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Farcaster is also a protocol. So is Bluesky/Atproto. But on Nostr most people view Farcaster and the eth place and Bluesky/Atproto as the left place. It's very hard for social protocols to overcome tribalism in 2025.
It is both and neither. It is more of a platform than FTP, but more of a protocol than Facebook. It feels enough like a platform and behaves enough like a platform, a decentralized and censorship-resistant one, that it makes sense to describe posts as being "on Nostr".