So when friend.tech grows, the spread rate will reduce, and only people with large accounts — more outstanding shares — will be better positioned to make profits. Prior to friend.tech, the developer duo had launched another crypto social app, Stealcam. Stealcam allows users to upload any photo onto the blockchain, where the photo will be blurred beyond recognition and placed on the app for all to see as an NFT. Users can then pay to steal the NFT, at the same time revealing it to them.

A look into Friend.tech, the trending social app on Base that lets you trade shares of Crypto Twitter personalities. Scammers have already descended on Friend.tech after seeing how quickly it has blown up. Multiple phishing campaigns have already spread, attempting to trick users into signing up for a fake airdrop scheme which would then effectively drain their crypto wallets.

The next step is to link your Twitter (X) account to the Friend.tech app and authorize access to X. You can even send out three of your invite codes to accrue additional points. It is worth noting that one can even solve the “supply” function if the current share price of the creator is known — which is easy considering it gets displayed below the creator’s name. Just to reiterate, Friend.tech is still in the invite-only beta stage, and we are waiting on an official launch. As of Aug. 21, 2023, the app has accumulated over 80,000 users, with over 1 million trades worth $50 million.

Here is a thread that captures how the number of active buyers and sellers spiked after the Paradigm funding news. Friend.tech has recently renamed Shares to Keys, depicting its true utility as a way to unlock chatroom access to followers. Friend.tech has also revealed a BuildonBase bridge to facilitate quite intra-UI transfer of ETH, making the adoption curve less steep for users. 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.

  1. Do note that as friend.tech is still a very new app, do not transfer into the app more than you are willing to lose and exercise due diligence when interacting with the app.
  2. In the first two weeks after its launch, the platform reportedly gained more than 100,000 users and made about $25 million.
  3. However, the spread rate, which is equal to the (buy-sell/ selling price) x 100, should decrease.
  4. The best way to get an invite code is via Twitter (X) or Reddit forums.

Friend.tech introduces a unique and effective way for content monetization. Users generate income by offering exclusive content and privileges to users who purchase one of their Keys. It is Coinbase’s native chain and also an optimistic rollup-drive layer 2 network on Ethereum.

Pocket Network

For iOS users, your device will have to be updated to the latest version for this to work. The absence of a privacy policy, the control of wallet keys by Friend.Tech, and the background distributed ledger technology examples history of its creators all contribute to the question of safety. They previously initiated an NFT project called KosettoIsKawaii and have not provided updates since early 2023.

Akash Network

By allowing users to invest in and engage with their favorite influencers, it presents exciting opportunities. However, addressing concerns related to safety, transparency, and scalability will be essential for Friend.Tech to secure its place in the world of decentralized social networks. As it continues to evolve, it’s a platform worth watching and exploring, albeit with caution. This gives a direct line to the influencer and access to the private group chats.

That said, there is no guarantee or obligation for said user to reply to your messages. Once you’ve acquired an access code, you will have to sign up using an email or a phone number, and then link your Twitter profile to the application. Your Twitter profile will serve as the public facing profile on friend.tech. 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.

Additionally, each person who signs up receives three invite codes to give away to friends to join the app. Based on the equations, the difference between the buying and selling prices of shares should increase over time. However, the spread rate, which is equal to the (buy-sell/ selling price) x 100, should decrease.

Buying and Selling Shares

For instance, you can buy shares of your friend’s profile, eventually amping up their popularity. As mentioned earlier, the first share buy happens at a base price — a value determined by the follower base on the friend, engagements received, and also overall influence. The follower base of influencers or Friend.tech users buy shares (keys) to get a direct line with them. The shares, on the other hand, give access to gated influencer-specific chat rooms, exclusive content, and more.

Still, most funds are part of what stats aggregator Dune calls insiders, with major developers and other people related to the project being the most significant stakeholders. The usage statistics from the first few weeks of launch make a clear statement; friend.tech has successfully caused a buzz, and Crypto Twitter is excited about how to access airport lounge it. In order to use the Friend.tech app, you must first create an account. It will be interesting to see what these points mean by the end of the invite-only beta period. As for the qualification, Friend.tech announced on Aug. 15, 2023, that 100,000,000 points would be distributed to the beta app testers over a period of six months.

Note that you must get an invite code from an existing member of the app. The best way to get an invite code is via Twitter (X) or Reddit forums. Regardless of the popularity, it’s important to understand how Friend.tech works before participating in the ecosystem. In the following section, we will explore some of Friend.tech’s core elements and features.

While we shall discuss this at length, the relationship depends on the shares relevant to a given group. Over time, shares tied to a specific creator or a profile might be known as social tokens. And they might can you earn bitcoins from mobile phones in 2020 even experience volatility if a lot of trades start gracing the platform. There have been many so-called decentralized social network offerings over the past few months, including Damus, Mastodon, and more.

On the surface, it is a social media application, but its mechanisms are driven by decentralized networks and crypto assets. As a creator, you sell shares (keys) of your account or, rather, your social presence. If your engagement keeps increasing, the prices of your shares keep going up, and vice versa. Therefore, friend.tech aims to combine the social benefits of interaction with financial benefits. For creators, the financial benefits include incentives, and for the followers, flipping shares at higher prices — provided the creator’s popularity increases — is the way to procure monetary perks.

The price of keys is determined based on the concept of a bonding curve. In this way, Friend.tech can be seen as a social media platform—or, perhaps more specifically, a sort of offshoot of X. Popular Twitter users have previously found success (and sometimes legal trouble) by using the platform to sell tokens that they themselves launched or which they’ve been paid to promote. Sometimes these users would incentivize the sale of these tokens by linking them to exclusive content. Friend.Tech is undoubtedly an innovative platform that’s pushing the boundaries of traditional social networking.

By purchasing keys for creators whose popularity is on the rise, users can later sell these keys at a profit when their value increases. Friend.Tech officially launched on August 10, 2023, marking the beginning of its journey in the world of decentralized social networking. However, unlike when they were working on Kosetto, the team from Friend.tech appears to have received some financial backing for their latest project. Friend.tech has received a round of seed funding from the crypto VC firm Paradigm, something that might ease the minds of users investing in the social media app. Friend.tech has been described as a decentralized social Web3 app and, with all those buzzwords lumped in together, one can be sure there’s a lot of inorganic hype behind this one as well. Every user controls their keys and directly benefits from their key’s growth.

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