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In recent times, the hype around SocialFi has started to decrease, especially with the decline in the cryptocurrency market. However, a new hype may emerge in this field: Social Network. The first step has been taken in this area, which can be called decentralized social media sector. Farcaster, which received a $30 million investment led by Coinbase and A16z, was introduced to the public with an X post last night. Let’s examine the platform together.
Farcaster Platform Guide
Farcaster platform’s first step is to mint a “handle” from users. These handles are minted on the Ethereum 
$2,473 network and are of great importance for us to enter the platform. Especially as seen in Lens Protocol, these types of social media NFTs can reach significant values once the minting process is completed. I minted two handles in the morning and earned the right to enter the platform by paying $2.5 per NFT.
Then, I entered the Farschool page on the platform and completed the tasks there. The team’s goal here is to inform users about the platform. The questions about the ecosystem are not important, and as soon as you mark the correct answer, you earn an experience point.
In the next step, after minting the handle, you can mint two different platform products if you wish. In the second step, the team asks you to mint a Farcester ID, and you can mint this NFT for free, but you need to pay a transaction fee from the Optimism network for this process. In the final step, there is a mint for a box that grants unlimited storage rights and allows you to benefit from platform features. I minted it on the Optimism network, especially due to the expectation of an airdrop and the possibility of it being a criterion. The team requests $7 worth of Ethereum for this.
The social media page of Farcester, Cast, is the most important step in the ecosystem. Here, you can follow both Web3 users and the topic headlines you see on the left. Sharing posts on the platform and engaging with shared posts may also be a criterion in a possible airdrop event. Another point is to complete the social media tasks on the platform. In this way, I earned the right to mint the NFT seen in the photo.
Farcaster and Potential Airdrop Possibility
For Farcaster, which resembles Lens Protocol and received a $30 million investment from one of the market’s most important companies, the airdrop event is of great importance. Just like in the SocialFi field, the inability to generate income from commission fees creates a token need.
In the announcement made last night, October emphasized that a three-year platform has been presented to the users. This morning, when I tweeted for a social media task, I saw that one of the founders of Farcaster liked the tweet. Even such a step shows that the team values the platform users.
