And Friend.tech has already made some of its top earners a hefty sum in a similarly short time. Esports influencers in particular have rapidly risen through the ranks to become some of the top passive earners, gaining tens of thousands of dollars each in a matter of days. Individual users make fees each time keys to their private chats are bought or sold. After a few minutes of setting up your account, you may be lucky enough to have “keys” to your chatroom ”bought” by other users or even bots.
Many decentralized applications in the crypto space have been criticized for requiring constant verification of transactions through MetaMask signatures. On one hand, the development of Web3 requires continuous exploration of new application scenarios and innovative approaches to attract new users. On the other hand, the social sector has already demonstrated its tremendous potential in the traditional internet domain. From social platforms like Facebook, Instagram, and TikTok, to mature WEB3 social DAPPs like CyberConnect, Debank, and Lens Protocol, the entire social ecosystem is growing stronger.
The selling price is actually the buying price minus what you want to sell it for (like the buying price for the 199th share). For example, if we say Cobie has 200 shares out there, each share you buy would cost you 2.5 ETH (the current price of Cobie’s shares). But if you try to sell your Cobie shares when there are 200 shares already, you’d only get 2.47 ETH for each share. The concepts underpinning BitClout and friend.tech share striking similarities. Every transaction within friend.tech is recorded on the blockchain, leaving no room for concealment.
Early Benefits of BASE Chain Launch
Users can employ bots to track and snipe (buy and sell) keys on their behalf, potentially earning money from the price differences in these transactions. When others buy a user’s keys, they gain access to private chat rooms and exclusive content from that user. Conversely, users can buy keys from others to access their exclusive content and engage with them directly. Unlike traditional social media platforms such as Facebook and Twitter that operate on centralized servers, DSM platforms are built on blockchain technology. This innovative foundation enables multiple, independent servers to operate them, contrasting starkly with the centralized models.
So, if you buy shares from someone who has just 1 or 2 shares and quickly sell them, you might end up losing a good part of your money. In place of a fixed rate, the cost for the subsequent share of an individual is determined via a quadratic bonding curve rooted in their current share count. Hence, the death of lifo the main thing that changes the price is how many of these shares are available. Given the hype around Friend.tech, people are cautious but want to get involved, and crypto industry leaders have praised Friend.tech network’s advancements.
Social Media Scour
- The essence of DSM lies in its ability to provide users with more control, privacy, and potentially, rewards for their content creation without exploiting their data.
- Friend.tech is a permissionless decentralised social media platform on the Base layer 2 network.
- These points will be transferable for a governance token that will give users rights to revenue, and could be potentially worth thousands of dollars.
- However, unlike when they were working on Kosetto, the team from Friend.tech appears to have received some financial backing for their latest project.
- However, this application is still in its embryonic stages, and not every operational aspect is elucidated.
- Still, most funds are part of what stats aggregator Dune calls insiders, with major developers and other people related to the project being the most significant stakeholders.
The ingenious deployment as a Safari-based mobile app bypasses the gatekeepers of centralized app stores, ensuring frictionless access for all. The foundation of friend.tech’s growth, intriguingly, can be traced back to a simple action — the “buy share” function that comes at zero cost. Every time a user mints their own share, the platform gains a new member. The last four days alone have witnessed an impressive upswing, with user numbers soaring by ~120%. When there aren’t many shares out there, this difference as a percentage of the selling price is quite big.
Community and Network Growth
Friend.Tech exemplifies a novel approach towards social interactions by tokenizing social credibility. This not only gamifies social engagement but also introduces a marketplace dynamic where interactions bear financial value. As of today, friend.tech boasts a cumulative ETH volume of 21,477 ETH, fostered a community of over 100k users, and facilitated close to 1.9m transactions. This resulted in total fees reaching 378 ETH, out of which 189.1 ETH found its way to the protocol, and an equal amount was distributed.
Regularly monitor hashtags like #FriendTechInvites on social media platforms. As the platform grows and more users interact by buying and selling keys, it creates a form of social economy where users can potentially profit from their social interactions and content. When you invest in someone’s account on friend.tech, the rewards transcend financial gain; they unlock a private realm where ideas, insights, and strategies flow freely.
The platform empowers users to tokenize their identity by selling and buying keys (previously known as shares) of themselves to their followers. An added incentive for participants in the Friend.tech ecosystem is that users classified as “creators” (as opposed to “followers”) see key prices increase as their networks grow larger. This obviously benefits creators by providing them more rewards in the form of fees.
What are the potential risks of participating in Friend.tech?
They can later choose to sell those keys if they decide to leave the chat. Friend.tech is a hot yet continuously controversial social trading protocol. From its token pricing model, it’s evident that the mechanism design inclines towards inducing a Fear of Missing Out (FOMO) among potential investors. Due to promising airdrop expectations coupled with occasional sharp profit effects, this project is bound to exhibit impressive user data in the short term. Currently, the momentum around Friend.tech is consistently rising with a rapid increase in active addresses and on-chain locked asset values. However, some within the crypto community have already looked into the history of the known online pseudonyms behind Friend.tech and there are already red flags.
Whether the hype is sustainable or not, Friend.tech’s decentralization, privacy, emphasis on authenticity, and diverse content options make it a unique and promising player in the social media world. Decentralized social media has a key part to play in Web3 and the wider internet, but it seems most opportunities and ideas remain limited to those already in the world of crypto. Friend.tech protocol has witnessed significant activities since its (invite-only) beta version launched on August 11, 2023. Eight days later, on August 19, 2023, Friend.tech announced that it had secured seed round funding from crypto venture capital firm Paradigm. This news sparked speculation about the possibility of an airdrop and a potential token launch in the future. Trading of a user’s shares generates a sales tax, which is distributed to the specific user.
Friend.tech takes this pre-existing aspect of Twitter and fleshes it out with a set of standardized crypto platform features, including airdropped rewards, fee sharing, and more. Like many other recent social media platforms, it requires that users have an invite code in order to join. This has helped to contribute to a highly competitive landscape in which eager would-be adopters search for codes, helping to promote the platform in the process. Users looking to get onto Friend.tech should access the site of the same name from a phone browser, which will allow them to add the app to their phone.
