Commerce everywhere
Over the past weeks I’ve been spending more time on Farcaster, the web3 social network.
One of the unique features of Farcaster as opposed to incumbent social networks like Twitter is its composability. Web3 platforms like Farcaster are composable, which means that anyone can build applications and experiences on top of them, not just the core development teams themselves. This allows for the creation of experiences that otherwise wouldn’t emerge.
For example, Courtyard, one of our portfolio companies, recently launched its vending machine product on top of Farcaster. The vending machine allows users to purchase a randomised digital Pokemon card for $25 from an initial supply of cards. The card users receive can be worth up to $500. Courtyard’s digital Pokemon cards are physically backed NFTs that can be redeemed for the physical card at any time.
While users could initially only access the vending machine on Courtyard’s website, they can now also do so directly on Farcaster.
When users create a Farcaster account, they pair that account with a crypto wallet that can be used to make purchases and custody NFTs. This enables an experience where users can scroll through their Farcaster social feed, come across something interesting and make the purchase instantly. The actual purchase becomes a one-click experience, eliminating the need for users to navigate onto another platform, create an account, click through the check out process, insert credit card details etc. They simply need to press mint and thats it. The crypto in their wallet gets spent, and the NFT is transferred into that wallet.
Due to the fact that NFTs are interoperable, they can be ported onto any web3 platform. If users purchase a Courtyard NFT on Farcaster, they can bring that NFT directly onto Courtyard or other marketplaces like Opensea by logging in with their crypto wallet.
Experiences like these are not limited to digital Pokemon cards and don’t need to be built on a social network. Any asset and platform provided they are built on blockchains can be woven into a similar experience. Thanks to web3’s composability, companies can engage their customers wherever they like to spend their time. Commerce can happen everywhere.