Friends With Benefits

FEST 2024 Proposal

Abstract

Curated and produced by Friends With Benefits, FEST is a yearly convening of new-internet communities in the mountains of Idyllwild, CA. Conceived of as a temporary network city where all attendees can engage with culture while exploring groundbreaking new ideas, FEST has now successfully gathered proponents of the web3 space for two consecutive years. Now, we’re coming back to the FWB community with a plan to do it all again, with several key upgrades and a bit of strategic reenvisioning. Vote “yes” on this proposal and help make an even more pluralist and collaborative FEST happen from August 1-4, 2024.

“FEST is a grand symphony of gatherings,

with each experience intricately woven into the collective tapestry—

epitomizing the zenith of networked potential.”

— Greg Bresnitz, FWB Head of Events and Partnerships

History of FWB FEST

2022: Inaugural FWB FEST

For our first-ever FEST, our team sought to create an alternative, emergent kind of festival where FWB members could convene alongside artists and creatives, and everyone would feel at home. We wanted to merge our team’s talent for cultural event curation and production with our position at the cutting edge of technology and crypto to create a truly hybridized festival experience where we could collectively imagine, debate, and define the future of the new internet. What transpired was undeniably even better than we imagined, which led the FWB community to vote enthusiastically in favor of building on the promise of FEST by hosting another weekend-long gathering in 2023.

FEST 2022 by the Numbers:

• 17 speakers

• 12 discussion and workshop facilitators

• 30 musicians

• 3 Partners

• Loss of $443,702

After FEST 2022, we knew that we’d need to have open discussions with the DAO about what worked and what didn’t before making plans to do it again. Thanks to great feedback from the FWB community, the proposal to bring back FEST in 2023 was passed with strong support, and we couldn’t wait to try again.

2023: FWB FEST as a Gathering of New-Internet Communities

This past August, our DAO pushed FEST to new heights, selling out all tickets and reaching a break-even revenue point—something which is quite rare for a second-year festival. We believe the success of FEST can primarily be attributed to how we leaned into our mission of being “the social convening point for the individuals, squads, and institutions using decentralized technology to build a better internet.” By bringing in 36 aligned and strategic collaborating partners to help program and populate the event, we were able to push FEST beyond our core community into a pluralist gathering where “almost the entire web3 space” was present. In retrospect, bringing together the new-internet community as co-curators of FEST was a pivotal decision that produced groundbreaking outcomes, and we believe this approach represents the best way forward.

In addition to this framing, we took a hard look at our missteps from the previous year from an operational & budget perspective and were continually iterating on best practices to ensure that our epic weekend in the woods was also a fiscally responsible one. By leaning into partner support, we realized that there is a larger vision for FEST in the future with multiple companies invested in its success.

FEST 2023 by the Numbers:

• Sold Out

• 36 Partners/Collaborators

• 32 mainstage speakers

• 40 discussion and workshop facilitators

• 39 musicians

• Estimated loss of $23,322 (94% reduction in our net loss on FEST Year over Year)

This is a materially correct P&L, we still have a few minor open items that will require reconciliation in the coming months. These changes will not have more than a 5% effect on the P&L in either direction.

In addition to the Base sponsorship dollars that went directly towards FEST, our conversation with the Base team led directly to our involvement with Onchain Summer, which resulted in 89 ETH (~$160,000) of revenue for the DAO.

2024: FWB FEST is Web3’s Major Cultural Moment—Powered by $FWB

In 2024, we propose focusing on FEST’s propensity to be a truly foundational event in web3 by making the gathering even more pluralist—in other words, by expanding the stakeholdership and ownership to other value-aligned brands and organizations to take on more of the planning in a decentralized capacity. This should both enhance the event’s viability as a social convening point for the web3 community at large, while making FEST more financially sustainable and achievable for our lean operational team, without giving up our prominent role managing the event’s attendees, plan, budget, program, and overall vibe. Additionally, by pushing ticket sales in $FWB for the first time ever, and exploring other use cases, we aim to introduce new examples for our community token as a vital form of cultural currency within and around the event. (More on this below.)

Key Focuses for FEST ‘24

As we move FEST forward, we aim to retain much of the existing model, including:

• Engaging FWB members to collaboratively shape the event

• Having the Idyllwild Arts Academy in Idyllwild, CA as our venue

• Enlisting aligned partners and sponsors to help fund, curate, and populate FEST

• Booking an eclectic mix of creative talent for unforgettable performances, workshops, and activations

• Programming big-brain talks from experts across web3-adjacent cultures and industries

• Ensuring attendees are empowered to meet each other and forge lasting friendships

Additionally, this year we aim to focus on the below key objectives to take FEST ‘24 to the next level:

Double Down on FEST as a Pluralist Festival

It’s time to signal that FEST goes far and beyond the FWB community. We propose to position FEST as an inclusive cultural platform for all web3-aligned individuals, squads, brands, and organizations—not just for those who already orbit the FWB community.

In 2024, FEST will serve as a testament to the collective cultural ambition of the web3 space and decentralized technology at large. By converging values-driven organizations and communities, FEST aims to paint a vivid picture of our shared aspirations for the digital future—all without compromising our vision or the intimate, DIY nature of the event.

In order to ensure FWB remains at the heart of FEST, and for SEO purposes, we will keep the name “FWB FEST.” However, we will colloquially refer to our event as just “FEST” moving forward, in order to signal the weekend’s broader relevance and importance in the space.

Continue Pursuing Meaningful Partner Activations

Over 80% of the revenue for FEST ‘23 was generated via strategic partnerships, and we anticipate a 50% renewal rate of last year’s partnerships. Moving forward, we plan to offer values-aligned brands an unparalleled avenue to unveil important projects, orchestrate immersive retreats, engage in meaningful dialogues with their core audiences, and interact with a diverse spectrum of influential figures.

Recognizing the importance of meticulous planning, we will work to initiate sponsor engagements well in advance, providing ample time to craft and refine all partner collaborations so that they feel perfectly attuned to the FEST experience, while simultaneously accomplishing our sponsors’ strategic goals.

Integrating FWB’s New Community Council

FWB’s new 5-seat Community Council will play an important role in listening to and advocating for our community’s FEST-related wants and needs. They will be involved in monthly FEST check-ins with the FWB Mayor and Core Team to stay fully aligned on FEST-related project plans, milestones, blockers, tactics, partners, etc. They will support communication with the FWB community to ensure that members and $FWB holders can weigh in on important FEST decisions, and be a collaborative force in the programming and curating of next year’s event.

Using $FWB as FEST’s Cultural Currency

In order to draw more connectivity to $FWB and increase use cases for our community token, FEST passes will be available for purchase in $FWB for the first time ever—at a 15% discount for anyone who purchases in $FWB vs. fiat.

Additionally, from now until the moment the FEST ‘24 proposal goes up for vote, anyone can purchase the FEST 2024 Winamp Pass for the steeply discounted price of 55 $FWB. This pass will give all holders boosted voting power on the FEST ‘24 vote (or, if they’re not already an $FWB holder, it will bestow voting privileges upon them), as well as voting privileges on future FEST-related governance votes open only to pass holders. We see this as a way for our most avid FEST enthusiasts to secure their pass early, while signaling their desire for FEST to come back in 2024. So far, more than 85 Winamp passes have already been minted.

Core Team, Core Commitments

In 2024, reflecting on the DAO’s evolution, it’s undeniable that FEST is central to FWB’s core mission. This event has set in stone our commitment to the web3 community, and has functioned as a beacon that illuminates our core values and objectives. As FEST grows in stature, becoming “the social convening point of web3,” we are adding its production, curation, and marketing as an official part of the FWB core team’s annual suite of responsibilities.

FEST ‘24 Areas for Improvement

After FEST ‘23, we surveyed attendees to capture valuable insights on their experiences. While the resounding feedback was positive, we did identify several key areas of improvement that we will focus on for FEST 2024:

Increasing On-Site $FWB Holder + Member Benefits

In line with our commitment to the FWB community, we plan to introduce token-enabled member benefits at next year’s FEST. Recognizing the invaluable contributions of our members, we believe in offering them thoughtfully curated perks throughout the weekend to add an extra layer of exclusivity and appreciation. From daily complimentary coffee to special members-only hangs, we aim to sprinkle in moments of delight for our squad so that all FWB members feel the extra touch of recognition and gratitude they deserve during their festival experience. This objective will be achieved through collaboration with the Community Council, to ensure that our members have the ability to weigh in on what kinds of benefits and special programming they’d like to see at FEST. Additionally, we will once again host Member’s Day on the Thursday preceding FEST weekend, and hope to plan the day’s proceedings alongside our Community Council.

Upgrading our Food & Beverage Program

As one of our key areas of improvement from FEST ‘23, we will be changing our food and beverage offerings to cater to the diverse palates of the FWB community. For 2024, we’ll prioritize offering a wider and healthier variety of foods on-site, and we’ll work hand-in-hand with our beverage partners to review all pricing and options in order to keep costs as low as possible. Recognizing the community’s feedback, we’ll also work to increase the availability of snacks and water stations throughout campus.

Making FEST More Accessible

We are committed to improving physical accessibility on our festival grounds, and are working through methods to help facilitate movement up and down the hill to ensure ease of access for all attendees. We also propose to offer a more central source of accessibility-related communication during the festival, so that all attendees have a dedicated way to request information and/or accessibility-related transportation.

Improving On-Site Communication and Wayfinding

We are committed to enhancing the digital connectivity at FEST. Next year, a dedicated and secure Wi-Fi will ensure uninterrupted internet access for all attendees. To facilitate seamless navigation, strategically placed printed signs will help with wayfinding around campus, and will include a detailed event schedule so that attendees can easily reference what’s going on, and where. We’ll also refine our approach to a dedicated communications channel that features more real-time updates and allows for community interaction. Attendees can anticipate timely announcements, ensuring they remain informed and engaged throughout the FEST experience.

Emphasis on a Multifaceted Cultural Lineup

For FEST ‘24, we want to double down on our community’s multifaceted cultural interests by balancing our incredible musical lineup with more heavy-hitting visual art activations. For the FEST ‘24 soundscape, we propose to curate a lineup that leans into experimental producers. We’ve also heard the call for more art representation, and plan to expand our visual art program by including interactive installations and captivating dance performances peppered throughout FEST.

Focusing on 1:1 Connections

Many FEST ‘23 attendees noted that they truly enjoyed the more hands-on, collaborative workshop offerings this past year. Whether making pasta as a group, collaborating on a digital artwork, co-editing a zine, or playing music together, the programs that enabled FEST attendees to get to know each other in a more intimate and creative setting forged lasting bonds and enabled a deeper sense of connection. For next year’s FEST, we will help our community get to know each other better by programming more experiences that promote interest-aligned networking, 1:1 creative collaboration, and an overall sense of shared camaraderie.

Proposed FEST ‘24 Budget

Projected 2024 FWB Fest P&L

Proposed FEST ‘24 Timeline

Conclusion

As everyone who’s attended knows, FEST is a truly special event. There’s really nothing else like it, and we are excited to keep building on the model with the FWB community—and with the web3 community at large. To keep pushing the new internet forward, we need more spaces and dedicated moments where we can convene, share insights, forge lasting friendships, and bask in the warm, innovative culture we’re all working so hard to build. We hope that FEST ‘24, and all the connections we make leading up to it, will help uplift our decentralized corner of the internet to ever-higher heights. So, in conclusion: Vote Yes and LFG!!!