An article exploring Farcaster’s market performance

Source: dlnews.com Translation: defi.io community

Farcaster is a social media platform powered by cryptocurrency.

• Cryptocurrency’s latest decentralized social media app has taken center stage as users Currently busy trading Farcaster ID.

• Early IDs are eligible for various airdrops, which may drive trading activity.

• Farcaster has been a recent star on crypto Twitter, attracting the likes of Ethereum co-founder Vitalik Buterin. Buterin, among many crypto celebrities.

Transactions on Farmarket are booming, with users spending huge sums of money to buy Farcaster IDs.

The highest-selling FID on the Farcaster account market so far earned the previous owner nearly $7,000 in Ethereum.

Farcaster is a social media platform based on Optimism, and early adopters claim FIDs are as low as single to five digits. Today, FID has reached six-digit levels.

Farcaster ID is displayed as a number. The lower the number, the higher the bid. They are also NFTs that can be bought and sold.

The interest in low FID is likely to coincide with some Farcaster applications starting to airdrop viruses to low FID Related to popular currency. Data from CoinGecko shows that a token called DEGEN has soared 800% since the end of January.

Pseudonym That's why I immediately put my 'rare' FID up for sale at a reasonable price - currently selling for up to 3 ETH," he said, referring to the hype surrounding low FID.

It was they who sold FID number 4323 worth nearly $7,000.

The secondary market has been declining

The agreement will be completed in 2022 Launched in August 2019, it currently has more than 293,000 users from more than 41,000 Ethereum wallets, and has attracted many well-known cryptocurrency figures including Ethereum co-founder Vitalik Buterin.

Speculative interest in low-digit cryptographic IDs is not a new phenomenon.

Low-digit Ethereum name service names have sold for thousands of dollars in the past, with 000.eth selling for 300 ETH in July 2022. Price Sold, then valued at $315,000.

As is the case with digital ENS domain names, FIDs also have tiered floor prices based on how low they are. The floor price is the lowest bid price for an NFT and can be used to calculate the minimum value of a collection of NFTs.

Farmarket data shows the current floor price for FIDs under $20,000 is a few hundred dollars.

The Rising Farcaster

The trend of speculative FID is This comes against the backdrop of widespread growth in Farcaster adoption metrics.

Last week, the number of daily active users of the protocol soared by 400%. At the same time, the protocol also launched the Frames function, allowing users to put Warpcast on of social posts into mini-applications for use cases such as NFTs and games.

Warpcast is one of many applications built on the Farcaster protocol. Many applications are touted as decentralized alternatives to popular online social media platforms. Warpcast is similar to X, formerly Twitter. Fancord is similar to Discord.

While Farcaster's metrics are soaring, its competitors are struggling to catch up.

Friend.tech was last year's dominant SocialFi protocol and its user base has plummeted 96% from its peak in September.

"Bad gamefi is replacing fun with financial speculation," Buterin tweeted in response to comments about Friend.tech's recent drop in user activity. "I believe a similar situation exists for cryptocurrency social."

The Ethereum co-creator predicted that Farcaster and another web3 media protocol Lens "will not be used in Abandoned within 4 months or 1 year".