Crypto social media platform Farcaster has about 50,000 daily users. So why is it valued at $1 billion? [Fortune]
Coinbase Global, Inc. - Class A (COIN)
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Source: Fortune
year, I spent my evening scrolling on Farcaster . Last month, the company announced it had raised $150 million, led by Paradigm, with participation from a16z crypto , Haun, and USV, among others. With a valuation of $1 billion, it's the largest investment in Web3 social media to date. It felt a bit like falling down the rabbit hole of that heavily meme'd corner of X that's saturated with price charts and “.eth” suffixes. Alternatively titled: ‘Crypto Twitter .' And, at least for now, that is ostensibly what Farcaster is: Web3's answer to X. But the back-end is very different. As a decentralized protocol built atop Ethereum, developers can utilize its smart contracts—the protocol's rule book—to build new social media applications on top of it. It also means that users have ownership of their data. You post “casts” not tweets, and pay $5 annually to store your data on-chain. One of its unique selling points behind the hype is its ‘Frames' feature, which allows apps to run within pos
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