Farcaster, an OP-based decentralized SNS protocol, has a rapid increase in users and the price of related NFTs has also skyrocketed

Demand for decentralized SNS

The decentralized SNS protocol “Farcaster” is rapidly increasing the number of users and attracting attention.

According to data from the crypto asset (virtual currency) media “The Block,” the number of daily unique users increased from about 2,400 on January 25 to 19,100 on the 3rd of this month. It is also attracting attention due to widespread information that it is being used by celebrities such as Ethereum (ETH) co-founder Vitalik Buterin, Uniswap founder Adams Hayden, and Mert of Solana’s Helius. It seems there is.

Farcaster was founded by two former Coinbase executives. According to the official documentation, the protocol is based on Ethereum and Ethereum’s L2 “Optimism.”

Farcaster is just a protocol and requires a separate app to actually use it. Currently, the official documentation recommends that you start using Farcaster with an app called “Warpcast” shown in the image below. Please note that Warpcast is a paid app and requires an annual membership fee of 700 yen.

Source: App Store

Not only the number of users has increased, but also the number of messages called “Casts” (similar to X’s posts) created by users. The number rose from 11,000 to 127,000 between January 25 and January 3, according to data from The Block.

As a result, Farcaster’s daily protocol revenue increased from $2,500 (approximately 370,000 yen) on January 25th to over $39,000 (approximately 5.8 million yen) on the 4th.

Farcaster released a new feature called “Frames” on the 26th of last month. This feature allows you to turn Cast into a mini-app that can be interacted with in both directions. Numbers such as the number of users have increased significantly since the release of this feature.

Yesterday, it was reported that Warpcast had overtaken WeChat in the ranking of free SNS apps, and this status remains as of the time of writing this article.

BREAKING: @farcaster_xyz (@warpcast_) FLIPS @WeChatApp IN IPHONE SOCIAL NETWORKING TOP FREE APPS RANKING pic.twitter.com/8rN12DQEsH

— DEGEN NEWS (@DegenerateNews) February 5, 2024

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Increasing attention

Farcaster is gaining attention as the prices of related NFTs (non-fungible tokens) and tokens are rising.

For example, the NFT “Farcaster OG NFT”, which is considered a status symbol for those who started using Farcaster early on, had a bottom price of 0.69 ETH (equivalent to 230,000 yen) on January 30th on the electronic market “OpenSea”. On the 4th, it rose more than 291% to 2.7 ETH (equivalent to 920,000 yen).

Farcaster co-founder Dan Romero also noted on the 5th that usage was rapidly increasing in several countries.report. The entire team is working to stabilize the situation, but the company explained that performance will be degraded for several hours.

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