Summary: Friend.tech, a novel decentralized social media platform, allows users to tokenize and monetize their online presence by offering "shares" of their digital profiles. Operating on Coinbase's Base Layer 2 network, it has gained notable traction with substantial trading volumes. The platform's unique feature set, including the ability to buy shares in others' profiles for exclusive interactions and its appeal to influencers, positions it as a blend of monetized social engagement akin to Only Fans in crypto.
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What is Friend.tech?
Friend.tech (@friendtech on X), is an emerging decentralized social media platform that introduces the novel concept of tokenizing social networks. This system allows users to offer "shares" of their digital presence to followers, essentially monetizing their online interactions. Developed on Base, Coinbase's Layer 2 network, Friend.tech is currently in an invite-only beta stage and has achieved a significant trading volume of 15,700 ETH (around $41 million) in its first week on launch.
The platform's functionality extends to enabling users to buy shares in others' profiles, opening the door to exclusive interactions like private messaging. This feature is especially attractive to influencers, drawing them to the platform. Friend.tech's business model, which combines elements of monetized social engagement and exclusivity, draws parallels to platforms like "Only Fans," but in the context of Crypto Twitter.
Friend.tech's swift rise in the Web3 social app sector is notable, having outpaced competitors like Lens Protocol and more centralized alternatives such as Farcaster. This success underscores the platform's innovative approach and the growing interest in decentralized, financially integrated social media models.
How to Use Friend.tech
Friend.tech, a pioneering app in the decentralized social media landscape, operates on the Base Layer 2 network. To access this platform, users require a Web 3 wallet, such as MetaMask. Currently in its beta phase, Friend.tech requires a beta access code for signup. These codes are often shared by influencers on Crypto Twitter, a hub for cryptocurrency enthusiasts and experts.
To start using Friend.tech, follow these straightforward steps:
- Set Up a Web 3 Wallet: Create a wallet with services like MetaMask or Coinbase Wallet. Ensure that Base is added to your list of supported networks in the wallet.
- Bridge ETH to Base: Utilize a reliable Base bridge to transfer Ethereum (ETH) to the Base network. This process is essential for transactions within the Friend.tech ecosystem.
- Install the App: Navigate to the Friend.tech website on your mobile device and add the application to your home screen for easy access.
- Finalize Account Setup: After installing the app, complete your account setup. This includes sending ETH to your account deposit address from your Web 3 Wallet connected to the Base network.
Friend.tech User Growth and Revenue
Friend.tech is revolutionizing how we understand social media dynamics in the crypto space, as evidenced by 847,621 unique shares traded and a remarkable 6,772,843 transactions. By tokenizing user-profiles and enabling trade, it creates an ecosystem where social engagement meets economic value.
The platform's vibrant activity and growth are highlighted by its 843,816 unique traders and substantial trading volumes in Ethereum (9,528 in buy volume and 6,201 in sell volume, with a total volume of 312,019 ETH).
Friend.tech has recently launched its first Friday Points Airdrop, delivering to a remarkable 44,000 users. This event marks the beginning of a six-month beta period during which 100 million points will be distributed. Here's a closer look at the details:
- Airdrop Schedule: Airdrops take place on Fridays, with a cutoff for qualifying activity at Thursday 11:59 pm UTC.
- Off-Chain Recording: These points are recorded off-chain, meaning they are managed outside the blockchain network.
- Transfer into Governance Tokens: An enticing aspect of these points is that, after the beta period, they will be transferred into Friend.tech governance tokens. These tokens will give users a say in the platform's direction, decisions and act as an equity stake.
- Ethical Usage: Friend.tech encourages users to interact with the app as they usually would without seeking specific methods to earn points. The company retains the right to modify previous distributions if any irregularities are found.
This initiative not only fosters community engagement within Friend.tech but also paves the way for decentralized governance. By transforming points into governance tokens, users become stakeholders, actively participating in shaping the platform's future.
Is Friend.tech Safe?
Friend.tech, a new protocol on Base Layer 2, represents an exciting development in the crypto space but not without its inherent risks. Like all smart contract platforms, there is a potential risk associated with this technology. However, it's essential to consider that Friend.tech is considered safe within the crypto community.
Backed by Paradigm, a prominent name in the field, and built by the well-regarded crypto Twitter personality 0xRacer, the platform has already gained trust. Though it is still in its early stages, the support from reputable entities and the expertise of its creator suggest a strong commitment to safety and integrity.
In summary, Friend.tech is a transformative force in decentralized social media, creatively blending cryptocurrency with social interaction. Its innovative profile tokenization and notable trading achievements mark a shift in how social media can integrate economic elements. The platform's commitment to safety, supported by reputable names in the crypto community, and its pioneering approach to decentralized governance, particularly through its airdrop program, establish Friend.tech as a significant and evolving presence in the digital world, offering a unique experience for both influencers and users.