When Friends With Benefits made waves in the world of crypto back in 2020, it quickly became a topic of conversation due to its enticing nature. Sporting a flirtatious name and boasting members like Erykah Badu and Azealia Banks, it became a club that many desired to join.

Emerging during a time of lockdowns and a yearning for connection, Friends With Benefits filled a void and demonstrated that crypto could truly unite people. Over 6,000 individuals bought into the token, becoming members, and chapters began popping up in various locations worldwide, particularly in trendy tech hubs such as Los Angeles and New York City.

The New York Times, known for its coverage of crypto-related topics, playfully poked fun at FWB. In a 2022 article, the publication recounted a story of members collaborating with a coffee company to create a “flavored, sparkling yerba maté,” increasing its price from $2 to $6. This seemed to suggest that the group consisted of crypto enthusiasts with unique ideas, disposable income, plenty of time, but perhaps little to show for it.

Despite the jesting tone of the article, the New York Times acknowledged the innovative aspect of FWB. Describing the group, primarily formed on Discord, as a “decentralized Soho House” and a “VIP lounge for crypto’s creative class,” the NYT noted that they were tokenizing a community with a DAO, showcasing the ability to create tangible value in addition to online presence. The article mentioned that FWB had raised $10 million from investors and, following a funding round led by Andreessen Horowitz, was valued at $100 million.

Initially, the exact purpose of FWB was somewhat ambiguous. While the group excelled at organizing exciting events worldwide, building a community, garnering media attention, and driving up token prices, its long-term objectives remained uncertain.

CEO Greg Bresnitz acknowledged the group’s early model as a simple group chat with a token, emphasizing that the benefits were initially limited.

Moving ahead to 2025, post-FTX and The Crash, FWB has transitioned into a more serious entity. The focus now lies on developing products that genuinely appeal to users, with ambitions to expand Web3 beyond specialized financial offerings. The emphasis has shifted from flavored yerba mate to deeper innovation in music, film, and cultural domains.

Introducing Friends With Builders, a cohort-based building program in partnership with several industry giants, including AWS, Alchemy, and ThirdWeb. The initiative aims to bring together creative technologists to collaborate on early-stage projects every quarter, utilizing tools provided by the partners. The inaugural cohort, centered on AI agent development, is currently accepting applications until April 28.

Bresnitz clarified that Friends With Builders is not your typical hackathon, emphasizing the focus on developing tangible products rather than winning cash prizes. The program encourages builders to incorporate Web3 technology discreetly into their projects, prioritizing utility over the overt presence of crypto elements.

Bresnitz highlighted projects like Blackbird, a restaurant loyalty app with its own cryptocurrency called FLY, as exemplifying the type of products FWB intends to nurture. The program aims to attract a new breed of individuals to the industry, focusing on creative technologists who understand user needs and utilize technology to address them effectively.

Builders in the program will gain access to founder support from partner groups, networking opportunities, developer credits, and extensive DevRel assistance.

Friends With Builders will operate in quarters 1, 2, and 4, with quarter 3 reserved for the annual FWB FEST gathering in California, where participants will showcase their work. Recent collaborations with World (formerly Worldcoin) resulted in the creation of 40 new mini-apps, with selected projects receiving investor interest.

Bresnitz remains a staunch proponent of his initiative, emphasizing a need for the industry to push boundaries and explore new approaches within the Web3 space.

“We haven’t cracked the code yet. This, to me, is about saying ‘can we try something different?’”