I know. Keisha, your hand is up. However, I do want to hear from a new speaker, Matrix one. Who do we have from Matrix one? Behind the accounts. Hi, all. This is Mark Haley on great to catch up again. Mark, my man, it's a pleasure. By the way, Mark. By the way, Mark. Oh, I'm on. Here. I I've muted you, Mark, because I could hear some pretty bad echo on your side.
Technical Challenges in Communication
If you're. Try to drop down and come back up or try to change your audio settings if you're using a mic or Airpods, let's try to do this, and I'll bring you back up. Beautiful. I. A lot of hands, ladies and gentlemen. This is a good conversation. Let's go to chinsanity. And then, honey jar, here comes the intro. I see it coming. Avengers assemble. How did I know? Gm, everyone. Good evening. Good afternoon, wherever you are in this wonderful planet.
Exploring the K-Pop Community and DAOs
No, guys, again, Leon, thanks for bringing me up, or Manny, whoever brought me up, but you're stuck with me, Leon. So anyways, no, yeah, speaking about communities, I think, Xiro, you were saying about, man, how can we bring that k pop fandom that supporting each other to web three? And honestly, there's some communities in web three that we look at are similar to that, not to that level, some NFT communities.
Community Engagement in Pudgy Penguins
One example, I know I'm really biased, but like, the pudgy penguins community, right? Like, they have people like, building sub communities off of the IP brand without getting paid for. They just want to do it. And when I was in token 2049 in Singapore and got a chance to meet the Asia division of the sub community of pudgy penguins in Asia, I was so shocked how hardcore their fans were. They were creating stickers and giving them away. They were having like, dinners all paid for by the community somehow. And, man, that's a really cool thing. And the reason why I mentioned that, it's like, I think, yeah, they're a little bit like this. Obviously, it's probably not to a level like k pop yet, but like, I think we still have a lot of room to grow in that. But there's, there are communities that we can even study a little bit and maybe we can say, like, how. How can we bring that type of vibe? How do we bring that kind of, yeah, that, that excitement to whatever, you know, we're building too. Right?
The Importance of Community in Web3
And even for me, like, I'm looking at not just pudgy, but Azuki, right. I think they're doing a great job as well in terms of building IP and community. And also those meme coin communities, right? Like, these meme coins are hardcore. Like, one of my clients, their community members, whether the token goes up or down, they're like hardcore. They have game shows, they schedule games with each other and all that and play games. So, yeah, anyways, I think there's some examples in web three that we can maybe learn from. But, yeah, I'm with you. Would be awesome to have that k pop level of fandom for our projects. I love this ginsanity. Thanks for coming up, as always. Let's see, with Mark. Are you back with us? I'm back. How's that sounding, Beth? This is perfect, man. This is perfect. Mark, it's a pleasure having you here. I know you were raising your hand. Were you about to make a point?
Incentives in DAO Success
Yeah, I really think with daos to make it, we're saying, is the success of a Dao driven by financial incentive. And I think in many ways we are building communities and the community, and the value of the community is also related to the token. Some of the best Daos that I've seen, the most functioning ones, the DAO members do have a direct link to improving the project and being more, contributing towards the project and having more of that network effect. And I think especially, for example, daos, where you have Decentraland, which I think is actually one of the most best functioning daos, it has its problems like all daos, but it's the same as you know, every democracy is also flawed in many ways. They are all incentivized to bring the best value for Decentraland, whereas a Dao, like Bittensor, and I'm also involved with everyone, is very passionate about the project and passionate about the ip. So I think there's two main incentives there. And if you can combine the two, then you have a successful Dao. And I think that's my two takes here.
Challenges Facing DAOs
What do you, why would you say, what is the biggest reason why most Daos don't end up succeeding? Because most have the same foundation, but they're tweaking small parts of the incentive, the tokens, the voting mechanism. What makes most of them not successful? I think the Dao not understanding what's driving value for the project, making sure that the DAO members know that what they're voting on will drive real value, it will drive more members, it will drive more utility, it will drive more people using that token and being part of that Dao, making that really clear and keeping it simple to start with, I've seen too many daos get too complicated and then they can't go back on themselves. Interesting. It's just so complex. Onboarding journey for new participants. Very well said, Mani. I see you're with us. I see you throwing some emojis. We'd love to hear some of your thoughts so far in the conversation.
The Rise of AI in Web3
Any words you want to give the audience here? Hello. Hello, everybody. I've just been greatly enjoying this conversation, especially everything that the Matrix one team has been able to offer. I think right now, what a lot of brands, even like Forbes Web three, for example, are looking at is we know AI is the future. We know that the world is adopting to it way faster than what we expected, and inevitably it has a role to play in the web three ecosystem. And so Matrix one, for example, like their products, their tools, their offerings are things that Forbes Web three is considering, currently looking at and considering to see how do we grow out our community further, how do we engage with them through products that will be both mutually beneficial and to the point made earlier. If we want to go into more of these in depth organizations, like a DAO, something that truly is a lift that can very easily get complex, how can we really leverage these AI protocols, these AI technologies, to help us do it as seamlessly as we can?
Future Conversations on AI and Web3
And this has definitely been a very eye opening conversation for me, and I've been enjoying it. So from the Forbes web three team, thank you to all of our speakers. Thank you to Matrix one, for all the insight being offered so far, it's been a pleasure. Mani. Listen, Mani, here's what I'll propose, because I know with Matrix one, there's a big partnership coming up with green, Forbes and Matrix one, and we've been wanting to give them a bit more time to just explore their product. Would it be thoughtful for us to perhaps do another space dedicated for this and we keep the conversation going here? Oh, I love it. Absolutely. We've been getting. I've been seeing live DM's right now. It's been great. A lot of feedback. Yeah, it's. It's been really cool. So. Absolutely. So, to make sure, Swan team, we would love to have you on. And next week or the week after, there's clearly a lot of inbound we're getting. I mean, we can even just go over questions on, like, what is the future of AI? Like, what is the role that it plays in web three? Would love to dive in.
Closing Thoughts on Community Building
Great idea. I appreciate this money. Thank you. I know, Karima, you've had your hand up for a while. Would love to go to you. I'm not sure my hand was up. Sorry. It was, it was. No, no, sorry, I'm mistaken. Keisha from the honey jar and the honey jar account. It was the honey jar account. Sorry about that, Karima. Okay. Hello. Hello. Yeah, I think we've been having a really interesting discussion on daos and, you know, subcultures. And I think something particularly interesting with bear chain and the honey jar is, you know, when you have that fun and that chaos and how do you judge a successful. I think community is what you see in these subcultures and these subgroups that spawn out of, you know, in far our case, it would be from Parachain, the l one, to then this community venture studio nestled within it, which is the THJ.
Exploring the Honey Jar Community
And then now you're seeing other, you know, subcultures and subgroups within the ecosystem pop up like the YEEt protocol and the e tards, or you're seeing, you know, the puff paw, which is a vape to earn Dpin product, and they have their own subculture, but we're all underneath the same ecosystem and domain of bear chain and being a bera. So I think that's something interesting that people are bringing up when you can see that pop up, individual cultures all connected in the same place. And speaking about daos, I think people made some really great points about a little bit about the types of people that you find in the dao, what people expect and how do you get that participation. We have something called apology Dao, and it's something that we set off at the very beginning.
The Structure of Apology DAO
And it's basically if you get one of the original honeycombs and the following nfts after that will be called honey jars one through six. We sort of embraced that idea of the chaos and said, hey, if you want to be in a place where there's going to be some thought leaders, there's going to be people nestled within the ecosystem, whether they're devs, whether they're builders, djens, artists, you're going to want to have a seat at what we call the ape at apology Dow. And to get that, you have to participate in having one of the honeycombs and all the following six generations of the nfts. And that's sort of a way to sort of have progress, show that you're aligned. And if you have all of those assets by the end of it, you can now have a seat one of 5000, 905,898 to be a member of this, what we call a cult as a service, tapping right into the root of bear chain, the ecosystem with the right types of people that you're looking to be with, distinguished minds, people that you want to bounce off ideas, and you all have the same sort of goal, which is to be a part of this.
Cult as a Service Concept
Dow nestled within an emerging ecosystem that you're best positioned with APLG Dao is essentially a cult at the core of chain. And people who have a seat, you know, work for it and know what it can provide. I love it. Cult as a service is a cool name. Ladies and gentlemen. I know, ladies and gentlemen, we got two minutes left. I'm going to be asking a couple people that I've really enjoyed. All the takes were incredible, but some people here I would have loved to hear a little bit more from so I'm going to be asking you guys any closing thoughts in regards to creating, incentivizing your community and building a community? And I'll start off with Emil. Emil, what final thoughts you have for the people listening for the other founders here?
Incentivizing Communities
Final thoughts on how they should think about incentivizing their community? I mean, it depends what stage you are, right? We already have a token trading. So yeah, it depends, I guess, like more general recommendation for me would be like if you found try to communicate your vision as much as you can, like on Twitter and, you know, tweet regularly. I think it's very important, something I've done early on and then I've never done it like for a couple of years and built a little bit in isolation. So try, you put your thoughts out there and try to answer your community as much as possible, like whether it's in discord on telegram or in DM's on Twitter, and try to stay close to them. I think that matters. That's very important. And that's a kind of incentivization. If people know that, like, you're going to listen and you're going to answer them back, I think like that creates a link between you and them and like, yeah, it's important.
Final Recommendations
Great points. Great points. I appreciate it. We'd love to hear from Mark as well. Matrix one, any final thoughts? Recommendations on building incentives for a strong community? So what we did at the start is just really identify the right kind of people that you want to have in your community. And of course with us, we're all about decentralized AI and especially 3d characters, decentralized three d AI characters on the Solana chain. So we really focused on token holders, but also just anyone general who is interested in AI and decentralized AI. We made sure that we got those kinds of partners in first and then make sure that we're driving or sharing with them as much product development as possible. We're finding that works really well where we're pushing out different products and then also sharing kind of the developments and then allowing people to contribute to those as well. So I think really making sure that you know who your demographic is, who you want to keep within the community and why they want to be there.
Wrap-Up and Conclusion
And for our side, it's people interested in decentralized AI. Beautiful. What a take, man. This was incredible. Mark, I see your hand is up as well. I'd love to get to you because I know you always have great takes, but we'll save this for next week, man. You're always welcome to come back. We are at the hour. Ladies and gentlemen, it was a great pleasure. What an incredible conversation. I'm already getting messages on telegram, people saying how great this was. So thank you all for your time. My name is Leon, and it was a great pleasure hosting you alongside the Forbes web three team.
