Crypto Insider Says Web3 Social Media Platform Farcaster May Launch a Token in the Future: Report
Farcaster, the blockchain-based challenger of social media platform X, reportedly could introduce its personal token.
The Ethereum (ETH)-based decentralized social community Farcaster permits customers to create profiles, make posts referred to as “casts” and comply with others.
The platform additionally offers customers the power to retailer their knowledge on-chain and showcase their non-fungible tokens (NFTs).
In line with Fortune, Farcaster raised $150 million in funding final month with a $1 billion valuation regardless of a every day common consumer base of simply 50,000. The funding is by far the most important in web3 social media to this point.
Citing a supply who wished to stay nameless, Fortune says investor curiosity in Farcaster could also be pushed by the prospect that the crypto challenge could launch a token sooner or later.
“One supply, who requested anonymity because of the constraints of his enterprise, informed me that, like most protocols, he expects that Farcaster will launch a token, and buyers will probably be eager to seize the absolutely diluted worth of it—no matter whether or not there may be liquidity.
In lieu of perpetually eyeing their subsequent fund, VCs need to deploy surplus capital quick so as to generate seemingly spectacular returns, and tokens supply an avenue to tout this.”
Farcaster has secured investments from corporations akin to Paradigm, a16z crypto, Haun Ventures, USV, Variant and Normal Crypto in its sequence A funding spherical.
Farcaster co-founder and former Coinbase government Dan Romero says the community is specializing in rising its every day lively customers this yr.
‘Since going permissionless final October, Farcaster has seen 350,000 paid sign-ups and a 50x improve in community exercise. There are a whole lot of builders constructing on the protocol and a rising variety of apps and frames for individuals to make use of.”
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Test Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl aren’t funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses chances are you’ll incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in internet affiliate marketing.
Featured Picture: Shutterstock/dubassy/Natalia Siiatovskaia
