ModX bot part 2: Is your NFT community ready for mint? Follow our checklist to see how well you are doing.
For part 1 of our dashboard explained, read here.
One of the most important questions any NFT project owners need to answer is WHEN to mint. While you don’t necessarily need to have a concrete date, you need to have a rough range of timeline before you start building out communities.
Here are some of our observations: (1) Most projects really need 1-2 months MAX to build up hype and successfully mint out. We count day 1 as the moment that the project starts to have their first sight of momentum building up on discord and the end day as successful mints. (2) You need a timeline. All NFT projects require hypes right before the pubic mint. By definition, a server can only spend a short amount of time on hyping stage. After all, users will soon loose interests if the server is in forever hyping. (3) It always takes more time than expected. We notice that projects typically do a lot of back-stage work before they reach day 1 on discord. This usually involves figuring out all the technical details, finalizing all the sneak peak and most importantly, find good collabs (twitter AMA) for the initial launch. If this is your first NFT project or you are in a fast changing market, you might have to go back and figure out all your projects details, hence delaying day 1.
Once you get to day 1 and onwards and you see your server getting busy everyday, the next question is “Is my server hyped enough?”
ModRater launches a health checklist to help you answer this question. We look over more than 50+ successful and FAILED NFT projects in the market. We ran about 200+ indicators on those communities and identified key indicators that have significant statistical difference between successful and failed group. In our dashboard, you will find 6 different indicators that had in the past make-or-break various projects.
(1) Does your community pass our 360 health exam?
ModRater Daily Health Score gives you an overview on how your community is doing. This indicator aggregates more than a dozen sub-measurements, here are some benchmarks calibrated based on past successful projects:
- Daily message sent > 4000
- Daily chat users > 350
- Daily new chat users > 150
- Meaningful participation > 35%
We recommend your server to be at least above 50 going into mint. Typically we see servers going from 50 to 100. If your server has more than 100k users, you should DEFINITIVELY expect the score to be above 100 going into mint.
Chart above is the health score of a successful project. Note that the server has two peak in health score during their two seasons of NFT launch.
(2) Are your members high quality?
On average, Users at successful projects write messages with an average of 5.5 words, vs failed projects at 3.5 words. A higher word per message is a proxy for the sophistication level of your user base. This is also super important to track if your mint price is high. Interestingly, we notice that for both groups of servers, super-users tend to act in a similar fashion. For this set of indicators, we exclude the super-users.
Chart above is an example of a server where the majority of the users compose about 2–3 words per message. This could indicate a couple possibilities (1) The server has a lot of spammy accounts(2) The server demographic skews towards younger members. (3) The majority of the communities’ native language is not english.
(3) How connected are your members with each other?
A hallmark of a wholesome community is that everyone wants to help each other out. We use median mention per message for the 90% of the users as a proxy to measure community helpfulness. For successful projects, on average, 14% of the messages are people replying to each other vs 3% rate for failed projects.
Chart above is an extremely tight-knit community. The majority of the users talk to each other and have conversations WITH each other. Red flag to look out are super hyped servers whose members are talking AT each other. They talk about how great the project is going to be, but doesn’t necessarily try to have a genuine conversation. Members don’t typically stick around for long time if they can’t make real friends in the community.
(4) Do you have a healthy community ecosystems?
Think about your community as a delicate ecosystem. A healthy ecosystem is composed of the right balance between super users who are your best advocates and the new users who are checking the project out. The user uniformity index measures how healthy the user ecosystem is, ideally between 0.6 to 0.8.
Chart above is a project that had established good healthy eco system during late 2021 but then later shows some deterioration of the eco-system.
(5) Is your server hyped enough for product launch? (finally..)
You want your server to be constantly chatting right before launch. Most successful projects have a time uniformity index around 0.2–0.3. This means that the server is active all the time. We found that it is pretty difficult for any projects to maintain a time uniformity indicator around 0.2. In the future, we will add more sentiment analysis.
Chart above is a client who had a major product change during early February. The server is super hyped right before the launch. You can also see the growth of the server where the time uniformity index improved from 0.8 in the summer of 2021 to 0.2.
(6) Have you left anyone out?
Most successful servers keep the percentage of weekly single message sending users under 35%. This means that they manage to have about two thirds of their weekly messaging users send at least a second message. In our experience, the bigger the server, the harder it is to get people to be truly engaged in the community. Your server can be designed differently in such case. For example, you can introduce slow-chat, or a new channel for the new users every week to boost engagement rate.
Chart above is a server that has done a relatively good job at getting new users to be engaged in their servers. Their server consistently has lower than industry average single message user rate.
The above 6 charts should give you a good sense on where you are in terms of community buildings. While this is not a guarantee of successful mint out, significant underperforming in any particular indicator should server as a potential red flag. You should reply on more data to figure out the fundamental issues. If you’d like to try to on your own server, reach out at louisa@modrater.app or sign up for the waiting list: https://modraterhub.app/analytics_landing_page
To read about how we combat discord bot invasion during your growth campaign using our analytics, read here.
