Friend.tech is a new decentralized social app that’s trending with a record $1.42 million in protocol fees within a single day, outpacing giants like Bitcoin and Uniswap.
It's a platform that allows users to tokenize social connections through buying and selling "shares" of their network.
Built on Coinbase's Base Layer 2 chain, Friend.tech's recent success has shown its ability to create unique interaction as shareholders gain exclusive access to content and private chats, turning digital connections into a monetizable assets.
Launched in its beta version on August 11, 2023, Friend.tech is the brainchild of the pseudonymous developer known as Racer, who previously contributed to social media networks leveraging nonfungible tokens (NFTs).
Operating on Coinbase’s Base Layer 2 chain, this platform is more than a social app; it pioneers a new way to tokenize social connections. Users can buy and sell “shares” of their connections, creating an innovative space for interaction and exclusive content access.
The platform's purpose lies in its vision to allow crypto influencers and other users to monetize their connections, all while improving relationships with key figures in the crypto world.
Friend.tech has not only introduced a new concept but has also shown its effectiveness by rapidly generating impressive revenue.
Imagine connecting with people not through mere follows or likes but through tangible shares you can trade.
The process offers a unique monetization opportunity and cultivates a deeper user connection. Shareholders gain exclusive access to private chat rooms and special content, creating a community that thrives on meaningful interactions.
As for the revenue model, it's clear-cut: Friend.tech imposes a 5% transaction fee. This fee and the spread between buying and selling prices generate profit for shareowners.
The concept doesn't just revolutionize how we socialize; it opens up a new frontier in how we perceive value in connections.
The decentralized social platform, Friend.tech, has witnessed remarkable growth since its beta launch on August 11th.
Within just over a week, the platform has generated revenue exceeding $2.8 million and has executed over 769,528 transactions.
According to DeFiLlama and Dune Analytics data, Friend.tech has engaged more than 66,000 unique traders and accumulated a massive trading volume of $26 million.
Its daily active users have surged to 136,000, enabling it to outpace even renowned layer 2 networks like Arbitrum and Optimism.
Adding to its fame, several high-profile members, such as Y Combinator CEO Garry Tan and NBA player Grayson Allen, joined the platform recently. This growth speaks volumes about Friend.tech's innovation and the growing interest in monetizing social connections within the crypto community.
The platform has already caught the attention of the crypto world by monetizing connections. Let’s take a look at the user experience and community feedback.
Friend.tech’s new approach to social connections through tokenization has caught the attention of users and investors and raised some questions about the regulatory landscape.
In today's world, governments and regulators are closely watching the crypto industry. Friend.tech must actively clarify legal uncertainties. Collaboration with legal experts will be essential to align with ever-changing regulations across different regions.
User trust is also vital for the platform's success. Tokenizing social connections raises questions about data security and the morality of turning personal relationships into commodities.
Friend.tech needs to establish a reputation for transparency and integrity. Clear guidelines on personal data usage, safeguards against system abuse, and adherence to ethical principles are necessary.
The platform must balance innovation with legal compliance and ethical conduct. These challenges, common in the dynamic crypto world, will likely shape the platform's sustainability and success.
Friend.tech's new-age social networking model has gained prominence, letting users profit from online connections and changing how we view online interaction.
With fast growth, a strong revenue framework, and support from renowned figures, its future looks bright. However, whether this model is sustainable over the long term is yet to be seen.