Neynar co-founder Rish Mukherji said the team has started a process to find new ownership or operating teams for Farcaster, Clanker, and Neynar. According to Odaily, the company is in talks with several teams that may be suited to operate decentralized social apps and related developer products.

Mukherji said changes over the past few months have left the Neynar team no longer suited to lead the next stage of development for these products. He added that the company will return funds on its balance sheet, most of which remain intact, while team members move in new directions. Mukherji also said he remains optimistic that Farcaster can find a long-term operating model in its next phase.