Online communities have transformed from niche forums into powerful hubs for engagement and brand development, as people seek spaces to connect with shared interests.
A growing demand for meaningful connections and personalized experiences has fueled this shift, with community site visits increasing by 64% over recent years. In addition to fostering user loyalty, the enterprise social networking and online communities market is projected to grow from $10.83 billion in 2023 to $25.48 billion by 2032. This surge underscores the need for community platforms to offer more robust, monetizable experiences.
The social networking market is expected to grow nearly 10% each year. Source: MRF
Although the market is promising, its potential depends on effective monetization strategies. Traditional models like ads, memberships, and one-time purchases often fall short of capturing the full value of active communities. Experts believe it’s essential to focus on meaningful benefits for members rather than solely rewarding creators.
How Web3 and NFTs are disrupting traditional models
Traditional monetization models struggle with high transaction fees, limited payment options and a fragmented user experience. Creators often have to manage memberships, donations and content sales across multiple platforms, resulting in friction and inefficiency.
Another pain point is ticketing systems for online and offline events. While platforms charge high fees, payments to organizers are often delayed, hindering cash flow.
Web3 technologies and non-fungible tokens (NFTs) offer promising alternatives by streamlining the process and opening new avenues for monetization. Token gating, which allows access only to members with specific digital assets; “phygital” experiences that combine digital and physical worlds; and NFT ticketing, which creates tickets using blockchain technology, are just a few examples.
NFTs enable users to access online content and physical events through token gating. Source: Belong
In short, the solution to community monetization complexities lies in an NFT-based model that integrates memberships, content, and events while reducing fees and enhancing the user experience.
Unlocking community value
Addressing the monetization challenges faced by online communities, Belong uses Web3 technologies and NFTs to offer creators tools to manage memberships, events and exclusive content from a single point.
The platform uses NFTs to give community members exclusive access to content, events and interactions by requiring them to hold specific digital tokens. For users, a soulbound NFT —a nontransferable digital asset permanently tied to its owner— provides a unique collectible and serves as a pass to special events and more. These digital keys are stored securely in a user’s crypto wallet and integrated with both digital and physical realms.
By providing a way to learn more about the audience, Belong increases the connection with community members. Source: Belong
One key benefit for users is Belong’s flexibility in payment options. Members can purchase or renew their access using Apple Pay, Google Pay, credit cards or cryptocurrencies. Moreover, with a 2% sales fee, communities are more likely to offer better deals and invest in creating high-quality experiences, knowing that more of their revenue stays within the community.
Belong’s model encourages more creators to use the platform while increasing safety and exclusivity for members, leading to richer and more diverse communities for users to join.
Exclusive experiences with token gating
Belong enables communities to monetize private content by granting verified members access through token-gated systems. Educators can use this feature to offer exclusive courses or workshops, while influencers can engage with their dedicated followers through private chats. Similarly, artists and public figures can host virtual events, such as concerts or special announcements, that are accessible only to those holding specific tokens.
In addition to private content, the platform offers a unique model for event management through its NFT ticketing system. By issuing tickets as NFTs, Belong provides instant payouts and reduces fees for event organizers. Tickets are securely stored in attendees' crypto wallets, eliminating the need for third-party intermediaries and improving cash flow. The use of blockchain also automates processes such as ticket validation and attendee tracking, streamlining event management and reducing the risk of fraud.
Belong provides verified community members access to paid or private content. Source: Belong
Belong’s use of NFTs extends beyond digital to physical spaces. With the upcoming integration of Apple Home, NFT memberships will serve as digital keys to access locations like coworking areas, gyms and clubhouses. The integration will allow users to unlock doors or gain entry to facilities simply by having their NFT in a compatible wallet, providing a modern structure and reducing the need for manual check-ins.
Further enhancing the connection between the digital and physical worlds, Belong improves the concept of "phygital" goods. Through its approach, creators can sell physical merchandise, such as apparel or collectibles, by issuing NFTs that act as digital proof of purchase. When a user buys an NFT, it represents ownership of a digital asset and also serves as a voucher for a tangible product.
The combination of digital and physical experiences deepens the connection between creators and their communities, offering added value and exclusivity to collectors. This unique blend of digital and physical ownership strengthens the bond between creators and fans, adding a layer of exclusivity and prestige to the transactions.
Gasless transactions and phygital economies
Belong addresses the modern challenges of community monetization by leveraging NFTs and Web3 technology to offer access management, exclusive memberships and unique “phygital” goods. With its partnership with Skale, an on-demand blockchain network with zero gas fees, it will provide gasless transactions, making the entire process simple, fast and cost-effective.
With the Skale integration, Belong is one step closer to its goal of redefining the Web3 space and making community participation more accessible than ever. As other platforms struggle with high fees and inefficiencies, Belong’s gasless approach could set a new standard in the Web3 ecosystem.
Looking ahead, the growth of platforms like Belong could redefine the future of digital economies and the merging of virtual and real-world experiences. As Web3 tools evolve, the potential of blending digital and physical economies could surpass expectations.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.