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What Is Friend tech? The Biggest Social App on Base

Also, airdrop discussions often bring in more users and revenue, which is good news for both friend.tech and Paradigm. Once the link becomes live, look for the “share” button at the bottom of the screen and tap the “Add to Home Screen” shortcut. As the influencer group expands, the number of group shares also increases. In this case, the rise in the number of shares doesn’t dilute the price of joining or the price at which shares are sold.

  1. However, to profit over the long term, you may need more shares from a particular creator.
  2. The lack of scalability and transparency issues could hinder its growth.
  3. The money spent by you is inclusive of the platform fee and also what the influencer or the creator gets.
  4. This was followed by reports of its early demise, which was in turn followed by a sudden surge in popularity.
  5. This website is using a security service to protect itself from online attacks.

Buying shares also entitles the holder to a private chat with that user. So if you bought a share of Cobie, you would be able to message Cobie directly via friend.tech. That said, there is no guarantee or obligation for said user to reply to your messages.

Profitability concerns

Users generate income by offering exclusive content and privileges to users who purchase one of their Keys. When purchasing “Keys”, the money spent is inclusive of the platform and creator fees. For every share-related buy/sell transaction, there is a 10% fee, of which half goes to the person you are buying from, whilst the other half goes to the Friend.tech treasury. The easiest way to get your hands on one is through friends, Reddit forums, or a X search. Once you have your code, you’re ready to set up a Friend.tech account (check the next section). Getting an access code from someone who is already a user on the app.

While the concept of shares or keys looks self-explanatory, the price appreciation needs highlighting. As mentioned previously, the price of keys follows the concept of the bonding curve, which often leads to exponential price surges. You can how to buy mirror protocol think of it as the basic price to enter a group, as the influencer can only interact via group messages, even to direct messages and requests. If you have purchased shares and joined a group, you can later sell the shares to exit the group.

Which chain is Friend.tech on?

Friend.tech is a mobile-only application, but unlike most apps, it is not downloaded from the App Store or Google Play Store. Instead, users will have to visit friend.tech and save the page to their Home Screen on their mobile device. For iOS users, your device will have to be updated to the latest version for this to work. A look into Friend.tech, the trending social app on Base that lets you trade shares of Crypto Twitter personalities.

The surge of decentralized social media  represents a transformative phase in mass social interactions. As creators and their fans explore the platform, it is recommended that they understand the potential privacy concerns as outlined above. Also, note that this article is only for educational purposes and not financial advice. Beyond the social aspect, friend.tech also has an airdrop tab, which opens up a point system. Points are airdropped on Fridays, and according to the app, these points will have future uses in friend.tech.

Two weeks after its launch, Friend.tech earned a reported $1 million in fees, equivalent to 5% of the value of each transaction, in a single 24-hour period. That translates to more than $700,000 in ether revenue after accounting for gas fees and other costs in just a day. However, we have seen that crazes fizzle out quickly in the crypto and web3 space. Yet, Friend.tech hinges a lot on creator economy and social tokenization, ensuring that if creators produce relatable and good content, their shares might remain in demand.

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. There have been many so-called decentralized social network offerings over the past few months, including Damus, Mastodon, and more. Yet, Friend.tech is different as it actually allows users to tokenize their presence. With Friend.Tech riding the decentralized social media wave, attending blockchain or crypto-related events might put you in the same room (virtually or physically) with existing users. As more users join and engage on the platform, the value and utility of the social tokens (keys) may increase, fostering a vibrant and economically incentivized social ecosystem.

The lack of scalability and transparency issues could hinder its growth. While it offers a novel way to engage with influencers, the platform needs to overcome these obstacles to thrive as a social media platform. Friend.Tech officially launched on August 10, 2023, marking the beginning of its journey in the world of decentralized social networking.

What makes it unique?

As it continues to evolve, it’s a platform worth watching and exploring, albeit with caution. Friend.tech is a compact web3 social media application that claims to connect creators to their audience in a gamified manner. Friend.tech’s operations how to use debug log in unity without affecting performance range from tokenization to seamless interaction that leverages blockchain technology and cryptocurrencies. On the surface, it is a social media application, but its mechanisms are driven by decentralized networks and crypto assets.

What Is a Blockchain-Agnostic Protocol?

For that to work, your iOS needs to be updated to the latest version. As there is a quadratic equation involved, the floor price of the share might increase or decrease steeply, qualifying the entire gig as SocialFi one. The fact it has been tried on other platforms and DIDN’T work just adds to it.

They previously initiated an NFT project called KosettoIsKawaii and have not provided updates since early 2023. This raises questions about their commitment and the potential for Friend.Tech to face similar issues. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Sign up for free online courses covering the most important core topics in the crypto universe and earn your on-chain certificate – demonstrating your new knowledge of major Web3 topics.

Also, buying and selling shares on Friend.tech generated 1 million in fees in less than 24 hours from its launch. That makes the $200 million figure in 6 months a realistic proposition. In this early stage, the users need an invitation to start using the DApp, leading to a fear of missing out on the fever boosting the stats. Users discover 6 ways to get free bitcoin in 2021 guide 2021 Friend.tech and then have to reach out friends or other users to gain access to it. Users must install an app, log into it using their own Ethereum wallet, and deposit ETH to their Base account using a bridge. One issue is that, at this early stage, the app is still buggy, plus the bridges to deposit in Base are slow and sometimes broken.

Its unique use of Keys, combined with factors like a creator’s influence and demand, creates an intriguing environment for both creators and users. Several security concerns have been raised by individuals within the crypto community. One of these concerns is that wallet Keys reside on Friend.tech’s server, which is partially custodial. This poses security risks due to potential hacks and dependency on third-party accessibility. Friend.tech introduces a unique and effective way for content monetization.

The next step is to link your Twitter (X) account to the Friend.tech app and authorize access to X. The absence of a privacy policy, the control of wallet keys by Friend.Tech, and the background history of its creators all contribute to the question of safety. Your smartphone might contain sensitive information, and giving access to it via a new app might not be prudent. The airdrop schedule started on Aug. 19, 2023, benefitting 44,000 users in the process. Just to reiterate, Friend.tech is still in the invite-only beta stage, and we are waiting on an official launch.

NBA player, Grayson Allen, plus known crypto moguls Cobie and Gainzy and trading influencer RookieXBT are all part of the Friend.tech community. Tokenization and true ownership are some of the most important features of cryptocurrency and blockchain technology, respectively. Friend.tech attempts to tokenize influence and attention in a rather interesting way. It will probably strive to oust centralized creator economies like Onlyfans while deploying its technology on the Base network.

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