Masters of Community with David Spinks
How to Tokenize your Community with Jeremiah Owyang
January 17, 2022
In this episode of Masters of Community, we speak with Jeremiah Owyang, Industry Analyst and Founding Partner of Kaleido Insights. Our host, David Spinks, VP of Community at Bevy and Co-Founder of CMX, moderated the conversation. Jeremiah is an advisor to many different companies and web-sharing communities. He has been analyzing the community space and understands how businesses invest in communities. Jeremiah previously worked at Forester as an analyst of the community industry. He then got involved in the collaborative consumption movement and now works closely with Web 3.0 communities and platforms. The purpose of this interview was to give a clear understanding of what it means for a community to invest in web three blockchain and crypto. Who is this episode for? Community builders, community managers, entrepreneurs, digital leaders, blockchain, and crypto enthusiasts. Three key takeaways: 1. What is Web 3.0: Web 3.0 companies are decentralized autonomous organizations that have communities at their core and work on blockchain and token-based economies. Web 3.0 comes with the premise that users will own their identities, data, and equity. It creates opportunities to gain ownership through contribution and content. 2. Web 3.0 ups and downs for communities: Web 3.0 turns communities into economies. Tokenization requires complex legal, administrative, technological, and process changes. Not all organizations or platforms are ready for this to be mainstream. It also puts the social motivations within a community at risk. In terms of advantages, the community members get digital asset rewards like tokens and NFTs. They also have access to premium community experiences and activities. 3. Launching a community token: Bringing a personalized token into a community starts by defining the goals you have with your community members. Once set up, you can create and distribute it into the community. The mass majority of the tokens should be for community members. But they have to hold them and support the community. Notable Quotes: 1. “When there's a new technology, I love to run towards it, especially if it helps organizations connect to their customers and community leaders connect to their community members” 2. “Web 3.0 comes to the promise that the Internet should be owned by the participants, by the community members“ “I'm very sure that once you tokenize, the relationship between the community members changes, and the relationship with you as the community leader changes” 3. “Reward your amazing folks who have been here with you, let people engage by earning, and three, you could sell on the open market” Answers to rapid-fire questions: 1. How do you define community? A group of people with a common cause. 2. What’s a food that makes you think of home? Mom’s spaghetti. 3. What book had an impact on your life? The Cluetrain Manifesto by Rick Levine: 4. What's one piece of advice you have for new community builders? It’s not about you, it’s about serving them. 5. What's the weirdest community you've ever been a part of? Second Life Community. 6. If you were to find yourself on your deathbed today, and you had to condense all of your life lessons into one piece of advice for the rest of the world, what would that advice be? Find a purpose. 7. Who in the world of community would you most like to take out for lunch or interview on your podcast and your context? Mark Zuckerberg.
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