Online communities of common interests may differ on the Internet from social media, grassroots organizations, and client communities. As a society, we are social by nature, so it makes sense to share ideas and interests with others online. Whether we build relationships with people directly or indirectly, a community is created. However, the ways in which we do this differ.
In 2006, Internet expert Jacob Nielsen proposed the 90-9-1 rule based on various engagements on social media and online communities. According to Nielsen, 90% of users are hidden in most online communities, which means that those who notice but don’t contribute, 9% of users contribute more and only 1% contribute more.
But as the influence of online communities continues, their nature begins to change. In the previous era, the relationship between user and customer was dominant. However, we are now beginning to see how online communities take responsibility for what they want to share.
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Real estate and the creative economy
As COVID-19 forces many of us to work from home and socially distance ourselves from our loved ones, digital connectivity plays an important role in how we stay connected. For many, this has led to a greater reliance on online communities. According to a study conducted by Facebook in association with The Governance Lab at New York University, 77% of respondents indicated that the most important group they belong to is online.
Today we live in a world where content is easily created and shared. This creative economy, based on human creativity, intellectual property and technology, is a concept that continues to evolve. And after a year of tight controls, it’s now more than ever time to appreciate the creative economy. As governments seek to rebuild their economies in the wake of the ongoing global COVID-19 pandemic, creative economies will play an important role. So much so that Deloitte data suggests the sector could grow 40% by 2030, adding more than eight million jobs.
The next logical step is to move away from the sharing economy and move to the ownership economy. Jesse Walden, founder of Variant Fund, describes the private economy as “not only built, managed, and financed by individual users, but also owned by users.” An example of the convergence of the creative economy and the real estate economy can be seen using NFT tokens. NFT allows creators to provide a deeper connection with their followers while eliminating the problems of intermediaries. Thus, thanks to the blockchain, creators have full ownership of their work and can copyright their creations while ensuring originality. By offering great opportunities to authors, the NFT team creates a creative property.
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The advent of cryptography and decentralized finance (DeFi) is helping take online communities to the next level. Since the sector uses common assets for all shareholders and creates what suits their interests, Crypto and DeFi are a natural fit. The free-flowing real estate economy opens up new ways for real communities to use digital tools to more efficiently create, collect and distribute value in favorable cycles.
Bitcoin (BTC) has been a pioneer in the private economy. Upon its arrival in 2009, Bitcoin provided a new path to economic prosperity through the use of computer technology. This way, anyone with an internet connection is incentivized to mine the newly created bitcoin and help secure the network while claiming ownership of the network itself.
Since then, the cryptocurrency market has grown exponentially, and with it, online communities have begun to develop new tools and incentives that include the trend known today as Decentralized Autonomous Organizations (DAOs).
DAO Online Community
DAO is basically a programmable organization of people who form around a common mission and build an online community. Together, they operate a multi-signature cryptocurrency wallet, ensuring that the goals set by DAO members are met. The governance and operations of the DAO are recorded in smart contracts, which consist of automated data, making them transparent and controllable.
