We’re adding a new way for Farcaster creators to earn: collectibles.

Starting today, you can collect a cast as a 1-of-1 collectible. If multiple people want to collect the same cast, it goes to the highest bidder via an auction. We’re excited about collectibles for a few reasons:

1. Creators earn directly from their audience and not through a global rewards algorithm.
2. New creators can earn on their first day (instead of waiting a week for rewards)
3. Users get to collect a unique piece of Farcaster history into their wallets.

How collecting works

When a cast is collected, it starts an auction. If the cast is less than 24 hours old, the auction lasts 24 hours from the first collect. If the cast is older than 24 hours, the auction lasts 1 week from the first collect.

The highest bidder during this window wins the collectible at the end of the auction. The collectible is onchain and bids are made in USDC. There are a few rules for bidding:

1. The opening bid must be at least $1.
2. Subsequent bids must be at least $1 or 10% higher (whichever is greater) and a round amount in dollars.
3. A bid in the last 15 minutes of an auction extends the auction by 15 minutes.

When the auction completes, 90% of the highest bid goes to the cast author; the remaining 10% goes to the protocol. All lower bids are returned to other bidders. The cast will now appear in the highest bidders profile in the collectibles tab.

FAQ

Why are you doing this?