On NFT Twitter the chatter is always how valuable community is to an avatar project, disproportionatly so. At face value this isn't true.
Value comes from the founders. The founders created something so great, it caused the customers to change their pfp. Then, the founders added more value. The work from the founders creates an impenetrable wall around their customers. Their customers aren't going to switch their avatar until something comes along that's an order of magnitude greater.
All because of the value the founders created, their community engages in strong word-of-mouth marketing on discord and Twitter.
At this point it's true that the community has value, because they're essentially a free sales force. But it's the founders that are driving the value, because of their outstanding work. If the founders weren't doing their job, the community wouldn't have much to talk about.
On this week's Defiant podcast , which is a must-listen, Cami's guest was Raoul Pal. Raoul talked about the value of community when he said, "we'll see a time when the community is more valuable then the business".
This may come true. If so it would be because of what the business did, not the other way around.
Value is top down. The value of a project comes from the founders, not the community.
This post comes from 32 years (and counting) of mistakes as an entrepreneur in high technology.