Create Farcaster Channel NFTs on Hypeshot

We’re excited to share that NFTs created with Hypeshot’s creator tools now automatically create channels on the Farcaster Protocol!

Channel creation works for both ERC-721A NFTs and ERC-1155 collections.

You can try it out here: www.hypeshot.io/create

Monetization & Raising Funds for Channels:

Since channels can be formed around NFTs, funds can be raised via creator fees on buys and sells and/or the price of the NFT itself. Funds can flow to a multi-sig or any wallet address. For NFTs created on Hypeshot, there is a built in Creator Fee of .000402 ETH on each buy & sell transaction.

In the Warpcast client, holders of an NFT could potentially get channel flair within the channel or special rights! This can allow for anyone to engage in a channel, but have special status for being a holder - which seems to be the way in which Warpcast is going.

Other clients, could even token-gate based on this NFT.

Group chats can created utilizing platforms like farchat.xyz!

Using Liquid Editions & Bonding Curves:

Taking it a step further, creators of channels can leverage bonding curves using our liquid editions contract (hypeshot.io/create/liquid) so that early holders can get upside.

On each buy and sell transaction the creator receives .000402 ETH + 5% of the NFT price!

On a free mint, you can also structure it so that users can buy & sell to enter and exit (rage-quit) a community with the Creator Fees (.000402 ETH) also going straight to a treasury wallet/creator’s wallet

Inspo:

We first saw the creation of channels during the NBA Finals!

Dan created an NFT and people were able to instantly have conversations around the NBA game.

We found this idea pretty fascinating!

Imagine during the Superbowl having an NFT people could mint for let’s say the Miami Dolphins (my home town) and the Green Bay Packers. Each user would have their own flair, predicting what side will win, and be able to talk smack! This could also extended to a sports specific Farcaster client down the line.

Even better, because of Creator Fees on Hypeshot, creators of the NFT would make money on each mint (free or paid) meaning that there is now a strong incentive to create new communities and keep them strong!

A new creator class?

Channels already feel very similar to subreddits. On reddit, however, mods make $0 for the time and effort they put into maintaining a community! Modding is a lot of work, and some subreddit communities have millions of members.

As Farcaster protocol grows, we can potentially envision a new creator class forming around Channels by leveraging NFTs.

Those who create and maintain discussions (mods) can share in fees generated from NFT sales as a community grows.

Example :

We’re launching this with a Startups channel - a channel that seemed to be heavily requested:

We’ve created an NFT for the channel that you can mint here to join - this will trigger the channel at the protocol level for now. We’ve kept the mint fee and you can buy or sell forever:

How it works:

Each cast in the channel has a parent url attached. That url can range from a website url (ex. https://www.nba.com to a NFT in the format chain://eip155:"chain-id"/collection-type:contract-address.

What we do is make it so @hypeshotbot will make a cast with the parent url in the format of the nft minted. Any clients that support ERC1155 or ERC721 NFTs can then show that cast, and start conversations around that NFT

With channels ultimately surfacing onto the primary Warpcast client, we’re excited to see what this unlocks. For now, it will live at the protocol layer :)

Outro

We believe that NFTs can be more than just collectibles, but also can be a tool to start forming social graphs, connections, and onchain distribution