I get asked what Farcaster is but I’m usually stumped to describe it. Sure it’s a social network with crypto but I think that’s too skeuomorphic - assuming a new technology will be similar to how we use the old technology. So I tried to imagine what Farcaster could become, going beyond what I see today listing 3 potential futures. I don’t know which will pan out but worth considering what they could look like, including best and worse scenarios.
- Farcaster is a web browser
- what: the way all crypto users will interact with dapps
- best case: the primary wallet people use - well surpassing the transaction volume of phantom, Metamask etc. Protocols/dapps pay to be default like google pays to be the default search engine on safari.
- worst case: Arc Browser - provides high value to a small number of people.
- Signs this is right: people start using traditional wallets less, social engagement on the Farcaster network goes up
- Farcaster is Costco
- What: where high spend online users spend their time and money, and where dapps launch their products
- Best case: the app store for crypto - dapps pay for visibility, users trust reviews or recommendations of others.
- Worst case: a small version of product hunt for web3
- Signs this is right: The next successful consumer protocol launches on Farcaster first. Warpcast rewards works and becomes sustainable.
- Farcaster is a network state
- What: a group of value aligned people that know each other well
- Best case: a network state that starts funding physical spaces like coworking locations
- Worst case: a Discord chat for a formerly popular NFT project
- Signs this is right: More IRL meet ups. People begin to crowdfunding things often