From Casual to Committed: The Evolution of Friends With Benefits
When Friends With Benefits (FWB) emerged in the crypto landscape in 2020, it quickly sparked a wave of interest. With its playful name and notable members like musicians Erykah Badu and Azealia Banks, it became a desirable community for many. During a time of lockdowns and a deep desire for social connection, FWB showcased how crypto could foster real-world relationships. Approximately 6,000 individuals invested in the token, forming a network with chapters in diverse locations, particularly in trendy areas like Los Angeles and New York City.
The New York Times, known for its critical take on crypto, approached FWB with a degree of skepticism, highlighting anecdotes such as members working on a “flavored, sparkling yerba maté” with a coffee brand. It reflected a perception that the group was composed of young crypto enthusiasts with disposable income but lacking substantial outcomes. Nevertheless, the publication recognized what set FWB apart, referring to it as a “decentralized Soho House” and a “V.I.P. lounge for crypto’s creative class.” FWB was successfully tokenizing a community through a decentralized autonomous organization (DAO), demonstrating that value could be cultivated both online and offline. Reports indicated that FWB had raised $10 million from investors and had reached a valuation of $100 million after a funding round led by Andreessen Horowitz.
Despite its popularity, the core activities of FWB remained somewhat ambiguous. While it excelled at organizing events and building community, questions remained regarding its long-term vision. “The original model was just a group chat with a token. The benefits at that time were just alpha,” noted CEO Greg Bresnitz in an interview. Fast forward to 2025, amidst the challenges following FTX and other market corrections, FWB has taken on a more serious approach. Now, it aims to create products that enhance user experiences and expand Web3 beyond conventional financial products, steering towards impactful innovation in music, film, and culture.
Bresnitz emphasized the significance of this turning point for the industry, stating its unique potential to inspire a new generation of builders. “We’ve done really well in the physical world. Now we’re focused on revitalizing the online space and bringing that value back,” he explained.
Recently, FWB introduced Friends With Builders, a cohort-based development initiative designed to collaborate on early-stage projects alongside various partners. This program invites creative technologists to collectively innovate each quarter, utilizing resources offered by their collaborators. The inaugural cohort, accepting applications until April 28, will concentrate on products related to AI agents.
Bresnitz clarified that Friends With Builders is distinctly different from a traditional hackathon. “The general model of the hackathon doesn’t work. You get eight hours at a conference, 48 hours to build it, and then aim for prize money. That only appeals to a specific type of builder,” he remarked. In contrast, the incentive with Friends With Builders lies in the developed product rather than short-term rewards. The focus will be on creating products where Web3 technology is seamlessly integrated rather than the primary highlight. “While anyone can certainly pursue building another DeFi platform, what I believe the industry truly needs is to consolidate these innovations into something that feels entirely normal,” Bresnitz articulated. He pointed out examples like Blackbird, a restaurant loyalty application, which demonstrates a product with practical utility while keeping its crypto aspects understated.
“We need a different kind of individual in this space,” Bresnitz asserted. “The persona of FWB has always been creative technologists. These are individuals who understand user needs and are looking for technology to support those desires. That’s a departure from the common narrative in crypto, which often revolves around over-engineered solutions.”
Bresnitz further argued that while crypto has provided robust tools for builders, the next step is developing products that prioritize user experience over technology. Participants in the Friends With Builders program will benefit from direct access to founders at partner organizations, both through Discord and in-person meetups, along with receiving developer credits and extensive developer support.
Friends With Builders will operate in the first, second, and fourth quarters, leaving the third quarter for FWB’s annual FEST gathering in California, where participants will showcase their progress. Last year, a key FWB partner hosted its own event at the same venue shortly before FEST. As a pilot for the new initiative, FWB and one of its partners received 140 applications, resulting in 40 new mini-apps created by builders who engaged in a collaborative event in Buenos Aires. Some of these projects will be featured in a demonstration day in New York on May 21, with a couple already attracting the attention of investors.
Bresnitz passionately advocates for this initiative while maintaining a humble perspective regarding the crypto landscape. He believes that Web3 has yet to fully realize its potential for societal impact. “We haven’t cracked the code yet. This is about exploring whether we can try something different,” he concluded.
