Farcaster acquired by Network School, changing hands for the second time this year

BlockBeats news, October 16 — Decentralized social network Farcaster has changed hands for the second time this year. Balaji Srinivasan's Network School has acquired Farcaster from Neynar, with the transaction amount undisclosed.

Neynar co-founder Rish said the company decided to transfer the Farcaster app, protocol codebase, and related products to Network School after evaluating multiple acquisition offers, because Farcaster's next phase requires a different operating model. Rish and fellow co-founder Manan will depart, while the remaining Neynar staff will join Network School to continue developing Farcaster.

Neynar acquired the platform from Farcaster's original developer Merkle Manufactory in January this year, with the deal also including token issuance platform Clanker. Rish did not disclose the subsequent arrangements for Clanker; GM Farcaster hosts Adrienne and NourishProf said Rish is considering spinning off Clanker and seeking other buyers for it. An in-app announcement on Farcaster shows the platform will be renamed "Network State Protocol," with the goal of building a network of voluntary digital societies that will eventually be realized in the real world. Users must choose to accept or reject a "social smart contract," and those who accept will receive an on-chain access NFT as proof.