Summary: Token-gated social DAO Friends With Benefits is launching a software company called Scene Infrastructure, which will focus on Web3 applications for online and real-life communities. The company recently received a $3 million seed investment from A16z, who also backed FWB. FWB started as a token-gated Discord channel and has different membership tiers based on the amount of FWB token individuals own. The token’s price has decreased significantly, reaching a new low of $1.06 on Jan. 22. Scene plans to build products for FWB and aims to attract more people to join similar groups. They will focus on proof of participation in real-life events and tracking members’ attendance. Scene hopes to reveal some of its features at FWB Fest in August, which is referred to as “crypto Woodstock.”
Key Points:
1. Friends With Benefits (FWB) is launching a software company called Scene Infrastructure, with a focus on Web3 applications for communities.
– Scene received a $3 million seed investment from A16z, who also backed FWB.
– FWB started as a token-gated Discord channel with different membership tiers based on FWB token ownership.
2. The FWB token has experienced a significant drop in price, reaching a low of $1.06 on Jan. 22.
– It was previously valued at nearly $200 in August 2021 and was trading around $4 at the time of publication.
3. Scene Infrastructure was co-founded by Jose Mejia, who contributed to FWB and worked at Dapper Labs, and Ethan Daya, co-creator of content minting platform Zora.
– The company aims to build products for FWB and has grander ambitions to attract more people to join similar groups.
4. Scene plans to focus on proof of participation in real-life events and tracking members’ attendance over time.
– They hope to reveal some of their features at FWB Fest, an event in California referred to as “crypto Woodstock,” taking place in August.
5. Scene aims to create products that onboard people into crypto through culture, community, and interaction, similar to FWB.
– They want to go beyond just focusing on money and provide a broader experience.
Key Impacts:
– The launch of Scene Infrastructure demonstrates the growth and expansion of FWB, indicating a desire to develop Web3 applications for real-life communities.
– A16z’s $3 million investment signals confidence in the potential of FWB and Scene Infrastructure, further supporting the development of crypto-focused social platforms.
– The significant drop in the FWB token’s price highlights the volatility and unpredictability of the crypto market, which can have both positive and negative effects on investors.
– Scene’s focus on proof of participation and tracking attendance at real-life events may enhance the engagement and value of FWB membership, potentially attracting more users.
– The reveal of Scene’s features at FWB Fest could generate excitement and interest in the project, further establishing FWB as a prominent player in the crypto community.
Why It’s Important to the Reader:
– The launch of Scene Infrastructure and A16z’s investment in FWB and Scene demonstrate the growing interest and investment in Web3 applications and crypto-focused social platforms.
– The volatility of the FWB token’s price serves as a reminder of the risks associated with investing in cryptocurrencies and the potential for significant fluctuations in value.
– Scene’s focus on proof of participation and tracking attendance highlights the potential of blockchain technology in verifying and rewarding real-life engagement, which could have broader implications for community-building and membership-based platforms.
– The reveal of Scene’s features at FWB Fest provides an opportunity for readers to stay informed about the latest developments in the crypto space and witness the potential impact of FWB and Scene on the broader crypto community.