🟣 Deep Dive: Farcaster NFTs

It has been a while since I created a market report. The reason is It felt unnecessary, and I couldn't find a particular angle that inspired me to pick up the spreadsheets. That is changing as the market is heating up; there are positive signs in different places, one of them being Farcaster.

Farcaster is a social graph protocol (I've mentined it multiple times in the past, you can try it out here), which besides the typical social features, integrates crypto, NFTs and different kinds of interactions that are blockchain native. This has sparked a wave of creators and Farcaster-inspired NFTs.

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It isn't clear if these NFTs will be worth anything in the future, but the high energy and strong culture make me believe that some of these will surpass hype and become highly sought-after by collectors.

If you aren't familiar with my market analysis, here are a few important points:

1. This isn't financial advice. Always do your own research.

2. I own some of the NFTs in this list.

3. If this is your first time looking at one of my market analyses, I suggest you read this first.

I included what I believe are the most iconic Farcaster native NFTs, starting with Dan Romero (Farcaster co-founder) and a variety of different creators. As you can imagine, there are many projects and deratives so I used volume and network relevance as the filter.

Access the spreadsheet here.

Interesting stats:

• This report includes over 200,000 NFTs, minted on Ethereum mainnet, Zora and Base.

• These NFTs have produced over 1000 Eth (+$3M) in total volume from secondary sales.

• The average floor across the NFTs in this list is 0.17 Eth (±$500).

• Only 4% are listed for sale.

• Farcaster OG stands out with a volume of 450 ETH (+1.4M) and ±2 ETH (+$6000) floor.

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The Farcaster OG NFT is the most iconic of the whole list. Dan airdropped this NFT to all active Farcaster users (938) before opening the protocol to everyone. Thousands of users had signed up, but only the 938 with an active badge got the gift. Open access and the introduction of frames catapulted Farcaster to the #30 social app by downloads and established the protocol as the public hall for crypto discussions.

The floor is 1.98 ETH (surpassing 4 ETH at one point), and the secondary volume has commanded 450 ETH ($1.4M).

There aren't any official benefits. Nevertheless, plenty of projects have used Farcaster OG holders to kickstart their initiatives via airdrops or allowlist spots, from pfps to coins and more.

Purple is a DAO whose goal is to proliferate and expand the Farcaster protocol and ecosystem. They fund small grants via Prop House and larger on-chain proposals, proliferating Farcaster and/or building on top of the protocol.

Operating as a Nounish DAO (daily auctions), the DAO currently has 361 members and 32 ETH in its treasury. They have funded technical proposals, content creators, and even meet-ups centered around the Farcaster ecosystem.

You can join the DAO by collecting a Purple token (designed by 0xen) in auction here, or in the secondary market.

These are self-explanatory. After each protocol update, a free NFT is released. Keep in mind, all of these have a high edition number, even Alpaca, which was the first one, has 11k mints.

Dan created five Farcaster-related NFTs that aren't tied to specific events. Looking at the numbers, these have a diverse supply range -thousands like no 1, while no. 2 has only 100 pieces (the floor is 0.69 ETH, which isn't necessarily a bargain).

• Castaways by 0xen: made by one of the most iconic Farcaster artists (probably #1), Castaways is a collection of arcs, representing Farcaster logo. It was released in March 2023.

• Farcats by 0xen: 0xen makes the list again, this time with his popular cats -Fashionable, fanciful, furry, fucked up... 293 ETH (+$1M) in secondary volume, puts it right behind the Farcaster OG in terms of volume.

• Outcasts by sum: This NFT features book readers, and plays well with the intelectual vibe among Farcaster users. It is one of the only pfps I've collected in a long time.

• Degen Haberdashers by purp: Originally named Degen DAO, this collection is inspired by the $degen token.

• Faristocats by Yaroslav: Although this collection hasn't been released publicly, it consists of '938 sufficiently faristocratic cats celebrating Farcaster lore.' I was lucky to get one of the first 60 individually made cats for those early Farcast supporters.

The following NFTs didn't make the list because they had low volume or weren't popular across the whole ecosystem. I expect some of these to hold value in the future as these communities continue to develop and grow.

• GM Farcaster by Adrienne and nounishprof: This morning show covers everything farcaster, discussing the latest developments and welcoming guests from time to time.

• FarcastHER by Ted: FarcastHER is a place for women and nonbinary to find, connect, and engage with each other on topics ranging from personal to professional.

• Skin in the Game by Nick Tomaino: Nick runs the skin in the game Farcaster channel, a place for prediction markets.

• Morpheus: a Hand-drawn PFP collection on Base.

• Base x Warpcast x mint.fun: Commemorative mint between these three platforms.

• Channel NFTs by Dan Romero: These were released together with the original channels like food and fitness.

• Degen Frame by jacopo: one of the first (maybe the first?) NFT created and minted via Farcaster frames.

I hope you found this deep dive useful. I'm sure I missed some projects; let me know via email (I read them all) or just leave a comment.

Until next time,

Kaloh

PD: Thanks to Kugusha for sharing her outstanding Farcaster Gallery.

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