Beyond Community: A Closer Look at Web3 Stakeholder Dynamics

In the context of Web3, the term "community" is often used to refer to a group of people who share a common interest in a particular blockchain project or cryptocurrency. This can include investors, developers, users, and other stakeholders who are involved in the project in some way. It’s become a buzzword in the Web3 space and is so often used that the term can be misleading. Yes, “community”  implies a homogenous group of individuals with a shared interest in the project. But in reality, Web3 communities are much more complex than that.

The reason why people in Web3 often refer to these groups as "communities" is because they are typically decentralized and open to anyone who wants to participate. Unlike traditional companies or organizations, there is no central authority or hierarchy dictating who can be a part of the community or how they can contribute. 

Furthermore, the success of many Web3 projects often depends on the strength and engagement of their communities. For example, if a cryptocurrency has a large and active community of supporters and users, it is more likely to gain wider adoption and be successful in the long term.

Of course, not everyone who participates in Web3 communities is equally invested in the success of the project. Some may be more interested in speculating on the price of the associated token, while others may be more focused on contributing to the development of the underlying technology. Nonetheless, the term "community" is often used to encompass all of these different stakeholders who are involved in a Web3 project in some capacity.

It's difficult to categorize Web3 stakeholders strictly in terms of "most to least invested" because each individual may have different levels of interest, commitment, and involvement in a particular project. However, here are some possible ways to categorize stakeholders based on their level of involvement:

Core Team/Developers

The core team consists of the developers and founders who are responsible for creating and maintaining the project. They are typically the most invested stakeholders as they have dedicated a significant amount of time, effort, and resources to building the technology. Developers are interested in comprehensive technical documentation, developer tools, and resources that enable them to build on the network or for it. Projects should also foster a community of engaged developers who can collaborate and share knowledge.

Validators/Miners

Validators or miners are stakeholders who participate in the consensus mechanism of a blockchain project by verifying transactions or adding new blocks to the chain. They play an important role in ensuring the security and decentralization of the network. Projects should focus on providing a robust and secure network, offering attractive financial incentives, and communicating clearly about the validation process and requirements.

Community Leaders

Community leaders are individuals who have a significant following within the community and play a key role in shaping the direction and culture of the project. They may organize events, create content, or provide support to other members of the community. Projects should focus on fostering an inclusive and diverse community, providing transparency in governance structures, and empowering community leaders to take an active role in decision-making.

Investors/Token Holders

 Investors or token holders are stakeholders who have purchased the project's token and hold it as an investment. There are two different groups within this category: long-term-driven investors and short-term-driven speculators. Long-term investors are interested in the project's long-term growth and stability, while short-term speculators are more interested in immediate price movements. They are both interested in the project's success because it can increase the value of their tokens. They want to see the project expanding its reach, forming strategic partnerships, and generating value opportunities or fulfilling development milestones. Long-term investors are often more concerned with the overall health and stability of the project. They may be interested in the project's vision, mission, and long-term roadmap. They may also be interested in the team behind the project, their track record, and their ability to execute on the roadmap.

Users

Users are stakeholders who use the project's technology or platform for their own purposes. They may not have a financial stake in the project, but they contribute to its growth by increasing its adoption and usage. Despite the importance of users in driving adoption and growth for Web3 projects, they are often overlooked or undervalued in comparison to other stakeholders such as investors or developers. Without a strong user base and a product that meets their needs, a Web3 project is unlikely to survive in the long term. This is because the success of a Web3 project depends on its ability to create value for its users, which in turn drives adoption, network effects, and sustainable growth. Projects should build a user-friendly interface, delivering value through new features and services, and providing clear communication about the project's benefits and advantages.

It's important to note that these categories are not mutually exclusive, and many stakeholders may fall into multiple categories. For example, an investor may also be a community leader, or a user may become a validator. Additionally, the level of investment can change over time as stakeholders become more or less involved with the project. This is what makes Web3 challenging, as projects have to cater to stakeholders who fall into multiple categories. 

While catering to stakeholders who fall into multiple categories can be a challenge, the benefits of Web3 communities are undeniable. By embracing decentralization, transparency, and collaboration, these communities offer a platform for creativity and innovation to thrive. Web3 incentivization structures provide a self-sustaining ecosystem that rewards members for their contributions. As we continue to experiment and explore the possibilities of Web3 communities, we are laying the foundation for a future where decentralized networks and trust are at the forefront. Let us come together to build a better future, one that empowers and benefits us all.