- Valuation Model
- Expert Interviews
- Founders, funding
How do the cohorts work in FWB, what distinguishes one season from another, and what is the current season?
Raihan Anwar
Co-founder at Friends with Benefits
Raihan: Initially, we had a small entrance fee of 50 FWB, and we voted to increase that threshold every three months (a period we call seasons). We took that idea from Fortnite because we realized that, without the changing of time, you have stagnation in communities. Every season has a different theme, whether it was creative collaboration, no new friends, or -- what we're going into with season four -- which is the city of the Metaverse.
Our initial impetus behind that for us as a core staff was, "How do we 10x value for people rather than compromise on price? How do we give you more? How do we make sure you're engaged and hooked and willing to support even further, rather than say, ‘Shit, I'm likely to get ripped off. This sucks. I'm out.'" That was more for us, as staff, to make it harder on ourselves and invest more of our time and energy into the community, and that's paid off.
Colby: I can talk a little bit about what the impact of these seasons is. What they're saying is, "You're gated into this community by a few things, but the biggest is ‘Do you hold enough FWB?’" You link a wallet to a bot that checks the amount of FWB you've got in that wallet. If you have enough, you can see the different channels on the Discord servers. You get a different role in the server.
The amount of FWB you need to hold goes up every three months or so, and you can earn FWB by engaging with the community, by doing different things. Because you can earn it as well as buy it, it incentivizes a lot of folks to earn it: to go in and engage and be helpful, create cool shit, do whatever because they don't want to have to pay.
We're talking about creatives here, so some of the folks are stacked in the crypto world for sure. Some of these folks can just fart out an extra 75 or 100 FWB and not even worry about it, but there's a lot of folks to whom it's a huge financial incentive for them to come in and work on something. That's rad because these folks are doing really fun and interesting things that aren’t what you’d typically get funding for to create.