Now, let’s discuss the Farcaster Pro OG NFT. Everyone around you is gushing about it, calling it the golden ticket for people willing to risk being on the bleeding edge. I get the excitement. The potential for future airdrops, governance rights, and the just plain coolness of being an “OG” are tempting. Hold on, though, for just a moment. Aren’t we missing something that’s really great here, and this isn’t just another application of Web3’s penchant for artificial scarcity and club creation? Well, that’s where I’m riding in, ready to inject some data-driven skepticism into the hype.

Is Exclusivity Really Good For Farcaster?

Farcaster distributed these OG NFTs to the first 10,000 Pro subscribers. Pro, naturally, runs $120 a year and nets you “enhanced features.” Think priority indexing, advanced analytics – the sort of thing that will have you believing you’re putting a competitive edge on your competition. Today, the OG NFT’s current floor price sits at about 0.09 ETH (about $250). In these early days, subscribers have already begun to reap the rewards, but even more so when you consider past airdrops including the $PRO distribution.

Here's the question that keeps nagging at me: at what cost? Is this perceived value sustainable? More importantly, is this practice healthy for the Farcaster ecosystem?

Let's consider the data. How many active users does Farcaster have? How many wallets hold these OG NFTs? What's the Gini coefficient of NFT distribution? I have no doubt that most of these NFTs are owned by a small, privileged elite. Perhaps not surprisingly, this concentration is one of the most significant in the country. This isn’t just bad in and of itself, though it is. It creates a problematic centralization of power and influence.

Think about it. If future governance decisions are tied to OG NFT ownership, a small group of holders could disproportionately influence the direction of the platform. Is that what the decentralized utopia we were promised looks like?

Airdrops: Engagement or Speculation Driver?

Whatever the reason, the temptation of as-yet-unannounced airdrops seems to be quite the carrot. Even better, the unexpected 2025 $PRO airdrop valued at $120 will pretty much cover the cost of an annual subscription for everyone who received it. The author of the original news suggests subscribing to Farcaster Pro for $120 per year to gain future eligibility for similar rewards. That's a compelling argument. Allow us to cut through the B.S. Of those people, how many are subscribing to Farcaster Pro because they genuinely love the platform and want to see it thrive? And how many of them are just rushing to grab the latest airdrop? My guess would be that it’s very much weighted to the latter.

This incentivizes speculation, not genuine engagement. It makes Farcaster just another “airdrop farming” game instead of a lively social network. When these airdrops dry up (and they always do), what becomes of this community? Are they really loyal to the platform because they see due value in it? Or are they fast followers who run to whatever is the next big thing?

I’m taken back to the early days of ICOs. Everyone was running around, trying to catch the next shiny thing. In the case of the CIGs, they almost completely ignored the underlying technology and long-term financial sustainability of the projects. We all know how that ended.

Is Web3 Becoming a New Feudal System?

The "OG" terminology itself is telling. This sets up a prioritization. It provides an undeserved air of superiority to those who were “early” and “smart” enough to join from the get-go. Are we just reproducing the same inequitable power structures we’re trying to avoid in the physical world, but now with even less accountability? So, let’s take a closer look at this.

The limited supply of the OG NFT creates artificial scarcity, driving up its value and creating a divide between the haves and have-nots. Those who missed out on the initial distribution are now forced to pay a premium to join the "exclusive club." It’s digital velvet rope – that keeps the VIPs in, and the rest of us out.

This is where my libertarian leanings get me in trouble. After all, Web3 was meant to be about democratizing access, empowering the individual and dismantling established power structures. All the same, we cannot let our guard down. Elsewise, we are doomed to create a new feudal aristocracy in which a tiny elite controls all the power apparatuses.

Think about the implications. If you’re a new user coming on chain through Farcaster, for example, you may see the OG NFT holders flexing their supremacy. Their disproportionate influence can leave you feeling unwelcomed in your own community. Are you going to feel like you stand a reasonable chance to make your contributions and win on them? Otherwise, aren’t you just going to be left feeling as though you’re playing a stacked deck?

Now, I’m not here to claim that the Farcaster Pro OG NFT is the devil incarnate. It’s a brilliant marketing strategy, and it has certainly paid off for first movers. It’s important to dig deeper into the narratives that develop around these kinds of initiatives. So let’s examine whether they truly live up to the spirit of decentralization and inclusivity that should characterize Web3. That’s why it’s critical we have this conversation.

Don’t let the promise of instant returns lead you astray. We need to be deeply cautious of the dangers of forming private guilds/clubs and entrenching current power dynamics. Let’s make the Web3 genuinely open and accessible to all, instead of just the “OGs.”