Stay alert in the rapidly evolving space of NFTs and decentralized social media. Keeping track of what’s floating around in your digital wallet can be a huge benefit! DeliciousNFT.com deliciousness of the decentralized world delivered directly to your door. We cut through the hype and tell you what you really need to know. The Farcaster OG NFT is the most exciting NFT at this moment. Or it might just end up being the greatest fortune in the world for its owners! Industry expert and blockchain regulatory analyst Marcin Kowalczyk walks us through the current value and future benefits of this emerging digital asset.

What is the Farcaster OG NFT?

The Farcaster OG NFT was originally distributed to early supporters of Farcaster Pro. This is the ad-free, paid version of the decentralized social network. By subscribing, these early adopters have helped to power the platform’s exponential growth. They would receive outsized benefits in return for their enthusiasm. Marcin Kowalczyk on early subscribers who have already claimed the OG NFT and first $PRO airdrop have earned over $370 in value so far. This supersedes more than three times their initial yearly commitment of $120 for Farcaster Pro.

The floor price for the Farcaster OG NFT collection is now 0.07477 BASE_ETH. Yesterday the average price for both buy and sell orders was 0.0851 BASE_ETH. Although these numbers are up and down, that’s real money on the market price. Within the past 24 hours, Farcaster Pro OG has processed 60 transactions. These transactions combined adding institutional liquidity reached a high of 5.1. In the past day, NFT floor price has decreased by 17.83%. This most recent reversal is a perfect example of the fickle and unstable character of the NFT market.

The Farcaster OG NFT is not just a JPEG on the blockchain. It represents one community’s deep faith in a platform that is truly moving the social media landscape forward. Beyond the current market price, as an asset, its value is not in what it’s worth today but in the future benefits it can leverage.

Why Should You Care?

The Farcaster OG NFT provides a number of unique benefits to its holders, so it’s worth diving in to get a better sense of its value proposition. Here's a breakdown:

Potential Benefits of Holding

  • Future Airdrops: Holding the Farcaster OG NFT may make you eligible for future airdrops. Several projects have already used Farcaster OG holders to kickstart their initiatives via airdrops or allowlist spots.
  • Increased Value Over Time: The Farcaster OG NFT has demonstrated significant trading volume and floor price. Holding the NFT may allow you to benefit from potential future price increases.
  • Access to Exclusive Features: While not explicitly tied to the OG NFT, subscribing to Farcaster Pro unlocks features such as publishing content of up to 10,000 words and uploading up to 4 images per post. Additionally, subscribers receive a limited edition commemorative NFT.

Potential Risks of Selling

  • Exclusion from Future Distributions: Selling the Farcaster OG NFT may exclude you from future distributions. Linda Xie, Farcaster's developer ecosystem lead, has noted that some projects may exclude individuals who have sold multiple prior airdrops.
  • Opportunity Cost: Selling the Farcaster OG NFT may mean missing out on potential future benefits, such as access to exclusive content, events, or experiences, as well as potential future token distributions.

The relatively low percentage of listed NFTs (around 4%) suggests that many holders are optimistic about the long-term value of the Farcaster OG NFT.

How to Check Your Wallet and Verify Ownership

If you're unsure whether you own a Farcaster OG NFT, here's how to check:

  1. Use BaseScan API: You can use the BaseScan API to find the owner of an NFT. Specifically, you can use the tokennfttx action to get a list of token IDs associated with your address.
  2. Verify Ownership: To verify ownership, you need to check if the to field of a transaction matches your address, and if so, note the token ID.
  3. Check Farcaster Pro Eligibility: If you own one of the 10,000 Farcaster Pro NFTs, you may be eligible to claim the $PROCOIN token.

For anyone looking to buy a Farcaster account NFT, you should look at FarMarket, the Farcaster account marketplace. Some listings there reach impressive prices.

The Future of Farcaster Pro and Its Benefits

Farcaster takes a strong stance in favor of rewarding third-party content creators and developers. 100% of subscription revenue will be directed to subsidizing trips for content creators and developers. This will continue to grow the weekly USDC reward pool, which is already over $25,000 and supports hundreds of diverse creators.

Subscribing to Farcaster Pro gets you instant access to a bunch of features that will improve your content creation process, plus a Limited Edition Commemorative NFT. This means that pro users will not receive any preferential treatment for visibility in our content. Future airdrops and strong backing by the Farcaster ecosystem have made it a tempting option.

As always, we urge anyone pondering the long-term consequences of ownership to think hard about whether to hold or sell this unique Farcaster OG NFT. The right decision will always depend on your specific situation and risk appetite, but knowing the benefits and risks of tokenization is essential. For those not yet holding an OG NFT, subscribing to Farcaster Pro now could be a strategic move to position themselves for future opportunities within this evolving decentralized social network.