Farcaster Guide

Hi, my friends. You probably already noticed the buzz around Farcaster, so I decided to create some kind of a guide, to explain what Farcaster is, how to use it and what are some benefits and tips you should know. 

What is Farcaster?

Farcaster is a new decentralized social network built on Ethereum, offering users familiar social networking features like creating profiles, posting updates, liking, reposting, creating threads, and various applications. It is often compared in design to Twitter and Reddit. Despite the emergence of similar platforms in the past, such as Lens, Link3, and FriendTech, which either failed to gain traction or faced significant challenges, Farcaster distinguishes itself.

The platform's success is attributed to its robust community of enthusiasts and builders, particularly from the Ethereum, OP, and Base ecosystems, who have been actively launching tokens and developing applications. A notable achievement for Farcaster is securing $30M in a seed funding round led by a16z and with participation from Coinbase Ventures.

Accessing Farcaster

Previously invite-only and free, Farcaster now charges 5 EUR annually. Access can be paid for with an international bank card. To sign up, users must follow an invite link, choose their phone's OS, download the Warpcast app (a popular client for Farcaster but not the same as Farcaster itself), create an account, save their seed phrase, confirm their email, optionally provide a phone number, and pay the subscription via Apple Pay or Google Pay.

Exploring Warpcast

Upon registration, users dive into Farcaster's main feed with tabs for Home, Trending, Frames, and All channels. The dashboard offers suggestions for people or channels to follow, alongside tabs for notifications, direct messages, exploring, invites, the internal currency Warps, and profile settings.

Warps and Frames on Farcaster

Warp is the internal currency used for rewarding posts, users, creating channels, or minting various NFTs offered by other users. Frames are micro-applications within posts, enabling interactions like NFT minting, quizzes, polls, and games.

Earning and Participation in Farcaster:

One of the most intriguing aspects of Farcaster is the myriad of opportunities it offers for users to earn and participate in the platform's economic ecosystem. Unlike traditional social media platforms, Farcaster leverages the decentralized nature of blockchain technology to reward active and contributing members of its community. Here's how users can engage with the platform and potentially reap financial benefits:

  1. Token Drops and NFT Mints: Farcaster has introduced innovative ways for users to earn through token drops and NFT (Non-Fungible Token) mints. By actively participating in community discussions, contributing valuable content, and engaging with other users' posts, individuals can become eligible for various token drops. These tokens often represent a stake in the platform's growth and can be traded or held as an investment.

  2. Utilizing Warps: Warps, the internal currency of Farcaster, plays a crucial role in the platform's ecosystem. Users can earn Warps by being top contributors, engaging with the community, or purchasing them directly within the platform. Warps can be used to reward other users' posts, create new channels or threads, and even mint NFTs offered by fellow users. This internal economy encourages active participation and content creation.

  3. Frames — Interactive Micro-Applications: Frames offer a unique way for users to interact within posts. These micro-applications can range from NFT minting opportunities to interactive quizzes and polls with prize rewards. By creating or participating in Frames, users can not only engage with the community on a deeper level but also unlock potential earning opportunities through prizes and token rewards.

  4. Community Engagement and Growth: The strength of Farcaster's community is a significant driver of individual earning potential. A highly engaged and supportive community means that new projects, tokens, and NFTs launched on the platform have a better chance of success. Users who are early adopters or contributors to these projects can see substantial returns on their engagement through appreciation in token value or exclusivity of NFTs.

  5. Influence and Network Expansion: As with any social platform, building a strong network and influence within Farcaster can lead to direct and indirect earning opportunities. Influential users may receive offers to collaborate on projects, promote specific tokens or NFTs, and leverage their audience for community-driven initiatives that offer rewards or shares in projects.

Top Farcaster Channels to Follow:

I created this list of top channels that I recommend to follow:

Top Farcaster Accounts to Follow

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