As the Web3 ecosystem continues to grow, it’s becoming increasingly important for projects to focus on building strong relationships with their communities. Kenneth Michael, business development and blockchain growth lead at E-Magine Ventures, recently shared his insights on this topic during a conversation at Cointelegraph X Spaces.
The Importance of Community Nurturing
According to Michael, many Web3 projects are neglecting the needs of their communities. "I would like to see more Web3 projects actually spend time nurturing their community," he said. "Not just supporting them, but making sure they feel heard, satisfied, and that their needs are being met."
This sentiment is particularly relevant for Gen Z and digital natives who value authenticity and transparency in their online interactions. A task-to-earn platform like Rewardable, which Michael introduced during the conversation, is a great example of how to execute these principles through the gig economy.
Introducing Rewardable: Connecting Brands with Real Users
Rewardable connects real users with brands looking for genuine engagement and rewards them fairly. Launched in November 2024, it has already gained over 10,000 users in its first week. The platform’s goal is to bridge Web2 and Web3 together by providing transparency and trust.
The Built-in ID Score System: A Key Differentiator
Michael emphasized the importance of a built-in ID score system and mandatory KYC (Know Your Customer) on Rewardable. "Our ID score system helps us find the best creators and quality engagement that many projects are looking for," he explained. "Considering how fast AI algorithms and social media are changing, it’s very important now to weed out fake engagement."
He also addressed the stigma surrounding KYC in Web3: "There’s a lot of stigma around it, which I completely understand. But when it comes to trust, there’s no way around it. We want people to trust us and know that they are rewarding real people, not people who are trying to game the system."
Task Templates Beyond Social Media Likes and Comments
Rewardable offers a variety of task templates that go beyond standard social media interactions. These include:
- Bug bounty contests
- Content creation
- Referrals
- And more
Michael explained: "We even have a transaction option for tasks. It allows you to set up a template for people to engage with the contract and test its deposit and withdrawal features. We’ve also used it to create volume for tokens and let users buy those tokens."
Near-Instantaneous Task Completion
The platform’s task completion time has reached near-instantaneous levels, which greatly improves the user experience and allows users to be rewarded quickly.
How Rewards Work on Rewardable
Users, or Task Ninjas as Rewardable calls them, receive their benefits in $REWARD tokens. These tokens can be staked, traded, or simply held.
The ID Score System: Evaluating User Performance
Michael explained how the platform’s ID score system works to reward the best real users:
"It’s the robust, data-driven reputation system that evaluates user performance, KYC verification, wallet activity, and social media engagement. If users don’t complete the task properly according to a brand’s instructions, we simply reject their submissions, which impacts their ID score. If some users have issues with their KYC, we will monitor them a little more closely. All so that only trustworthy users are rewarded."
Conclusion: Rewardable’s Vision for Web3
Michael concluded by expressing his hopes for the platform to be used by other companies, businesses, and projects in both Web2 and Web3.
What Does This Mean for Web3 Projects?
The principles of nurturing communities, transparency, and trust that Rewardable embodies can serve as a guiding light for Web3 projects. By prioritizing community needs and implementing robust ID score systems, these projects can build strong relationships with their users and achieve long-term success.