Just available in mobile. no PC version yet. Required to put in Invite Code
Friend.tech has quickly become the most popular application on Coinbase’s Base chain.
Friend.tech allows users to buy and sell tokenized shares of crypto personalities. Owning shares gives users direct access to interact with the individual via private chat within the app. Twitter personality Cobie, is currently the most expensive at 1.22 ETH a share.
As of today, friend.tech has processed over 300,000 transactions from 23,000 unique users. Since users on the app receive 5% of their share’s trading volume, that’s translated to $650,000 in user revenue in less than a week (5% of $13.25 volume = $650K).
It is a new social media platform that allows users to tokenize their social networks.
In essence, people can sell “shares” of themselves, and these share owners can privately chat with the person they own shares in.
The app has been growing rapidly since its launch in August 2023.
It has processed over 300,000 transactions and generated over $650,000 in user revenue in less than a week.
There are a few reasons why Friend.tech has been successful up to now.
First, it taps into the growing trend of tokenization.
Tokenization is the process of converting an asset into a digital token that can be traded on a blockchain. This has made it possible to create new markets for assets that were previously illiquid, such as social media influence.
Second, Friend.tech offers a unique value proposition.
By allowing users to sell shares of themselves, the platform gives them a way to monetize their social networks. This can be a valuable way for influencers to generate income, and it can also be a way for people to get closer to their favorite celebrities.
Third, Friend.tech is built on relatively faster blockchain
Base is a fast and scalable platform that is well-suited for more transactions than ethereum.
This makes it possible for Friend.tech to offer low fees and high throughput, which is essential for a social media platform that is expected to handle a large volume of transactions.
But still the cost and speed seem to be not enough to manage dense transaction requirements. Soon, it may get serious challenges as Solana got before if this trend keeps going on.
Friend.tech is a new social media platform that has the potential to disrupt the traditional way we interact with influencers.
It is still early days, and it will be interesting to see how it evolves in the coming months and years.
The pros and cons of Friend.tech:
Pros
-Allows users to monetize their social networks
-Provides a unique way to interact with influencers
-Built on a fast and scalable blockchain platform (This may mean that at this moment Base may not cover huge requirements. But later, it may be possible)
-Low fees and high throughputCons
-Still in the early stages of development
-Lack of transparency about how the platform works
-Potential for abuse by bad actors
Overall, Friend.tech is a new and innovative social media platform with the potential to change the way we interact with influencers. However, it is important to be aware of the risks involved before using the platform.