Decentralized social network Farcaster has changed owners for the second time this year, with Balaji Srinivasan’s Network School acquiring the platform from Neynar for an undisclosed sum. Neynar co-founder Rish said on Thursday that after weighing multiple acquisition offers, the company decided to transfer the Farcaster app, protocol codebase, and related products because the project’s next phase requires a different operating model. Rish and fellow co-founder Manan are set to leave, while the rest of Neynar’s staff will join Network School and continue building Farcaster. Neynar itself had acquired Farcaster from original developer Merkle Manufactory in January, in a deal that also included token launch platform Clanker. Rish’s statement did not say what will happen to Clanker, though GM Farcaster hosts Adrienne and NourishProf said during a Thursday livestream that Rish is considering separating Clanker and seeking another buyer. An in-app notice also said Farcaster will be renamed the “Network State Protocol,” with a goal of building a network of voluntarily joined digital societies that would eventually take shape in the physical world. Users will be asked to accept or reject a “social smart contract,” and those who accept will receive an onchain access NFT as proof.
Decentralized social network Farcaster has changed hands for the second time this year. Network School, backed by Balaji Srinivasan, has acquired Farcaster from Neynar, and the two sides did not disclose the purchase price.
Neynar says it is transferring the Farcaster app, codebase and related products
Rish, a co-founder of Neynar, said on Thursday that after considering multiple acquisition offers, the company decided to transfer the “Farcaster app, protocol codebase, and related products” to Network School. He said the reason was that Farcaster’s next stage would require a different operating model.
Rish said he and fellow co-founder Manan will leave. The rest of Neynar’s employees will join Network School to continue developing Farcaster.
Neynar had only acquired the platform in January
Neynar bought the platform from Farcaster’s original developer, Merkle Manufactory, in January this year. That transaction also included token launch platform Clanker.
Rish’s announcement did not mention where Clanker will go next. During a Thursday livestream, GM Farcaster hosts Adrienne and NourishProf said Rish is considering separating Clanker and looking for other buyers for it.
In-app notice points to a rebrand as “Network State Protocol”
At the same time, an in-app announcement said Farcaster will be renamed the “Network State Protocol.” The stated goal is to build a network made up of voluntarily joined digital societies and eventually bring that network into the physical world.
Users will need to choose whether to accept or reject a “social smart contract.” Those who accept will receive an onchain access NFT as a credential.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
