Friends With Benefits fwb

Friends with Benefits is a tokenised social community at the intersection of cryptocurrency, technology and culture. The DAO revolves around a native social token used to coordinate the community and give holders access to a range of membership features. Friends with Benefits aims to be “the ultimate cultural membership”, with the membership the backbone of the community.

Launched in 2020 by former music executive Trevor McFedries, the DAO ran into early issues in March. It was heavily impacted by the exploit on Roll social token, resulting in a loss of 800 ETH. As a result, the community chose to remove liquidity and issue a new token, FWB Pro.

Friends With Benefits are creators, rebels, artists, thinkers, and doers forming an organization to discuss and shape that future. By gathering those looking to create change, Friends With Benefits aims to take these new tools and help implement web3 in a multitude of ways…By unifying our community through a social token – $FWB – members can be confident that everyone in the group has shared skin in the game. By teasing the future of token-permissioned access, Friends With Benefits strives to showcase how a community can reach scale without diminishing quality along the way.

Membership costs 75 FWB and is centred around a private Discord server. This is where the community network, discuss news, organise events or hold community calls. Membership entitles users to a range of benefits, including:

• Discord: Entry in Discord, allowing users to engage with various channels from general chatter, learning, lifestyle, city, investment or NFT channels.
• Weekly digest: An exclusive substack editorial summarising the latest from the Friends with Benefits community.
• Exclusive events: From real-life events to virtual meet-ups, Friends with Benefits holds various member-only events.
• City guides: Features the community’s take on hidden gems in different cities.
• Gallery: They also have an art gallery and live auction platform curated by the community. (this is not included in the membership but is free for all viewers).

Why would Friends with Benefits have value?

Value is derived from the various content and ideas the community creates. It’s used to create industry connections, network and find collaborators for projects, discuss cultural ideas and anything in between. Users come together to pool knowledge, skills, learn or simply be part of an artistically and culturally diverse community. The community has a growing staff of musicians, writers, creators and developers.

Friends with Benefits could also have the ability to generate various revenue streams via community-launched projects, advertising, new products, selling merchandise or other activities which would accrue value to the treasury. The community is led by 4 main subdivisions or workgroups: editorial, product, membership and treasury.

Friends with Benefits’ native token is Friends With Benefits Pro (FWB), and it is an ERC-20 token. As of this writing, ~590K of the fixed 1M maximum supply are in circulation.

FWB has 3 core functions:

1. Membership: Entry into the DAO and subsequent Discord. The access and entitlements users are dictated by the amount of FWB they hold: As of writing, the cost to enter the Discord is 75 FWB, while the editorial is 1 FWB.
   Membership also grants members access to liquidity mining programs, city guides and exclusive meet-ups, voice channels or events.
2. Payment: FWB is used as a reward for community contributor pools such as editorial, membership, creating a new segment, collaborating on community calls or hosting events.
3. Voting: 75 FWB is required to propose a change to the community via the DAO.

Due to the roll exploit, FWB was relaunched and redistributed as follows: Circulating (40%), community treasury (35.6%), team (19.9%) and liquidity lords (4.4%).

To see Collective Shift’s analysis, sign up for our membership!