Farcaster was acquired by Network School and will transform into a network-state protocol

ChainCatcher report, the decentralized social network Farcaster has changed hands for the second time this year. Network School, backed by Balaji Srinivasan, has acquired Farcaster from Neynar, though the transaction amount was not disclosed. Rish, co-founder of Neynar, said on Thursday that after considering multiple acquisition offers, the company decided to transfer "the Farcaster app, protocol codebase, and related products" to Network School, citing the need for a different operational model as Farcaster enters its next phase. Rish and co-founder Manan will depart, while the rest of Neynar's 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 the token issuance platform Clanker. Rish's announcement did not mention Clanker's future, but during a live stream on Thursday, GM Farcaster host Adrienne and NourishProf stated that Rish is considering spinning off Clanker and seeking other buyers for it. An in-app announcement indicates that Farcaster will be rebranded as "Network Nation Protocol," requiring users to accept or reject a "social smart contract." Those who accept will receive an on-chain access NFT as proof of entry.