Friends With Benefits Launches Builders Program, Shifts Focus to Practical Products

Friends With Benefits (FWB), a crypto project that gained significant attention in 2020, has evolved from a community-driven token to a more serious and product-focused organization. Initially, FWB attracted members with its catchy name and celebrity endorsements, including musicians Erykah Badu and Azealia Banks. The project capitalized on the global lockdown, filling a void by bringing people together through crypto. About 6,000 individuals became members, and chapters emerged in various tech hubs worldwide, such as Los Angeles and New York City.

Despite initial skepticism from mainstream media, FWB demonstrated the potential of tokenizing a community. The group, primarily formed on Discord, was described as a "decentralized Soho House" and a "V.I.P. lounge for crypto’s creative class." It raised $10 million from investors and was valued at $100 million after a funding round led by a prominent venture capital firm. However, the project's initial focus was on organizing events and building community, with less clarity on its long-term goals.

CEO Greg Bresnitz acknowledged that the original model was simply a group chat with a token, offering "alpha" benefits. By 2025, following the collapse of FTX and the broader crypto crash, FWB shifted its focus towards building practical products. The organization aims to broaden Web3 beyond specialized financial products, emphasizing innovation in music, film, and culture.

This week, FWB announced Friends With Builders, a cohort-based building program partnered with several tech companies. The program invites creative technologists to work collectively on early-stage projects, using tools provided by partners. The first cohort, with an application deadline of April 28, will focus on developing products around AI agents. Bresnitz emphasized that Friends With Builders is not a hackathon, as it encourages long-term development rather than short-term intensive work.

The program aims to create products where Web3 technology is under the hood, rather than the primary feature. Bresnitz cited Blackbird, a restaurant loyalty app with a cryptocurrency called FLY, as an example of the type of product FWB wants to incubate. The focus is on utility and mainstream appeal, with the crypto element de-emphasized. Bresnitz believes that crypto has created great tooling infrastructure for builders and now needs to develop products that de-emphasize the technology.

Friends With Builders will run in quarters 1, 2, and 4, with quarter 3 reserved for FWB’s annual FEST gathering in California. The program's pilot with World (previously Worldcoin) received 140 applications, resulting in 40 new mini-apps. Some of these projects have already secured term sheets from investors, demonstrating the program's potential. Bresnitz advocates for his initiative while acknowledging the need for Web3 to show its true value to the world.