TL;DR: Farcaster infrastructure platform Neynar set up Loop for crypto subscription payments, so they were ready when Farcaster Frames sent hundreds of developers to their website to check out.
In early January 2024, Neynar decided to add a pay with crypto option to their checkout flow. With a global customer base composed of web3 developers, the Neynar team thought this ability to pay for a subscription in crypto would be useful for a few users; however, they have found that enabling a crypto payment option has been critical for the massive user growth they have seen over the last few weeks driven by the excitement around Frames. Not only has the crypto payment option appealed to their user base, but by using Loop, they have also saved hours of manual work with Loop’s automated crypto checkout flow.
Neynar provides development tools and infrastructure that make it easy to build on Farcaster, a protocol designed to support decentralized social networks. Their APIs make it simple to interact with the protocol and query data. For example, rather than having to spin up your own node (known as a hub on Farcaster), you can utilize Neynar to quickly extract data and write to the protocol. While there are a range of node providers for popular blockchain protocols like Ethereum, Optimism, and Solana, Neynar has been a trailblazer in the Farcaster ecosystem and has established itself as critical tooling for the burgeoning developer community.
On 26 January 2024, the Farcaster team launched a new feature called Frames. Since then, the usage of social network clients built on top of Farcaster, like Warpcast, has skyrocketed. Frames have been described as “interactive mini-apps,” essentially an application that users can interact with in their timeline without having to leave the social network. The web3 blogging platform Paragraph has a number of great examples of Frames where you can one-click subscribe or read articles right within Warpcast.
With the launch of Frames, Neynar was well-positioned to be the go-to tooling provider for developers as they rushed to experiment with Frames and see what they could build. Since late January, Neynar has seen a huge surge in demand for its offering. The ability to pay in crypto during the checkout has been a critical component. Developers who land on the Neynar site looking to purchase a subscription are increasingly selecting crypto as a payment option. These developers tend to be building within the web3 ecosystem and have on-chain assets, so they want to be able to pay with those assets. As of this writing, payments on the Base and Optimism chains via Loop Crypto have proven to be the most popular networks so far.
The Neynar team went with Loop Crypto to support its crypto payments because it was simple to implement and the Stripe integration allowed them to seamlessly add crypto into their existing Stripe setup for fiat payments. The team also had the foresight to realize that manually collecting crypto payments by having users send funds to a wallet address would not scale. Loop allowed them to easily track which customers have paid and then rely on automated receipts and payment reminders to manage ongoing customer payments.
It’s been a pleasure working with the Neynar team, and we’re excited to see them (and the Farcaster ecosystem) continue to boom in the coming months. If you’re looking to add a scalable crypto payment solution to your checkout experience, let’s talk. If you have a self-serve product, make sure you have crypto payments in place before your product growth becomes exponential. Onboarding to Loop only takes a few minutes.
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About Loop
Loop Crypto makes it simple to collect and pay in crypto by allowing companies to turn on autopay and schedule payments. Built by web3 veterans, Loop unlocks payment automation to reduce customer churn and eliminate time-consuming payment collection and follow-up. By connecting on-chain and off-chain data, Loop streamlines invoice reconciliation, accounting, and fits seamlessly into your financial stack.
Loop crypto is programmable payments.
Are you ready to supercharge your payments? Book a call with Jeff, our Head of Business Operations, or head to our docs to learn more.
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