One of the biggest crypto launch in 2023 would be Friend.tech. It was launched recently in August 2023 and have earned almost $20 million since!
What is this new social network, what constitutes its success and should you get into it?
Let’s find out!
What is Friend.tech?
Friend.tech is a decentralized social network that positions itself as “the marketplace for your friends.” It has a rather unique proposition, essentially allowing you to monetize your clout (or your friend’s clout).
Users can obtain and exchange “keys,” previously referred to as “shares,” tied to specific Twitter (now X) accounts. These keys grant access to private in-app chatrooms and exclusive content provided by the X user.
Within the app, each user has a chat group similar to those found on platforms like Telegram. However, there’s a twist – users need to purchase keys to gain entry into other users’ private chats. Should they decide to exit the chat at a later point, they have the option to sell these keys.
Friend.tech’s growth has outshone other social token systems. Within just two weeks of its launch, the platform reportedly raked in a staggering $1 million in fees! This amounts to 5% of the transaction value within a single 24-hour period, resulting in over $700,000 in ether revenue after accounting for gas fees and associated costs.
Users, in general, receive fees every time keys to their private chats are either bought or sold, contributing to their earnings. Impressively, Friend.tech has quickly turned some of its top users into substantial earners. Notably, esports influencers have rapidly climbed the ranks, earning tens of thousands of dollars within a few days.
Why has Friend.tech been so successful?
Three main factors that made Friend.tech such a success lies in:
1. Simple Access
The app doesn’t require users to download via an app store account, which points more strongly to the idea of decentralization.
2. UI/UX
Users can bridge funds to the app automatically, reducing the need for convoluted transactions.
3. Ease of confirming transactions
Last of all, the app allows users to deposit their ETH once and then buy and sell shares without ever having to sign a transaction again. There are no complicated signatures to confirm or gas fees to be paid for each transaction.
The constant need to verify transactions via MetaMask signatures has been a major criticism of many decentralized applications in the cryptocurrency space.
What’s driving the Friend.tech hype?
When friend.tech was launched, it was kind of fun to be able to trade another person’s share or keys. There was a major hype but it soon went down drastically as there was no fresh content provided. The “Ponzi-nomics” is now apparent for users who have been early in the space and most who remain are merely farming an airdrop announced by the developers.
For a new user to enjoy any possible profit, you’ll either need to hyped up your keys such that they are worth more than you bought it, or encourage other people to trade your keys so that you earn a portion of that trading fee.
These actions are currently sustaining the volume on friend.tech but users are more interested in the airdrop compared to the value of their own keys. That’s because airdrops in the crypto space are very profitable, often providing thousands in terms of free money to users of the platform or network.
Is It Time to Board the Friend.tech Hype Train?
With the hype going on and an airdrop looming over the platform, should you be on the friend.tech hype train?
Well, nothing in life comes for free.
To profit off the Friend.tech hype, you’ll need to:
- Understanding how to use friend.tech and bridging your ETH over to the app is just your first challenge.
- Next, you will have to figure out whose keys would appreciate in value over time,
- Or promote yourself to others to encourage them to buy your keys and increase your value instead.
If you already have a following on the internet, things will be much easier, if not chances are you are possibly just one of the rungs on the “ponzi-nomics” ladder in the entire space.
You may think that farming the airdrop sounds easy, but again there is no guarantee that your capital and time poured into the platform would generate a net profit in the end.
I’m not saying that Friend.tech will not succeed. However, you should only board the hype train with an end goal in mind to ensure that your expectations don’t fall too far from reality.
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