Farcaster, the billion dollar Web3 social project, has ambitious plans
It may not have huge user numbers but its goal to connect social networks and apps fulfills an ambition Twitter once held
Web3 social media service Farcaster raised eyebrows in May when it announced that it had raised a massive $150 million round that valued its business at $1 billion. Many stories at the time focused on the fact that Farcaster had around 50,000 active users—with some sleuths suggested the number was even lower.
The unicorn valuation—the so-called phrase for a company valued at $1 billion—was surprising but Farcaster and its investors came in for heavy criticism. While its business remains embryonic and risky, there’s a lot more to it than just simply a decentralized Twitter clone.
Let’s get into the details.
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