Farcaster

I keep seeing references to Farcaster as socialfi so sharing my clarification

I keep seeing references to Farcaster as socialfi so sharing my clarification

https://x.com/ljxie/status/1833617641187250328?s=46&t=QNlz9swNdb9dxGQvZZJaCw

Co-founder @bountycaster (bountycaster.xyz). Co-producer @ethereumfilm. Previously co-founder of Scalar Capital and product at Coinbase

I‘d give the same explanation but say warpcast (vs Farcaster) is a socialfi product. Social base with staying power with lots of financial experiments on top ✌🏽

job: token analyst. Talk to me about football, sports, crypto, outdoors, growth, econ, investing, chess

I don't classify Warpcast as socialfi either. It's just a client that enables these applications built on top but its underlying function is not socialfi

The determining factor for socialFI for me is that you can do transactions right in warpcast.

SocialFI seems to get a negative connotation right now due to friendtech and very speculative use cases but there‘s nothing inherently wrong with being a social fintech app - it doesn’t mean you need to be hyperspeculative, you can provide great social and financial value

Gamer, educator, dev translator | building tabletop.xyz | Writings, memes, thoughts, and mints in /nerdery | lead /tabletop /gaming /sobriety

not sure what you are referring to. on warpcast you can pay a friend, you can mint nfts, you can buy tokens via a frame, you can bet on games.

it's the most comprehesive socialfi product on the market.

99% of the other socialfi products will have some business logic + ONLY payments (replacing a trad bank). not sure where you make the difference

You can *now* do *exactly 1 type of* transaction(s) *for predetermined amount* in warpcast

One limited feature doesn't make the whole app suddenly socialfi when that's not the product focus

summoning /daylight | kylemccollom.com | we are hiring: careers.daylight.xyz

I agree, lens & farcaster are the underlying protocols, social graphs.

Your definition seems narrow though & misses most of the opportunity.

the social graph is obv a nice primitive. the financialization of a following is a straightforward, primitive, first use case (& gets often abused due to bad design/actors). I see more interesting "socialfi" products that combine &or leverage the social, financial &or speculative sides.

social x financial
1️⃣ utility: payments, ads, revenue streams, etc.
2️⃣ entertainment: tipping, [add your own primitive]
3️⃣ mix: tipping app for farcaster content, content discovery & social matching

social x financial x speculative
💡  financial, gaming, gambling, trading apps bw social users/protocols

As of now, Warpcast is becoming a superapp & host to many of these apps - in their first innings. It's likely top socialfi use cases spin out with their own app/client but simple versions will be also available as frames, as miniapp in explore section to onboard users.

Socialfi is not a social app with finance / transacting signing in it.

Socialfi is the financialization of a following - buying and selling of people. So Friendtech, Scoop, Drakula, BitClout, etc.

Not Farcaster or Lens, which are open social graphs that you could build socialfi products on top of (like Scoop).