Farcaster Acquired by Neynar Amid Decline in User Activity

Farcaster, a decentralized social protocol previously valued at nearly $1 billion, has been acquired by Neynar following a notable decrease in user engagement and revenue. According to NS3.AI, the founders, Dan Romero and Varun Srinivasan, have departed after facing controversial challenges and costly errors, despite securing $180 million in funding. The platform's future now depends on a shift towards a developer-centric approach, as opinions among the community and investors remain divided regarding the prospects of Web3 social networks.