On Dec. 6, 2021, Earnity and BitNile entered into a partnership by closing $15 million in stock offerings. Earnity’s in-house experts, Dan Schatt and Domenic Carosa, expressed excitement about the venture because it will allow crypto users to earn and collect tokens and build strong portfolios of digital assets. On top of that, users can also network with, follow, and create communities aligned with their interests.
Community is one of the most important building blocks of any cryptocurrency or platform. A billionaire entrepreneur was asked why he believes in cryptocurrency, and he expressed that the network and community are the driving force behind projects.
For a crypto ecosystem to thrive, it has to be backed by engaged community members. In 2017, numerous projects failed partly because of the decentralized nature of cryptocurrencies. In order to counterbalance this, projects rely instead on word of mouth for recognition. In addition, engaged communities serve as the best advocates on social media for more users to trade or buy a cryptocurrency or DeFi project.
An active community also fosters trust and a sense of inclusivity in a project. Because crypto is decentralized, it is meant to democratize ownership of products and projects. When a crypto community is enthusiastic about a token, it additionally brings a sense of ownership of what the group is about and the values it promotes.
Furthermore, a crypto community can be an effective platform of communication that will allow people to exchange ideas, knowledge, and insights with other users that have the same interests. This was, in fact, the vision the internet was built upon — a place where information can be freely and openly shared.
Dan Schatt and Domenic Carosa express that Earnity plans on harnessing that said vision. The marketplace it will launch is intended to be free from the clutter and noise of the social web and will instead be characterized by peer-to-peer, focused communication to provide a learning space for users.