GM Farcaster and Snickerdoodle preview the State of Farcaster report
Aired Date
September 14, 2024
Series
GM Farcaster First Anniversary
Episode
anniversary-snickerdoodle
Watch on YouTube
https://youtube.com/live/HRr9j49r2AMnew premier partner snickerdoodle they're putting 1,000,000 dgen into supporting farcasters' growth where your voice matters take their surveys earn dgen and help build the future of this platform it's simple head to snickerdoodle's share to earn channel find and take the surveys share them and claim your rewards let's help shape this space together and welcome snickerdoodle to the gm farcaster family
gm farcaster and welcome snickdoodle and jp and greg from snickerdoodle to gm farcaster your first visit with us
it's great to be here
to have you here
i feel like we've been in the squares before though so it feels
i know
like we're here but we're not feels very comfortable
home we're back home it feels like
we're just not on google meet chatting about stuff but yeah it's it's it's a very familiar feel excited to have you here we're doing a a little bit of recasting and retweeting making sure people know we are live and very excited because today we are gonna be talking about the state of farcaster report and doing sort of a sneak peek at this and do you wanna give us a little intro as to what this is and why you went about putting this together before we dive in and start exploring it and i'll i'll leave that to either jp or greg whoever wants to kick it up
i'll let greg do it greg put his heart and soul into this and so i think you wanna take the honors here greg
all right well thank you yeah so you know i think as as as folks have been watching the show are well aware you know we are helping to bring awareness to what's going on in farcaster as sort of a social platform to the creators that are there but one of the common questions we got when we talked to folks was so who exactly is on farcaster right like what kinds of folks are there what are they doing there why are they there should i be there ultimately right and so what we realized was that there really wasn't you know much as as other more established spaces are there isn't really this media kit this fact sheet you know or really this other sort of insight into the users and the platform itself and it's very mysterious to sort of the rest of the world and we wanted to sort of debunk a bunch of that as one of our friends metadavid actually was commenting he saw we were gonna be on later he's like i love that you guys were able to do this permissionlessly and i i think it's important to point out we did this without any participation or feedback from the farcaster team or eco team themselves but we were able to leverage a number of different data sources from blockchain data to our own survey platform as well as our own independent wallet analysis to put together a picture of what's really going on in farcaster today and i will note we've tried to be as objective as possible in this report now i'll i'll let the the professor and adrian like comment if they think that's not true but we really didn't try to impart any particular point of view in the report itself we sort of took the data captured the data made it look pretty but then just sort of like told the story that was there we didn't try to annotate it or do anything else to that we did come to a few conclusions that we think were sort of our key takeaways for our customers and for the ecosystem but at heart we think forecasters are really compelling place to be we wanted to make that case to the rest of the world and the way most people think is with data and so we wanted to get the data to make it make that possible
greg i i got the preview of the report and i first of all i i like love it cannot wait for everybody to see it and that was one of the things like i i editorialized like i love farcaster i probably would have i i couldn't believe how factual it was like it really just how neutral it was
we we would not have been neutral yeah
we're like well how can we change that stat
passover matzah neutral
yeah we were we really wanted this to be something that that frankly a big brand or web two company could come and see like statistical significance and really wanted to get the best possible i we were even just i mean even greg and i were talking about what is dan gonna say from farcaster because
you know
it is very neutral and like obviously people wanted to to be in the best positive light i think you know if you look at what we some of the key findings there are some really really important things we draw out you know just maybe to highlight one of those is from a narrative perspective we know that you know the firecast community is small but mighty you have some incredibly high quality folks that are really curating and you know the the shamans and tastemakers of web three i mean maybe professor and adrian you guys can be these these web three shamans but that being said like it's a small community but very
very new title unlocked new title
unlocked shaman
web three shaman
of three shamans
on the seaway please
i gotta go pick
up that ens i'll be right back yeah brb web three shaman got you
but the the key thing here is like this is what everybody should be doing in web three to test if you're doing preproduction on a technical side this is where you wanna test features if you're doing calibration of a marketing campaign this is where you're gonna get the best honest high quality feedback before you go ten twenty x to spend in twitter or telegram or discord so we think this bodes well for the ecosystem in the short term and you know sky's the limit in the long term as i think that everybody's trying to make this a a smashing success
awesome alright let's dive in so it's i'm so excited about this i i started looking through and it's very comprehensive so let's dive in little introduction which we kind of already did but you did have four you know 4.9 k individual respondents and 38 k connected wallets from a research perspective that's huge that's a huge sample size like just so people understand like academic research like 400 is the number they try to shoot for so just so you know if you're wondering why you know academic research you get one thing that says one thing and another thing that says another thing because usually it's a very small sample size so this is significant i think this is really you know significant in terms of what you looked at
and one of the stats that's not here actually professor that i i forgot this has been the bane of my existence for about a month we've actually done i was just summing it up there's almost like 36,000 actual survey responses that we're getting and each survey had about five questions in it so if you if you just play that out it's about a 150,000 questions that were answered in the course of like populating this study
this is that's a significant sample size that's huge
yeah
it's really huge okay so talk a little bit about sort of this general like i'm just gonna let you kinda walk walk us through your results and what you document
so this is really from the protocol side and so this you know we did leverage a number of dune analytics and dashboards that were put together i think if it's good enough for dan to raise money with it's definitely good enough to report on the ecosystem with right and what we you know what we found was that the best way to measure actual users was the folks not fids per se but people who had storage right mhmm and so the 685,000 represents how many people actually have attached storage to their account which is pretty phenomenal if you do think about it though because these are all people who've basically paid to use this product right right but the more interesting stat was one of the questions that we asked was how do you actually identify right and the choices they were given here was like are you a builder an influencer a creator or a consumer and 68% of folks said they were either a creator or an influencer
that's really interesting and i think when i answered this i said creator as well
as i would imagine
i felt weird saying influencer that felt weird so i did not say that but but that probably is a little bit accurate as well at least within that tiny ecosystem yeah and then adrienne i'm gonna guess you probably said the same so
how i need it tremendous at farcaster like there i'm surprised there weren't more builders because i just think builder just in the farcaster ecosystem means some like so many things to so many people like yeah whereas even the creators and influencers i think identify as builders yeah
that's true and i think maybe maybe for this purpose it was more devs might've been more devs yeah
yeah and i think you got to you have i'll remember like you were this is a sample so you know i i would also venture probably the builders are busier than others might be right in terms of time spent and you know they may not be here as engaging as a month as much you know like as we all know like you know i think it it is interesting but i my experience has been i met a lot of builders by certainly met a lot of folks who identify as creators and it probably it marries to my experience as well
yeah and then let's get into user engagement so we have a high level of user engagement so what are we looking at here greg or jp
yeah or jp i don't know if you wanna do it or if you want me to annotate
yeah i mean on this one we're basically showing that there's a high number of multiple cast per user per month which we think exceeds what we see on twitter and you know you're looking at considering the size of farcaster you're looking at you know nearly triple that on the average reactions per day which means that the average farcaster user is engaging with this on a on a regular basis is doing multiple of these deep dives and the active user count i think you know definitely picked up over the summer and as we've seen some tweaks over the summer from dan and team you know it's still remarkably high which is very very different from i think peer group out there if you look what's happening on lens and a couple of these other web three socials there's been a significant amount of staying power and active cast from some some of these power users
yeah and i'll i'll just i'll grab a number from the report it basically that it we thought there was 123,000 lightly engaged users casting fewer than 25 times per month right but that still leaves about 400 something thousand users that are actually casting more than 25 which is you know around one per day right when you look at those numbers side by side 685,000 people with storage 635,000 average cast per day it's almost like working out to almost every user casting every day every day though right like you know if you fully just averaged it out but as you can see about 5% are doing 250 cast per month right so it's probably more in that eight to 10 per day sort of range so there are a lot of very engaged people but it seems like there's a decent level of engagement across the board from the user base relatively speaking
it's interesting so when i think about the general social media stats which they usually peg at 90% are just consuming and not engaging at all this is a very different yeah very different yeah yeah totally yeah of the normal
of the normal pyramid right yeah
that's huge
so very very interesting and very dynamic and that's part of why our recommendations were like this is a set of people who can make content right like yeah compared to other places
well they they can make content and they're actively consuming and analyzing and reiterating and and pushing out versions of that which is just a one eighty from twitter and telegram at this point
that's really interesting and then this is the average cast per day that's the average number of cast per day and we know that right now daily active users has been hovering around 60,000 so you've got that
got changed
that's pretty cool oh no do i have an older version
no it it oh did you download this one or is this straight from the drive
that was from the drive i thought
okay i i thought we changed this that number is gonna be changed we'll we'll be updating it yeah but
sneak peek this is it you're getting you're getting the very the sneak peek
this
is i will say this one wasn't that surprising in terms of most popular chains and i think it reflects base leaning into the farcaster community which i think really shows a a a good case study of what happens when you do engage in a very positive way and within the farcaster ecosystem you can see it right there so no surprises here at all in terms of pop most popular chains or tokens held by unique holders for sure did you it was this kind of what you expected as well when you looked at this or any surprises here
this one wasn't as surprising obviously dgen is kind of coin of the realm and i think base obviously given the ecosystem and base has been super supportive so you know it's it's a it's a case study just on base and how to build a proper ecosystem which i think has been difficult for a lot of l twos in the last few months
yeah
in the last few years i would say that i think you know this is an environment where memecoins have done probably better and some of these kind of i wouldn't necessarily say degen's a meme coin at this point i think there's some utility but those types of coins have definitely gotten a like a foothold here which is really cool to see outside of a solana ecosystem
yeah so from the frame version i'll give you the two stats that are actually in that box as well
okay
so one of the things that we did was we ran it through a service to try to detect if it was a bot or not and what we found was that 90% of the wallets actually registered or came up as human right so you know and i think like for for other reasons why folks may be farming you may see a lot more bot activity at the edge you know or sorry like in like up close when you're sort of like with your posts etcetera but from a wallet point of view we did not encounter a significant number of wallets from the analysis we did
interesting
now the other stat i'll share though
is
that 38% of the wallets that we have the 38,000 wallets that we analyze connected to the respondents have greater than a thousand dollars balance in their wallet
interesting and that from a perspective of a brand wanting to engage an audience that's gonna be something that they'll look at for sure
absolutely yeah
for the
so let's talk about
oh sorry let me
jump off
go ahead adrienne
yeah well just for the number of casts per day is that including replies or
i believe that's an all inclusive number yeah because we got that from the dune the pixel hack dune dashboard i believe so it's an aggregate number of and yes and to that point replies and ca or comments essentially right are all cast it's just whether or not there's a parent id right
gotcha that that's a great question thank you was that galazio we saw hey galazio that is good question demographics and i have a huge question on this one really only 53% that seems low what were the did you have a lot who who didn't either answer the gender question or chose non binary or was there because i was expecting about 30% to be female
but i'm not sure how that's breaking down on your end but i'm really curious on whatever
so i i can tell you 7% identified as non non binary and 6% chose not to reply so there's another 13% you know sort of unaccounted for relative to male female split
okay so a little closer to what i was expecting
yeah
alright interesting so what any from this sort of the demographics what did you glean from this anything interesting surprising to you
oh by the way i should point out though the the female percent is 34%
okay that seems right
yeah
that seems right yeah
in the real in the full report actually you'll see this breakdown by power badge as well and so it's power badges skew much more male actually 75% male for the power badges represented in the study versus 19%
that's interesting
you know in the and actually you know i wonder there is a frame version of this live now
and you can go through it too so either way whichever you like we just posted on our account so there's a frame version with this with the version of this presentation
okay
there as well
i'm gonna go with this because i think it'll show better on the screen especially for the
for sure
for like if people are watching on youtube on tv or something like that absolutely this will cover a little better but that's good to know we will recast that frame version in jamfarcaster and push that out so people see it so they can they can kinda dive in and and dig a little little deeper you know the age group and was not surprising because we've kinda seen those numbers before but children surprised me a little bit that that were sixty percent so definitely that that was a little that was surprising yeah for especially for a younger demographic
i was very surprised by this
you're shocked by that one yeah pets pets isn't surprised but children
yes
my only hypothesis is that when you look at the geographic breakdown that i think americans tend to be much more childless than other folks maybe right like is my only theory and you know we have a very large representation from asia yeah and so i have no way to connect these dots we didn't try to do that like we could actually do the cross tab and see like who you know which age group was saying they had kids might be interesting for a follow-up but yeah from the overall point of view we did get pretty this was this question was actually asked as part of our household and so actually sorry to be clear this is not if you have children this is do you live with children
right so it could be multi generational families as well absolutely
yes yeah important clarifications
it could be multi family
you could also yeah
do you identify as a child
yes
that's possible
i know the indigent crowd
adrienne's already onboarded a couple of her kids so it could be that so that's yeah but it still it still was higher than i anticipated but it also from what i've seen in terms of active channels parenting's a pretty active channel and it tends to be folks with younger children from what i've what i've seen in terms of the questions and discussions and things like that so not all that surprising but a little bit interesting so okay in terms of features and trends what are you seeing here and what kind of analysis would you make from this
yeah great question so we d we asked we asked a few questions around like kind of what are you using or what do you like the most right now but then we also asked an open ended question where you could basically suggest or just write in the feature you wanted the most right so the first chart is you know what feature do you like the most and so this was originally just sort of like there's four three or four key capabilities in inside of you know the warpcast client let's call it at least right for now so you know frames to feed the direct cast and channels surprisingly to me frames weren't higher but channels definitely dominated for where i believe there was tons of like where people you know i think when when dan mentioned this to a while back that he you know if if reddit was an an independent business every channel would be a millionaire right like every channel operator would be
a millionaire
right i think that future resonates with a lot of people right and they understand like the potentiality of that and they can they can imagine themselves maybe in that role right i would say like what's been interesting though is that when you there's some other stats that you'll find later in the report like where we dive into channels the content per channel is actually very low still even though people's favorite feature is channels itself
right
so i think still there's a great deal of work to be done to sort of improve sort of the channel experience and the infrastructure around channels and ultimately the engagement model for channels and
interesting timing yeah amazing timing so i think i know you've been busy today greg but right before this we chatted with dan
oh dan was out there i didn't get to see it so
yeah i i think you were bit no honestly i'm being serious like i know you were busy today but that was the whole conversation was about channels what they're planning to do the focus that they're putting around that over the next few weeks
oh great
so this really supports that direction that they're already that they've been thinking about and that they're now moving towards so that's fantastic
awesome yeah well i people like it for sure right
that's really good to say
this is really interesting too right and it does show because i think the general consensus is channels have been either under invested in or kind of like not not enough attention as from a product perspective the fact that people are still liking them
yeah it's organic growth for a lot of these things which was mhmm given those constraints pretty powerful
and it's pretty even interestingly right like it's not like the poweredge folks like it one way or another now where that's not true is what the primary activity is right so if we look at that little chart in the bottom right this is what folks like we asked them to classify like what their primary activity was on farcaster consuming creating engaging or farming right we did get people admit that they were there farming so i i respect the transparency right but if you look at the dichotomy here what when folks are like how do i be more successful right i think the common trope is create quality content however if you look at what the power badge people are doing it's spending most of their time engaging with others
and we highly recommend that all the time when we are talking to folks who are new we're saying don't don't worry about as much a your own cast you know cast what you want and cast what makes sense but go into other's cast and reply but do it in a in a genuine way find things that are interesting to you and and engage in that way and that's you're gonna then find your people and you're gonna find people who you wanna interact with who are gonna follow you you're follow you know that kind of stuff so this that lines up perfectly with kind of our our general thinking here so great
now this last box that you have is the most desired features right
yeah that's interesting
i'm kinda curious where you all fit but what we did is we we basically used some ai to like sort of group and aggregate kind of the answers into common categories and these were a lot of them are very crypto centric i would say right to me this also represents an interesting opportunity for the ecosystem cause i feel like as permissionless and decentralized as farcaster is i would argue it hasn't leaned into what's really possible because of that nearly as much yet right and it doesn't necessarily mean just more degen things i think like the blockchain the technology pack the stack itself has a lot more ways for us to rethink things right that haven't necessarily been rethought in a long time right like we're still using the post and feed model that existed twenty twenty plus years ago now right now topping the list though the top three things which was a tie literally like they were even was d gen specific features and improvements no surprise crypto and web three integrations more nfts and tokens to be tied in and then earning reward earnings and reward systems and airdrops oh we have a typo in here guys
this is this is gonna kill greg today
you do not know how many times i have read
i know
did
i'm sure
but i would also go further down the list we've got token swaps and exchanges also on that list
interesting right yeah
now the thing that struck me interesting actually and it's a little it's small but it's an interesting thing which is that everyone knows the blockchain is permanent right but what folks really want what showed up high on this list was still the ability to edit their posts and comments right
yeah
i
don't know
i see adrian's adrian's thinking about something there
well we call that adrian face in case you
didn't oh god welcome yeah welcome to adrian face welcome to your first live adrian face i can't control it i'm sorry post is though are not on a blockchain on farcaster mhmm
that that's actually true
your identity is right your identity is it's on hub it's it's distributed a little different but so
but i believe what the problem is is it emulates the behavior because of like hubs and the and the sort of syndication model right and so yes it and it that introduces its own sort of chat like you know for example when we tried to do a thread you can't guarantee posts in a certain order right so i so i think there's like this consistency sort of challenge you know inside of the realm of social content still right like especially as it as it aims to be more and more decentralized or distributed like in nature
but i of course still also want edit i always want an edit button
i always want but this is also an example though i think of like what people in the crypto space get critiqued about all the time which is trying to put blockchain first
and
not the use case and it's like figure out the use cases later and this is like the okay well what do people want how do we figure out how to do that so i don't know listen to people if they want the edit
want to yeah i do wanna put one plug into in terms of the nft part of this i'd like the nft feedback it was really cool i want it back there used to be a feed of the minting and like most popular things being minted
yeah
i would go and check there and i would find cool things
but that's that's one of those points right about you know like there's there's an inherent sort of predictive market if you're looking at like you know now there's other tools being built on the side that are showing like follow the transactions of your favorite people right or your your favorite forecasters etcetera there's something interesting there's other compelling things i think going on what stood out another one though number at the probably though one of the standout categories was the video related features and i do think you know as we're we're all video creators here you know i think it it certainly stands out that the state of the art of media is quite rich and nuanced today and what's interesting to me personally just looking at i've been a creator for twenty something years and building tools for creators is you know i think to me i'm surprised frames weren't more up there because it was a truly unique content type right and and and my advice is you know and the things we're looking at is i want to experiment with more content types right because i feel like you know that unlock of like frames led to significant growth for the platform and i feel like right now and i've heard you all chat about this as well in the show but you're kind of stuck in between the am i a reddit am i a twitter and well then i'm not going to leave either one if it's a subpar experience of either one of those things per se right
yeah it needs to be something different it needs to be a third thing right it's reddit and twitter had a baby but then it needs to be a third thing and this is i guess
at least what's the meaning of the baby like what does the baby look like right like as opposed to it being both parents right now right like both parents are present in the product but what would their union look like what does that child look like right and i feel like there's still just a lot of room to continue to grow into that dynamic you know like we don't get synopsis summaries we don't get you know leaderboards we don't get a lot of the other things that would be possible right like inside of the kind of ecosystem we we don't get thought leaders we don't get experts we don't get all these other kind of roles like emergent right like from the from the ecosystem so i still think there's gonna be a lot of interesting things left to happen here
yeah totally agree
last shout out by the way can i just give a shout out and greg just this is not about the data but it's a meta comment thank you for giving us bars and not a pie chart greg the data people love it
i think there's one
i think there's one at somewhere in this
we have a few but like only when it's like like you can actually discern the parts
yeah for the right the pie yeah nine like nine times out of 10 pie charts should not be used
they should not be used
they're used when they should not be so i agree
okay so this is growing on firecaster talking about engagement and challenges and things like that so what did you learn from from these from this particular topic
jp i'll let you do the do this one
i mean from from a perspective of like learning on on this i would say the the following like this is
there's like a delta for the broader spectrum here like people still find it i think difficult to grow in farcash so there still seems to be i think kind of like an inside baseball perspective i think we've talked about this you know professor and adrian you know something we've definitely seen working with some of the the bigger creators here i think people mean very very well i think this is something where we can open this up and further democratize it this is probably one of those impediments to really unleashing a 10 or 100 x on the population growth and people being like there's an access point it it you know like a lot of nft projects you've had people come in early and clay and stake claims and now it kinda feels like the the early winners have been decided i don't think that's yet the case for farcaster but i do think there's a perception that that might be the case unless some of these changes we've been discussing really kinda move forward so a lot of it is getting content out there that's high quality that can still be difficult wherever you're at understanding the algorithms are something that i because there's so much is in flux that you might master power badges but then power badges
are there
goes away yeah no yeah
you're still in supercast
if you like your
power badge you can go to supercast
exactly and then like a lot of it's just knowing the right people and like that can be difficult i mean we've been very lucky to to to meet some of the great creators here in the space you know isaac on our team is is very close to ted and she's phenomenal and you know prophet adrian i would definitely count you guys as one some of these kinda key web three shamans farcaster shamans but for a lot of people that are just getting active especially folks from from outside the us and europe it can definitely feel daunting to try to kinda make these connections in a meaningful way that doesn't feel less scammy and it doesn't feel purely transactional so this is the case of i don't think it's isolated to firecaster this is true of building any social network but these are things that the the data definitely says that is a delta and if this report gives dan and his team some insight the hope is this can can help us all succeed in rising tides or left all boats
i yeah i totally agree and i think also there might be you know similar to what we were talking about earlier that the engagement the replying the connecting on content that's interesting to you and you know areas you might have an expertise or something like that is gonna be more valuable than worrying about like how am i going to say something that other people are going to engage in you know it's kinda flip the script on that you know the reply guys know what they're doing like you know they're be a reply guy what i find really
size channels yeah this should emphasize the power of channels that continues to grow and you have your subject matter experts
and i think that's where i think this is where we're seeing those threads and those like ahas coming through i think it's funny that the power badge i don't have enough time what stops you from spending more time on farcaster that quest that answer probably should have been i already spend ten hours a day and i cannot i don't have more time yeah because i'm like the power badge
is slow hours in the day
yeah yeah
it's really the answer not i don't have more time i need more hours in the day because i'm already here most of my waking ones no that's funny see all the numbers are lined up wrong
i see
oh no what on which one
not the same
oh no it's a misalign and is that an just an alignment issue greg
oh yeah yeah yeah yeah yeah
it's just you know like
it's the details it's the details i get it i wonder if that way you can alter your things
everything is details the set which is the crazy part
i know
but honestly the beauty of the sneak peek is i think we could have given you like an infinite amount of time in it and you don't see it so we have to it to everyone
without a doubt without a doubt
then you find all the typos
as soon
as you hit
so this is talking about the future of farcaster and what people think and i found this one really interesting from the power badge versus non and and for this purpose power badge used to be that you had you know 400 followers at least and that you were casting at a certain level and engaging at a certain level and that's how you got the power badge so mostly that's gonna be a lot of ogs people who've been here for a while just to kinda give context for folks who may not understand that part so what did you learn here what did anything surprise you or what did this kinda line up the way you expected
i mean from from this perspective i'll give a quick thought greg and i'll i'll go to you is this is what i think really powered this this narrative of like the web three concentrated experience and like taking it is as it is right now like this is the most powerful environment in web three to understand and calibrate a product launch or a feature set or a media campaign like that is super super valid because talking to founders in the space at least from our end you know people people want people to try their products people wanna figure out product discovery people wanna figure out product iteration the types of things that you would expect in a web two build experience still aren't fully there in web three you know you can debate that's good or bad but just take it as as it is for right now and this really powered this narrative that for farcaster builders and for farcaster users outside of dan and that kind of crazy raise they did which will will hopefully keep them going for a long time this is this is a great way to monetize and a great way to to leverage those relationships and networks to to scale value so that's that's really finding one this is a concentrated web three expertise and experience hub maybe greg do you wanna cover points two and three
yeah i will do two and three but i actually want to just go back to the chart i guess yeah real quick and to me this is not surprising and it may be you know scary and again at you to the point we made earlier about not trying to hide or just tell a story that was only positive you know we could have left this slide out right and and just sort of not shared this data because it may make the place look bad i actually don't think it does though right
i don't either yeah i
think everyone everyone should be not sure if you ask me right cause it's as we all know 95 98% of startups are gonna fail right i think like 99.5% of net new social networks have failed right like in the course of the last twenty years so if you if you were positive it's going to work i you know hey i don't i don't know but you know the folks who think it's not going to it's not going to make it they're probably just a little bit pragmatic or realist relative to the math the probable probabilistic math of like how these things go right but if you really look at this chart it says that like 75% of people think it's it has a shot right and
that's really that's yeah this to me was very positive i was like wow that's pretty numbers
i think it's probably gonna make it right so you know i'm i'm very i think this bodes well for the folks who are here and the and the kind of people that are here right and i think to jp's point you know on points two and three about like kind of what we think about for the future and by the way just to be clear this is what we think is like next but we don't know that you know next year by the time you do this study again the whole world may be different about farcaster right but in the short term this ability to experiment with with new ways like i've seen how you all glue together a variety of things that type of innovation right and that willing to experiment with making new content types and making new experiences that's a thing you're not going to find like on twitter crypto twitter or somewhere else right and at the same time and we didn't even put any of the stats in here but the second half of the report is all demographic psychographic stuff about tech beauty fashion shopping etcetera right what we found is that while these folks that are in farcaster are very much crypto natives the other parts of their lives look like everyone else's right they're not like the folks that only do crypto the pure play maxis who like don't want to touch anything in the traditional world what we found is that they look a lot like what your traditional consumer looks like still right and i actually think that's a massive attribute for the ecosystem as opposed to a bunch of maxis who are going to be purists about everything and not ever forgive anything that's not perfect
i think if you look at the top channels too that's reflective yes you have the crypto channels that are like base and things like that that are up there but you also have tabletop and memes mhmm as being like two of the most active and you know most followed channels and those are obviously you know irrelevant to crypto they exist everywhere so i i totally i think that's a really good insight okay so talk to us about what's next what comes next with the report as well as other highlights or other you know gleams of interesting things that you that you gleaned from from the report from doing this
yeah so i'll tell you the tactical things jb i'll let him speak to sort of the strategic stuff but we have now launched a frame version of this preview that you've just went through it's live if you go to our snickerdoodle account you'll find that frame by all means we hope and encourage that you can share it so others can see it you don't have to put any info in to get all these insights but if you want the full report there's a new page on our website for the report where you can download it you put your email address in we'll send you a link to the full report as well right that's already there that's live next week we will be at token and we'll be talking about this a bit at farcon asia as well and we'll continue we're continuing to invest in the ecosystem and and the space here i'll let jp put a little bit more about like how we're planning to use this now and like sort of the what we're hoping to do with it as well
i mean this report really comes down to us i think broadening the appeal of firecaster for new audiences and like this is something that we think will support the ecosystem you know it's not just the the million dgen that we're investing in this and the other resources we will put into the ecosystem it is a matter of how do we get compelling big brands in web two interested in this environment to test and frankly how do we get other big companies in web three who may not have an active presence to invest the time and resources because i mean greg i mean we talk to people every week and i think one of the most popular questions we get is you know
how
do we how do we even start like what's the starting point of firecastr how do we do this in a way that's time efficient to existing infrastructure and and you know the different types of things people are already doing and if we can use this to to demonstrate strategically that this is very very much worth your time and attention i think that's gonna scale the ecosystem it's gonna be great for for everybody for your token holders for your people building for your people testing and that's that's really our hope and you know this is you know straight and focused right now on this and we're we're here to stay so we're gonna be here pushing this out and we hope this is the first of many annual reports that kinda show the traction year over year for farfetch
yeah now we we did so yeah jv the million dgen comment came up we did fund the research with a million dgen and you can actually still take the surveys yeah right so from our share to earn channel on farcaster or from our account you'll be able to find all of the existing surveys there's still actually room in a few of them to actually still complete them don't worry the data will never go any we're still working now to bring more advertisers and sponsors into the fold and of course we are working with our friends here at gm forecaster to turn some of these insights now into educational materials do you all wanna share a little bit about what we're planning on behind the scenes
yeah i was just thinking that so that's first i wanna share this just so that everybody knows share to earn channel is where you're gonna find the surveys ongoing so make sure you check that out and we talked about this
by the way i know we talked about how the surveys work before but if if you haven't heard it just you engage in the survey or you engage with a frame you get paid dgen you don't have to connect a wallet you don't have to sign up you don't it's just it happens completely seamlessly in the background so share go to that shared earn channel you can submit the surveys
yep
and that's and it's funded with
the other the other part adrian is if you share it because you find it compelling or interesting you actually get paid for everyone who also completes it
yes yep i was showing someone last night at a base meetup greg my wallet of just to kinda show what you guys are doing and just saying like look here's a drip of degen that i'm getting because i shared a survey and other people took it
nice i was funny i was looking at my wallet the other day and i'm like what is all this oh that's what that is like why do i have all these fives i was like i don't know what all these fives are and then what we're doing is we partner with snickerdoodle to create educational an educational series to help folks come on to farcaster and sort of taking what they learned in the research what we know about farcaster putting these things together and creating a series of twelve thirty minute ish around there you know how we like our issues of content on different topics starting with like very basic and then diving into a little bit more detail so that's gonna be coming very very soon we've been working on that content with the team for a bit here now and starting to push out some getting some videos ready and and readying that content but we're excited to to help with this love this report i think it's super useful for the whole ecosystem i think there's a lot of folks who can take this to what they're doing around farcaster in terms of the businesses and projects that they're building that this is gonna be really helpful either in helping them evaluate their direction or kind of confirming where they're going so for example the information about channels i think is perfect for what merkel is doing right now to have that information you know solidified for them is super helpful in terms of their priorities
and i was listening this morning to the first stream a little bit before i had my first call but you know as as as adrian mentioned like if you are trying to seek out a sponsor right this is the tool where hopefully this is a resource for you now to be able to go and say no like these are the kinds of people that are there if you need help identifying who's in your audience that's what we're here for come to us we will work with you to help you develop your own profile for your channel and start to help you connect with sponsors to try to help you know fund your future growth on farcaster as well
i think also for brands partnering with existing channels that have really good followings and that have strong community and strong hosts of that channel that are developing things that's gonna be super useful as well or kind of maybe even buying out a channel or something like that where it makes sense for them if you're a fitness brand partnering with the fitness channel or saying hey can i just you know take this over from you could be really interesting as well depending on what it was but i think also the i think there's just gonna be a lot of opportunity there for channels that are 100% that are really engaging and creating communities adrienne was there anything else that we didn't cover that you wanted to ask the team or that you saw in
the report remind me how many total pages the report is the full report
let's see
there are a 118 pages in the primary report there's another 12 pages in the highlight version and then there's another 22 images generated for the frame so whenever we find one typo it has to get updated multiple times all the way through
that's why that's why his whole focus on everything like you realize you're the only one who noticed the typos or the little the little like you know issues i i will realize that's great
sarah is is is probably even more picky about these things so and she's been responsible for all the copy editing and going through and unifying all the language so shout outs and props to sarah and of course tim mikhail on our team our designer who put together all these screens you know by hand basically yeah so yeah
well you guys have been working really hard and just i know you're gonna share our some previews but like people really should like give an email and download the whole report because there's so much in it and it's it's really valuable i tried a few times sarah
this is true sarah sarah's deserved a long weekend she's taking a break hopefully
if you have some extra detail today
go tip sarah
please just download the report it's head over to snickerdoodle.com you can there's a banner at the top that'll take you straight to the report there's a little bit of extra ins you know some a roll up what are the interesting things i don't know if you wanna pull up that that page actually we did make an estimate of how big the market is also and and there was a lot of discussion about whether or not we should put this number out there but it's a big number actually okay
hold on
okay so while i'm just pulling it up if anyone in the chat wants to drop in their guesses what is the total market size for farcaster so that's kind of value of all connected wallets of farcaster users to polymarketing the value
is it gonna be here it's gonna be at the yep
right there
okay there that's right let me
make sure i'm going the right place and where we there we go wow
it's a big big number definitely on par with some of the biggest internet works out there
wow wow that's pretty big that's a big number
we got that by modeling taking the 38,000 wallets we analyze extrapolating upwards to the approximately 800,000 connected wallets with the ratios and then we computed the value of of those 38,000 wallets so if you sort of lean out we by the way we did do this analysis for the power badges i don't have the numbers in front of me but we actually analyzed all the power badge wallets so we have like true statistical data on that but they're a very small subset of the ecosystem
that's amazing and so this is where you can go and pick this up go to snickerdoodle.com and you can look at the full report or find the frame in just by following at snickerdoodle you'll find that frame and you can go through it there what else didn't we cover was there anything oh can you share where you're gonna be next week again and just make sure people know where to find you for the our relevance
yeah we'll be at token twenty forty nine next week we're gonna spend all day at farcon on tuesday we'll talk about this report greg's gonna be on a great panel about creators and value creation at the end of the day but we'd love to meet reach out on on telegram or on twitter or linkedin we're we're happy to find some time to sync up next week in singapore
great and we're gonna be replaying this stream later in the in the wee hours of the evening for the other side of the world so for those who are in this or who aren't up right now they'll be watching this later on and they'll be able to go meet you meet you there fantastic and then there's an nyc meetup on october 1 i wanna just shout that out too that is being sponsored by snickerdoodle in conjunction i think that's the one with base so fantastic and i think
few partners now yeah mhmm
yeah doing right
yeah base community meet up with snickerdoodle gm forecaster uno laser sushi i'm just making up words now
hope hope hope
we're just just random words she's saying but still you'll be there so adrian will be there isaac will be there yeah so there'll be a a few folks few folks there
it's around the messari conference basically
right
that at october 1
yeah a couple of comments couple of comments from chat that i i can't pull up on screen greg everybody loves your shirt they they like the cookies did you not
get your hats where's my hat
in the mail they should've got they should be on the hats already
my hat is i forgot i was gonna bring my hat jb where's your hat do you have your hat
my hat i think my mom sold my hat she liked it
mine was upstairs i was gonna wear it
and then i literally was like oh you're supposed to be
in the stream so i didn't get to go upstairs to get it but yeah we haven't made these yet official but this is our snickerdoodle shirt
yeah we need a shirt we need hats we need all the merch because we like all the things and did i love that actual cookies
we need actual cookies
love love that though i'd i loved i love your logo i just think it's really cute and fun and it's do you wanna actually can you talk about really quick why is it called snickerdoodle
yeah well it it is called snickerdoodle the like the the backstory origin story i was i was at a safeway and i saw a package of snickerdoodle cookies and i was toying around with this idea this is now in like early twenty one and i bought the cookies came home and wrote the first deck of the company in about twenty minutes and more or less 20 per 80% of the the vision is still more or less the same i think we've had a lot of nuance to go there but it really plays to the fact that we want data to be approachable we want people to feel comfortable and at ease with how they deal with this which is a very heavy topic nowadays and it it plays to the the reference that i think that entities and these types of pieces of data infrastructure really are gonna power a new way for people to own and control and permission their data you know over the next ten twenty thirty years
and jt is that additional cookies cookies yeah yeah data cookies
it's kinda making fun of like the old cookies this is definitely a new type of cookie and it really less on the tracking and more on the data approachability
love it anything else that we didn't cover that you wanna cover before we wrap and move on to our next our next thing
i would just say yeah i would just say it
right yeah
look you know where do you
where's the best place for them to to drop that
feel free to comment right on
the post
or dm a direct cast us or you know whatever way you feel comfortable communicating feel free we did we did our best to try to be provide a fairly comprehensive look but you know look you you never get everything right typos aside you may miss things we'd love to hear what folks think and what they think how they would characterize the future right i i think like the the part that we we try to avoid doing but we'd love to hear from more folks is now that you've seen this data what do you think
right
and and where do you think things are going and and and what what else do you wanna communicate back to the ecosystem because there's a lot of builders and a lot of people who care but i will say also congrats on today happy birthday
thank you
and we're looking i did mint my my nft this morning
yeah good and we're we're we're hoping to launch a little merch shop ourselves very soon hopefully this weekend and that nft will unlock some fun so nice awesome yeah so we're excited yeah and maybe we can do a maybe we can do a little we need a snickerdoodle mug
we we do need one of those we do need some snickerdoodle
that would be yep i already
ideas sarah's gonna stay up again until midnight
so i gay i actually created a cute little nft with the with our our now niche coffee cup that has a little snickerdoodle logo on it so maybe something along those lines
ah very cool
but sarah i'm also open to your to your design because you're and also
we just wanna say thank you again for you all for taking the time to release this for us us because we couldn't imagine
you were supposed
to do it yeah
so excited thank you for letting us be your first stop on your on your state of firecaster tour that you're starting yeah
so on the whole like just and and guys on the whole concept of permissionless and you're like you didn't ask for permission to do it but you're doing it because you believe in the growth of farcaster we didn't ask for permission to do a media company on farcaster but we're doing it because we believe so just to be able to find you know in this in this crazy world of decentralized people all working towards the same kind of goals it's it's really been a blast to to work together and i like i love to see it so i'm excited it's been
a really it's been really great working with you all it's a great team so if you have an opportunity please make sure you go say hi to them if you see them next week at token twenty forty nine or at far con asia or at the base meetup in nyc like make sure you connect because just some great humans so and with that any last words adrienne before we before we close this out
i'll see you on hour six
alright we're gonna be back minutes
for a
few minutes we're gonna be back in fifteen minutes at 01:45 with todie hawk and the noun square so we're gonna get nounding around a little bit and with that we're gonna say bye bye