Brandverse Insights #6

This week’s Brandverse Insights introduces us to a new player in social media, several new Web3 partnerships, and the continued prevalence of Bitcoin.

Below, Roman provides an excellent breakdown of the Web3 Social Media Decentralized platform, Fancaster. He offers insight into why the platform is taking off and how it may shape the future of the social internet.

Before we get into the Deep Dive and “This Week in Web3,” we wanted to share some takeaways from this week’s Brandverse Lunch Hour conversation with John Kraski & Justin Shenkarow, co-authors of “The Future of Community.” During the show, John and Justin went in-depth on the importance of building a community in the age of the “attention economy.” They also highlighted the difference between a community and an audience. A community is your most loyal supporter, while an audience boils down to your reach or impressions with limited engagement.

Some additional takeaways included,

• Social media platforms in Web2 (LinkedIn, X, and Instagram) and Web3 (Farcaster & BlueSky) need to incentivize their creators to continue creating and building their platforms.

• The idea of not monetarily rewarding the best creators on each platform is unacceptable.

• Web3 platforms like Farcaster can make some noise and fill a gap in the market if they provide a real alternative to Web2 social products.

• Robolox has provided a robust marketplace and economic incentives to creators and brands to build unique experiences for their community members on the platform.

• Creators on all platforms must understand the inherent value they provide and consider ways to monetize their efforts by providing real value to their communities and clients.

This Week in Web3

💻 ENS Domains announced a partnership with GoDaddy, which opens the door to millions of GoDaddy customers to seamlessly utilize their DNS domains within the ENS of (web3 domain) ecosystem.

✊🏽 NFT platform Magic Eden introduced a Creator’s Alliance – a coalition of the top ETH NFT projects in Web3. The alliance is focused on promoting a sustainable royalty framework to empower creators and grow the NFT ecosystem.

🚀 Layer 2 chain ‘Blast’ has reached $1.5 Billion in TVL, with over 128,781 community members participating in the network.

🖼 CryptoPunks launched "Punk in Residence," an inaugural program that offers artists the opportunity at exclusive drops with the best Web3 offers.

🔐 Binance claims there was no leak from their systems after an alleged data breach.

💰Robinhood now allows crypto purchases and transfers via MetaMask

🙉 ApeCoin announces a series of new spaces to discuss ApeChain proposals.

🐱 Bitcoin NFT, Quantum Cats sold out - 313 NFT cats within 2 seconds during the public mint window. The project raised a total of 300 BTC or $12.7M.

🐧 Pudgy Penguins announces a partnership with Magic Eden, which recognizes ME as Pudgy’s preferred marketplace.

⌚️Doodles and G-Shock announce a new collab, which brings a new Doodles-inspired watch to life.

🟠 BlackRock & Fidelity now hold a total of 134,358 BTC ($5.7B) for their spot Bitcoin ETFs.

👾 Farcaster (a Web3 social media app) daily users surge to a whopping 25K.

🌊 W. Oliver Segovia, Ripple's senior director and head of product marketing, revealed that the company intends to expand its payment services across the U.S.

🤝 Ledger announces a partnership with PayPal, focusing on the next chapter of Ledger Quest.

A Social Media Platform For The People By The People

What is Farcaster?

Farcaster is a decentralized social media platform built on the Ethereum blockchain. It looks and feels like Twitter - but without Elon, the bugginess, and a mercurial algorithm. Farcaster's design prioritizes user control and privacy, leveraging blockchain tech to ensure data integrity and user autonomy. It has the ethos of blockchain and the user interface of a Web2 app- a perfect match if you ask me. 

The Introduction of Frames

The excitement surrounding Farcaster reached new heights with the announcement of Frames. The introduction of Frames has led to a significant uptick in daily active users on Farcaster. Reports suggest a 400% increase in user activity. This feature enhances the platform by allowing users to integrate external content within the app's interface. Frames enable users to interact with various external links and applications without exiting the Farcaster environment, streamlining the user experience and fostering a more engaging and interactive community. You can also Tip other creators on the app, build content within the app, and connect with others in web3. 

Why Farcaster Stands Out

To me, Farcaster stands out because of its ability to stand on its own tech stack. They’ve built an integrated Socialfi app that has DAUs and actually works. There is a tremendous amount of activity from early adopters and crypto enthusiasts connecting on the platform. Dan Romero and a16z have done a masterful job crafting an experience that feels like web2 but is super-powered by all the wonderful features we associate with Web3.

Conclusion

Farcaster's rise as a leading SocialFi platform is a testament to the growing demand for decentralized social media solutions prioritizing user experience and control. I recommend making an account and checking it out. There is a ton of activity on the platform, and there is an opportunity to build an audience there, as we are still in the early days.

RSVP for the next Brandverse Lunch Hour

Join us this coming Tuesday, Feb 13th, as we speak with Justin Hochberg, CEO of Virtual Brand Group. This award-winning company strategically accelerates consumer brands’ global businesses by innovatively leveraging Metaverse & web3 technologies. Partners include Forever 21, Barbie™/Mattel™, The Voice™, NBC, and JoJo Siwa’s created teen band sensation XOMG POP! VBG delivers brand transformation, youth culture marketing, and new revenue development.

With Web3 love,

Mina & Roman