One article explores the Farcaster market performance

Source: dlnews.com Translation: DEFI.io Community

Farcaster is a social media platform driven by cryptocurrency.

• The latest decentralized social media application of cryptocurrencies has become the central stage because users are now busy trading Farcaster ID.

• Early ID is eligible to obtain various airdrops, which may promote trading activities.

• Farcaster is the nearest protagonist of the encrypted Twitter, attracting many encrypted celebrities, including Vitalik Buterin, co-founder of Ethereum.

The transactions on Farmarket are booming, and users spend huge sums of money to buy Farcaster ID.

So far, FID, which has the highest sales in the FarCaster account market, has earned nearly $ 7,000 in Ethereum for the former.

Farcaster is a social media platform based on Optimism. The early joke claimed that the FID was very low, only one to five digits.Now, FID has reached six digits.

Farcaster ID is displayed in numbers. The lower the number, the higher the bid.They are also NFTs that can be traded.

People’s interest in low FID is likely to be related to some FARCASTER applications began to start to low -digit FID airdrop virus currency.COINGECKO data shows that a tokens called Degen have soared by 800%since the end of January.

Pseudonym X user KCAZ toldDl news“I think this is a fashion that will soon die, [This] is why I immediately listed my ‘rare’ FID at a reasonable price-It is a hype of low FID.

That is, they sell FID worth nearly $ 7,000, number 4323.

The secondary market declines all the way

The agreement was launched in August 2022. At present, there are more than 41,000 more than 293,000 users from Ethereum wallets, and attracted many well -known cryptocurrencies including Vitalik Buter, co -founder of Ethereum.

The speculation interest for low -level encryption ID is not new.

The low -level Ethereum service name has also sold thousands of dollars in the past. 000.ETH was sold at a price of 300 ETH in July 2022 at the time worth $ 315,000.

Like the situation of the digital ENS domain name, FID also appears a classified reserve price determined by its low price.The reserve price is the lowest price of a NFT, which can be used to calculate the minimum value of a NFT collection.

Farmarket data shows that the current reserve price of FID, which is less than $ 20,000 is hundreds of dollars.

Farcaster, which is rising

The speculative FID trend appeared in the context of Farcaster’s use of extensive indicators.

Last week, the number of daily active users of the agreement soared by 400%. At the same time, the agreement also launched the Frames function, allowing users to convert social posts on Warpcast into mini applications for NFT and games and other applications such as NFT and gamesEssence

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

Although Farcaster’s indicators are soaring, its competitors are struggling to catch up.

Friend.tech is the SocialFi protocol, which dominated last year, and its number of users has dropped by 96%from the peak in September.

“The bad gamefi uses financial speculation to replace fun,” Buterin responds to Friend.tech’s recent decline in user activity.”I believe that the social network of cryptocurrencies also has similar situations.”

The Ethereum co -founder predicts that Farcaster and another Web3 media agreement Lens “will not be abandoned within 4 months or 1 year.”