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:
This isn't financial advice. Always do your own research.
I own some of the NFTs in this list.
If this is your first time looking at one of my market analyses, I suggest you read this first.
Summary
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.
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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Deep Dive: Farcaster NFTs
This section is usually for premium members only. I kept it open as proof of what you would receive once or twice per month if you get a premium subscription (spoiler: I'm preparing an onchain NFT subscription).
Farcaster OG
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 DAO
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.
Farcaster Protocol Updates
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.
Farcaster Series
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).
From Creators
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.
Honorable Mentions
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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I will be spending the evening reading through articles / newsletters about Channels Frames Warps Degen to produce this next Warpcast video! PLEASE share any resources you think may be helpful! this is a lot to source solo. Thanks!! https://zora.co/collect/base:0x704b037190922d805a89735b67ea02a0fd020520/2
https://paragraph.xyz/@kaloh/farcaster-nfts
Great video- looking forward to seeing more! 👏
You can check out episodes of @gmfarcaster as well. @adrienne & @nounishprof are great at covering farcaster news!
Thanks!! I was listening to one of the episodes earlier 🔥🙌🏽 Great work @gmfarcaster 🏄🏽
Thank you!! I don’t have links handy but I think @yb and @kaloh have both written some good farcaster content if you’re still looking. Here’s something I wrote last year https://adrienneshulman.medium.com/the-power-of-scenius-farcaster-and-the-collective-genius-of-communities-244f018a8767
yesss!!
Thanks for the s/o @chic 💜 2222 $degen
thank you so much! i watched your episode with @erica this morning, you were cracking me up with warpcast being down during your show.
Thanks for the shout out 🙏 3000 $degen
thank you for the tip!
I wrote a deep dive on @farcaster NFTs a month ago Useful to compare how things have changed in 1 month https://paragraph.xyz/@kaloh/farcaster-nfts
support my content, join the inner community, access token-gated articles x Discord, and monthly airdrops-allowslists-giveaways via my @hypersub 👊 https://hypersub.withfabric.xyz/collection/kaloh-s-newsletter-24ymlacx6lmo
clap 👏 3000 $degen
500 $DEGEN What do you think will be the ‘Crypto Punk’ of Farcaster?
Great read! $11 DEGEN (My allowance dropped a lot lol)
Awesome! Going to check this out as soon as I get home. Appreciate all the resources you share! 💛✨
Thanks Kaloh 🫡
If you are not subscribed to @kaloh's Newsletter, do it. 👇
🙌
Who would like to read a @zora market analysis? I did one for @farcaster NFTs a last week https://paragraph.xyz/@kaloh/farcaster-nfts
Subscribed looong time ago!! Love your newsletter my friend!
yes please! 🙂
Legend 500 $degen
yes please!
Gm☕️ In case you missed it… I wrote a market analysis on @farcaster NFTs @0xen is in the list with multiple collections, including @purple @farcats and Castaways https://paragraph.xyz/@kaloh/farcaster-nfts
500 $degen 💁🏻♂️🎩
I wrote a market analysis on @farcaster NFTs Shocking stats: 1. +$3M in volume 🤯 2. Over 200k NFTs created 3. Only 4% listed for sale Read, share and collect 👇 https://paragraph.xyz/@kaloh/farcaster-nfts
Mentioned: @dwr.eth @0xen @sum @purp @faristocats @purple @kugusha.eth Honorable mentions: @adrienne @nounishprof @ted @nick @jacopo.eth @base /morpheus
Interesting! And thanks for including us in the honorable mentions! 💜 we appreciate it!
Keep up the great work 👏👏👏
This is awesome, great list. I might shamelessly add the original surveyors (by the original @survey ), which have actually seen a couple secondary sales https://zora.co/collect/eth:0xb58f8b1972c86aacd58f86ffae37ed31664c934d
thanks for putting the spreadsheet together 5000 $DEGEN
🙌
look forward to diving into this later... thanks for putting the time into writing and sharing. from an initial glance, another positive of the $Degen meta is that is jump started collecting with the multipliers for season 1. /farcats will always be the NFT "pfp collection" OG to me I reckon - @0xen
4% listed sounds high tbh 😆 My entire wallet is full of farcaster nfts and it’s their forever home. Seriously though, thanks for doing this analysis- super cool. And thanks for including /gmfarcaster
brilliant take, thank you for including /outcasts, really hope podcats make it into the next round 🤞
1000 $degen
500 $DEGEN
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1000 $DEGEN
@dotsbit 420 $DEGEN 🎩