5 Shocking Reasons Why Lore Can Build Or Break A Web3 Project | by Ayodeji Alo | Coinmonks | Aug, 2022 - Rvpg media

5 Shocking Reasons Why Lore Can Build Or Break A Web3 Project | by Ayodeji Alo | Coinmonks | Aug, 2022

No, no, utilities are not the way!

NFTs are dead without stories.

You might think storytelling is irrelevant

I’m about to shock you into a mind shift

sure you are up for it?

Throughout this piece, I’m going to be interchanging ‘lore’ with ‘story.’ They are more or less the same thing, the only difference is web3.

Having clarified that, can we dig down to business? Oh, I’m glad you are ready to, I also can’t wait to dig out some hidden truths about lore and how exploiting these truths will get you to tag me in your testimony because of a 3× to 6× on your ROI.

Let’s get digging

You are probably familiar with the phrase ‘people buy based on emotions and they justify with logic,’ well it’s still very much valid in web3.

People in the web3 are mostly about taking profits, building their bags, buying on the secondary and we both know the list goes on but before all of that, they first want to know if the project would be profitable

And even after checking out different metrics, whether they know it or not, they make a decision based on their emotions and justify it with the metrics they checked out.

So how then do you appeal to their emotions?

This is where storytelling comes to play.

A simple piece on a transparent reason why you started this building journey, the utilities you hope to bring, how long it took you, the team, your USP… If told right, people get to understand why it is special.

This can be in form of origin lore or few lines of intro pinned on your page / welcome channel, or a thrilling series attached to sneak peeks that shows the creation process.

Just come out with something creative that gets them emotionally connected and it’ll keep them loyal in ways that numbers, data, and presentation slides cannot.

If followed through, you inscribe what you are building in the hearts of your community. While people can read facts, white papers and roadmaps and forget them easily, a good story sticks to the heart.

There are three kinds of people that a target audience will ever buy from and they are:

People they love

People they respect

People they trust

While respect takes time to build, love and trust are based on feelings that can be ignited when you believe a person is being transparent with you.

At this point, you come out vulnerable, with your cards flipped over.

They now see that you aren’t just trying to get them to mint and fill up your pocket but that you are building something they have come to resonate with.

How do you get to this point?

I’ll tell you. Just stick with me, will you? Good.

Ask yourself:

Why am I doing this?

Why should they mint?

Why should they pay attention to me?

Why would this project boom?

Why is it unique?

Why? Why? Why?

Got some answers? Great! Then you can mix the answers in your story.

When your lore shows this openness, trust comes

Without a strong why people don’t buy. They won’t even take your desired action if you don’t mix up a resonating why in your story.

In simple terms (let’s just hit the nail on the spot)

Stories are a powerful means of persuasion.

Perception is way stronger than reality, do you agree?

Remember you are to stick with me, so you ought to agree… just kidding.

Well, it’s true because perception goes on in the mind of a person. Let’s say Ronaldo signs a jersey for example.

Since people already resonate with Ronaldo’s inspiring football story they now perceive that the jersey signed by Ronaldo is worth millions of dollars than a regular $3 jersey.

Let me tell you a true story

Two researchers, Walker and Glenn, experimented with storytelling by auctioning irrelevant objects on eBay attached to heartfelt and purpose-written short stories.

These items that were worth $1.25 each were sold for almost $8,000 all together. Wow! can you imagine that?

And it’s still just a snippet of how lores can build the perceived value of something to boost ROI.

What do you think this would do to a web3 project?

Because of its efficiency, top companies like coca cola (the happiness factory), Fc Barcelona and Apple employ the use of stories in their marketing campaigns.

When you first present your project to the Web3 community, what goes on in people’s minds is something like ‘oh wow, another NFT project, why should I care?’ Or “why should I care about their utilities, it’s not so different from everyone else’s”

Well, thoughts like that can only pop up because of a poor presentation without a good (or any) lore.

I’m sure you wouldn’t want that or would you?

There was a time a lot of projects had charity donations as a part of their utility but it got to a point people barely resonated with it

When you say, “part of my project’s utility is donating to charity,” the next thing people ask is ‘why should I care?’

But what if you told a story about a homeless boy who wandered the streets, scorched by the sun and battered by the rain? His weary shoes were the same colour as the sand and with every crumb of food he ate, his stomach felt emptier.

Each crumb was devoured by overgrown worms before they even got to digest, his stomach is like a linen fabric that shows the arched shape of his ribs

Now tell me, with a more detailed narration of this guy’s life and others woven in a story, wouldn’t that make people see the inspiration behind what the brand is building? Wouldn’t they want to mint?

People don’t buy the product, they buy the feeling they get from it

You don’t buy Benz… You buy the feeling of increased status

You don’t buy a wedding gown… You buy the feeling of saying I do

You don’t buy your wife a car… You buy the feeling of being a loving husband

You don’t mint the NFT… You mint the feeling of being a part of something larger.

Have you asked yourself, when people join my server…

What can make them engage in the general chat?

What is strong enough to keep them visiting every day?

What is the coolest part of my community?

Why should they stick around?

Now if any of your answers to these questions is ‘wl’ then you’re doing something wrong.

Lore can come into play here.

‘Do I hear you asking how?’. Do you really want to know how?

Awesome! Let’s go

What if you build your origin lore into a kind of suspenseful series that rolls out every week or twice a week

Do you think that…

Would make them want to stay?

Would make them want to engage in a conversation about it?

Would make them want to mint?

Would make them want to check in constantly?

I think it sure would, what do you think?

I hope I have been able to shock you into a mind shift of the endless possibilities storytelling has on web3 [NFTs, DeFi…] projects and how it can build or break them.

I did enjoy our little adventure and you can easily reach out to me here if you want more clarity or you’d like us to discuss your project and craft a captivating storyline for it

Simply tap on here and let’s hop on a call.

Before we wrap up, I want to show you something for reading this far, you sure stuck with me.

People in the web3 are becoming more aware of the importance of storytelling.

Take a look at these influencers’ tweets

What does exploiting this black coal mean to you?

Punch THIS and let’s talk more

Oh you see the clap icon, yes the one below, kindly tap it multiple times and follow for more Web3 (NFTs, DeFi…) updates.

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