What is Farkeys?
Social-Fi layer for Farcaster Protocol.
Farkeys enables users to buy, sell, and speculate on any Farcaster profiles as NFTs, unlocking access to the token-gated creator economy.
Farkeys aims to create a more sustainable, equitable, and community-driven environment for creators and fans alike by leveraging the unique advantages of NFT technology, fair investment practices, and the decentralized nature of the Farcaster protocol.
While sharing similar speculative mechanisms for buying and selling shares/keys with Friend.tech, Farkeys offers distinct advantages through
- NFT as keys.
- Open Investment.
- Native Web3 Integration
- Lower fees
Features
NFT as keys
Unlike friend.tech where keys are not NFTs, Farkeys' keys are NFTs, enabling more features and benefits like: Buying, selling, transferring, swapping, staking, lending, and borrowing keys. It bring whole lot of features that comes along with NFTs. This provides increased utility and value for key holders.
Native Farcaster Integration
Farkeys is built natively on the Farcaster protocol, eliminating reliance on external platforms like Twitter. This enables seamless integration with Farcaster's token-gated groups and channels which allows creators to tap into existing communities and leverage the inherent advantages of Farcaster's built-in communication channels. In addition, having NFT keys unlock access beyond Farcaster, to any third-party token/NFT gated app.
Fair start for all (Open Investment)
By dismantling the initial key purchase requirement for creators, Farkeys introduces a fair and open investment model. This approach removes the potential for creators to exploit early advantages, ensuring that all participants, including fans and creators, stand on equal footing from the start. It redefines the creator-fan relationship, moving away from transactional interactions to foster genuine support and appreciation, encapsulating the essence of a truly loyal fanbase.
Lower Fees
Farkeys charges a significantly lower fee (4%) compared to friend.tech's 40%. 4% returned to the community through tokens, airdrops, and Uniswap liquidity. Even developers of the Farkeys are not eligible to hold any % of transaction fees. Overall, Farkeys aims to create a more sustainable and equitable creator-fan ecosystem by eliminating greed, amplifying unconditional love ;
How it works
Farkeys + Farcaster + Optimisum
Farkeys allows you to invest in any Farcaster profile that resonates with you, whether because you're a fan, believe in their cause, or admire their content. Upon purchasing a key, you receive an NFT, making this investment distinct from typical NFT ownership because it addresses liquidity concerns directly. Key price will increase or decrease based on buy and sell activity. Buy Price (ETH) = n^2 / 16000 (where n is the current supply). You can easily sell these keys, just like on Friend.tech, and retrieve your ETH, ensuring liquidity and flexibility in your investment.
Moreover, since these keys are NFTs, they come with additional features like transferring, swapping, borrowing, and lending, expanding the utility beyond just access or membership. Farkeys operates within the Optimism ecosystem, which is where the Farcaster FID (Farcaster ID) are stored, leveraging the benefits of this Layer 2 solution for Ethereum to enhance user experience with faster transactions and lower fees. This integration into the Farcaster ecosystem not only ensures a seamless user experience but also opens up new avenues for community engagement and investment in the Web3 space.
Contracts and Wallets
Optimism Mainnet Core Contract :
0xD3e46c6F1Bec57154e3b4fDF3901FEff8477a831
Admin Wallet :
Careers
Join our dynamic team at Farkeys, where our passion ❤️ for Farcaster shapes everything we do. We're on the lookout for innovative and passionate individuals eager to make their mark on a forward-thinking platform.
If you're motivated by fairness, creativity, and the ambition to build an inclusive digital ecosystem, we'd love to hear from you. Discover the opportunities waiting for you at Farkeys by reaching out to us at hello@farkeys.com.
React Developer
Wanted: React Developer skilled in JavaScript, Hooks, and Redux for crafting responsive UIs and state-of-the-art web applications..
UI Designer
Seeking a UI Designer with expertise in Figma, Adobe XD, and responsive design principles to elevate user interfaces with visually stunning solutions.
FAQ
What is Farkeys?
Farkeys is a superior alternative to Friend.tech on Farcaster, leveraging keys as NFTs while only imposing a less fees ( 2% fee for buying 2% for selling). It offers broader reach and robust utility with minimal cost.
How is Farkeys different from Friend.tech?
Unlike Friend.tech, Farkeys utilizes NFTs for keys, introducing additional features such as transferring, lending, and borrowing beyond mere buying and selling.Also it provides access to all 3rd party apps that designed to use NFTs.
The fees are significantly lower, with an 80% reduction compared to Friend.tech. While Friend.tech charges 20%, Farkeys charges only 2%.
Built on the vibrant, web3-native Farcaster protocol, Farkeys leverages existing web3 communities for enhanced engagement.
Moreover, Friend.tech requires creators to sign up before issuing keys, which can lead to an early buy and later dump scenario. Farkeys adopts an open investment model, allowing anyone to invest in any profile without requiring creator signup, promoting a fair and equal start for everyone. Creators need to verify themselves on our platform to claim the fees they have earned.
How does Open Investment work?
Open Investment enables anyone to invest in any Farcaster profile, fostering fairness by removing preferential treatment for creators. Friend.tech requires creators to sign up before issuing keys, which can lead to an early buy and later dump scenario. Farkeys adopts an open investment model, allowing anyone to invest in any profile without requiring creator signup
What is the bonding curve formula?
The buying price of a profile's key is calculated using the formula: Buying price = n^2 / 16000, where n is the total outstanding supply and 16000 serves as the scaling factor.
What are the fees?
The fees are set at 2% for buying and 2% for selling. Of these fees, 50% goes to the creator, and the remaining 50% is distributed among the community. The Farkeys team does not retain any portion of the fees.
Why Farcaster?
Our choice of Farcaster is driven by our affection for the platform and its vibrant, web3 community. It is a simple yet sufficiently decentralized protocol that offers enhanced security, decentralization, and seamless integration for an improved user experience.
What can I do with Farkeys NFTs?
Farkeys NFTs grant users access to exclusive content, enable participation in token-gated communities, and facilitate trading, lending, or borrowing. The possibilities extend beyond these functionalities, limited only by the users' imagination.
I have additional questions. Where can I find more information?
For more detailed information and inquiries, you can reach out directly to the Farkeys team via their official communication channels.