Five Ways to Monetize a Crypto Community Discord Server
Whether you’re broadcasting information to thousands of community members, sharing insights on anything crypto, or simply discussing the latest dog-themed meme coin, there’s very little that comes close to Discord in terms of both user experience and the size of its user base (having an estimated 514 million users as of July 2023).
However, there’s more to Discord than meets the eye. Introducing: the untapped potential of monetizing your Discord server. Turning your Discord server into a steady stream of income benefits not just yourself but your community, too, as it allows you to deliver a top-tier product.
Below we take a look at 5 ways you can monetize your Discord server.
Charging for Access
Charging people to become a member of your Discord server is by far one of the most effective ways to generate income from your community. With this, you’re essentially putting your services behind a paywall where you can make a profit from your vibrant community. One way of doing this is with a platform called Whop. Whop provides many tools designed to help you profit from your Discord server, among other things.
With Whop, setting up a paywall for your Discord server is a lot easier than some may imagine and can be accomplished in just a few minutes:
- Sign up as a merchant at Whop
- Setup your product
- Set a price & payment methods (crypto payments are an option, as well as Stripe)
Whop also offers a handy “getting started” video to guide you through the process, which I’d highly recommend.
https://www.youtube.com/watch?v=dm_ue0fX_Is
When choosing a price to access your Discord server, it’s essential to strike a balance between the need for profit and maintaining a solid community. For example, you may want to offer a monthly subscription while offering a free short trial to allow potential clientele to get a taste of what you have to offer. It may also be worth offering longer-term plans at a slightly discounted rate. For example: offering an annual subscription at a 10% lower monthly cost than your monthly-based subscription.
I recommend checking out their marketplace if you sell access to your community via Whop. Whop’s marketplace is an excellent way to gain traction toward your monetized community. Being listed on a marketplace like this will likely lead many more people to see your community and potentially pay you to join. As of writing this, almost two million memberships have been sold via Whop, which is a nice statistic to note when considering the potential of how many people may see your community. I’d recommend checking out their marketplace’s “Trading” category, where you can see existing crypto communities thriving on Whop.
Premium Channels – Providing Exclusive Content
If you’d rather not have your whole Discord server behind a paywall, you could also provide premium channels that offer community members exclusive content. Content such as in-depth market analysis, insider news, and expert predictions (to name a few) are desirable in the crypto community, and many people would be more than willing to pay to access this information. For frequently posted content – like predictions, news, etc. – you may provide recurring subscriptions to allow access to channels that provide this. However, for less frequent posts – such as the occasional market analysis – it may make more sense to ask for a one-time payment to access it.
It’s important to note what members of your Discord server will receive in return for giving you their hard-earned cash. Put yourself in their shoes. Would you pay a recurring subscription for a channel that posts helpful information only on occasion, whenever they feel like it? I wouldn’t (and neither should you!) But a one-time payment is something I’d certainly consider.
Partnerships and Sponsorships
If you have a larger Discord server (in terms of member count), collaborating with other companies/individuals in the crypto space is something to consider. For example, a company may want to pay you to post an advertisement for them on your server. Offers like this are generally very mutually beneficial as you receive financial gain, and your members may receive things like exclusive deals or insights from the sponsor. The sponsor will also benefit from your large member base via exposure. There’s nothing better than a win-win situation!
Partnerships are very similar to sponsorships in terms of mutual benefit and financial gain but frequently can be even more appealing to both parties. Being partnered with a company in the crypto space or a crypto influencer (whoever it may be) is an excellent way of having long-term benefits. For example, the partner may provide you with recurring revenue or provide your members with information, deals, etc.
Affiliate Partnerships
Like the partnership route mentioned above, you can also take advantage of all the companies and services that boast affiliate systems. Affiliate partnerships usually involve you advertising their products to your community members via a referral link, and then you may receive a static or variable fee in return. This type of partnership is a tremendous no-risk option to monetize your community, as it won’t usually cost you a penny. However, be careful not to overdo this frequently with too many products, as it may cause your members to become frustrated.
Another thing I like about the idea of affiliate partnerships is that you can still do this even if your community is behind a paywall (the same applies to other types of partnerships, of course). I’d recommend checking out Whop’s directory of crypto-related products, including communities and tools, where you can get an affiliate link and instantly start generating revenue from your Discord server.
Other popular crypto affiliate schemes that you could promote on your Discord server include:
- Binance: Binance’s affiliate program allows users to earn a percentage of trading fees from users who sign up using their referral link.
- Coinbase: The Coinbase referral program rewards both the referrer and the new signee with Bitcoin after the new user buys or sells a certain amount of crypto.
- Kraken: Kraken’s affiliate program offers a percentage of the trading fees generated by referred users.
- KuCoin: KuCoin’s referral bonus program allows users to earn a percentage of trading fees from their referrals.
- Ledger: Ledger, the hardware wallet manufacturer, runs an affiliate program that offers a commission on sales.
- Trezor: Similarly, Trezor’s affiliate program offers a percentage of the sales amount on referred purchases.
- Changelly: The Changelly affiliate program rewards users with a percentage of the revenue from trades made by referred users.
- eToro: The eToro Partners program is open to affiliates who want to promote the trading platform, which includes cryptocurrencies as well as other assets.
Hosting Paid Events
Exclusive events such as webinars and AMA (Ask Me Anything) sessions are another great and informative way of monetizing your community. For example, you may host an AMA session with a popular noteworthy crypto influencer and charge an entry fee for your community members. Paid events are an excellent system for both you and your community members, as it allows everyone to get involved and only pay for what they may be interested in.
The complexity of setting up and hosting one of these paid events varies on what you have in mind, but it is usually pretty straightforward to do. The first step is – as with most things – planning. You’ll want to ensure your event attracts as many people as possible. For example: make sure it’s at a time when people won’t be at work or asleep; make sure the price is reasonable to not deter people from joining; ensure the individuals you’re doing the event with are well-known or well-respected; etc. These small things can make a huge difference. Once you’ve planned out your event thoroughly, it’s time to start promoting! You can start by advertising your event within your Discord server, but you can also branch out to social media platforms to pique the interest of a wider audience. If you’re hosting an affair with a notable influencer, try to get them to advertise the event to their audience and boost sales.
As discussed in these five strategies, there are many pathways to monetize your Discord crypto community and even more monetizing opportunities than you might’ve imagined. Maintaining a healthy balance between making money and keeping your community happy and active is essential. I’d recommend exploring all options discussed here and experimenting with those you feel would fit your community the best. I’d recommend experimenting with as many of these as possible and making tweaks and adjustments as you go in order to find the perfect fit for you and your community.
Have you monetized (or attempted to monetize) a crypto community Discord server before? If so, what were some of your toughest challenges when starting up? How was the overall experience? And most importantly: are you kicking it back on a beach in Malibu yet?