Content
@
0 reply
20 recasts
20 reactions
greg
@gregfromstl
I love the fact that people are earning meaningful amounts of money on here, but the argument that FC is better because “I earn much less on X for doing much more” is nonsense. The money comes from somewhere, and Farcaster’s funding will run out eventually. They’re subsidizing growth hoping users won’t need a cash incentive to join once the network hits escape velocity. Its a tried and true playbook but shouldn’t be conflated with the platform somehow being superior to X. Its a temporary feature. (P2P tipping is very different and IMO a much more interesting feature)
3 replies
2 recasts
18 reactions
Raynaa
@raynaa
X also has a monetization process so I dont think Farcaster will stop rewards program
1 reply
0 recast
0 reaction
greg
@gregfromstl
Won’t be sustainable to give rewards at the current rate. X gives lower rewards for a reason. The LTV for a user is well below what Farcaster is currently paying people
1 reply
0 recast
1 reaction
Raynaa
@raynaa
X doesn't need to give rewards but still does, the primary reason is this increases tweeting more. That is the exact reason I am sure FC has given to its investors justifying. Besides rewards, I don't think the engagement will increase here. The mini apps are a great addition and those apps too have started rewards. Without incentive, no one will invest their time in an app that doesn't give them a dopamine boost. Ofcourse Instagram is different and not everyone can be that, not even Facebook can
1 reply
0 recast
0 reaction
greg
@gregfromstl
Are you saying the only reason people use apps is for rewards?
1 reply
0 recast
0 reaction
Raynaa
@raynaa
From a marketer's pov i see people using apps for dopamine boost rewards is the easiest way to acquire users and retain them. Getting them addicted is really difficult; not everyone can do this. Social networks dont come under basic needs
1 reply
0 recast
0 reaction
greg
@gregfromstl
X didn’t offer rewards until recently though… Reddit still doesn’t, Facebook doesn’t, Snapchat doesn’t, Pinterest doesn’t, and Instagram doesn’t
1 reply
0 recast
1 reaction
Raynaa
@raynaa
The fact is they did; there was a justification behind it given to the board And Facebook has a huge reward program in US. The platforms who dont , needs to studied for user retention like Instagram and reddit. Reddit sells anonymity, Instagram sells GLAM, and Pinterest sells organization like boards, but others can't copy them. They did try, but it wasn't a success. At the end of the days its all about increasing numbers whichever source they use. I have done App Marketing for yrs, Its not easy if your dont have something unique to sell
1 reply
0 recast
0 reaction
