Friends With Benefits Social Club Runs On Crypto and Vibes

Members with at least a W FWB token (current price: about $ 45) can read group newsletters and blog posts. Local membership, which requires a minimum of five tokens, comes with limited access to the group’s chat rooms on Discord, a talking and texting application, as well as access to offline events. Global membership costs 75 $ FWB – about $ 3,400 today – and includes access to all Discord chat rooms. (Friends with Benefits gave the Times reporter five $ FWB tokens to view the discordated chats; those tokens have been returned, and the reporter has no stake in the organization.)

The group has chapters in New York, Los Angeles and London, but its real headquarters is its Discord Server, where members exchange outfits-of-the-day-photos on the #selfies-n-fits channel, sharing financial advice on #training- doing. Stones and #tax, and discuss new proposals for community governance, such as a recent proposal to spend $ 20,000 from the group’s treasury to develop a subscription coffee service for members only. (Like most DAOs, major group decisions are voted on by token holders and are permanently recorded on the Ethereum blockchain.)

Culturally, the membership is less “Lamborghini-driving bitcoin bros” and more “Williamsburg DJs splashing in Ethereum over the weekend.” In a recent orientation session, new members introduced themselves: an intellectual-property lawyer, a poet-slash-investor, a brand strategist for Nike, a handful of musicians and a software engineer.

“We’re a kind of anti-crypto crypto club,” said Raihan Anwar, founder of Friends with Benefits.

There are advantages to being organized as a DAO rather than a traditional corporation. The group can easily participate in members’ projects, or reward them with $ FWB tokens for contributing to useful work. Members can sell their tokens and leave at any time. And if the value of $ FWB increases, every member will benefit.

But there are dangers in associating a community with volatile crypto tokens. Last year, a service used by Friends with Benefits to create its tokens was hacked. $ The value of FWB decreased by 99%. The community voted to give a replacement token and avoided a complete collapse. However, FWB tokens now trade at about $ 50, about 75 percent less than their peak.

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