Farcaster was acquired by Network School, marking its second change of ownership this year.
1 hours ago
Decentralized social network Farcaster changes hands for the second time this year. Network School, the firm owned by Balaji Srinivasan, has acquired Farcaster from Neynar; the deal’s financial terms were not disclosed. Neynar co-founder Rish said the company decided to transfer Farcaster’s app, protocol codebase, and related products to Network School after evaluating multiple acquisition offers, as Farcaster requires a different operational model for its next phase. Rish and fellow co-founder Manan will depart Neynar, while the rest of Neynar’s staff will join Network School to continue developing Farcaster. Neynar acquired the platform from Farcaster’s original developer Merkle Manufactory in January this year; the deal also included token launch platform Clanker. Rish did not disclose Clanker’s future plans; Adrienne, Farcaster’s general manager and streamer, and NourishProf noted Rish is considering spinning off Clanker and seeking another buyer for it. An in-app announcement for Farcaster states the platform will be renamed the "Network State Protocol", with the goal of building a network of voluntarily joined digital societies that will eventually be implemented in the real world. Users will need to choose to accept or reject a "social smart contract"; those who accept will receive an on-chain access NFT as a credential.
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