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Friend.tech takes this pre-existing aspect of Twitter and fleshes it out with a set of standardized crypto platform features, including airdropped rewards, fee sharing, and more. Like buy bitcoin cash india buy bitcoin via visa many other recent social media platforms, it requires that users have an invite code in order to join. This has helped to contribute to a highly competitive landscape in which eager would-be adopters search for codes, helping to promote the platform in the process.
Alongside pseudonymous co-founder Shrimp or Shrimppepe, the two developers created Stealcam, a Web3 social platform that allows users to mint images as NFTs, and “steal” them (really, buy them) for ETH. According to a tweet from Yuga Cohler, senior staff software engineer at Coinbase, friend.tech users create a profile to sell “shares” of themself to their followers. At this time, buying someone’s share grants owners the ability to exchange private messages with them. 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 Friend.tech and then have to reach out friends or other users to gain access to it.
For example, if we say Cobie has 200 shares out there, each share you buy would cost you 2.5 ETH (the current price of Cobie’s shares). But if you try to sell your Cobie shares when there are 200 shares already, you’d only get 2.47 ETH for each share. After depositing, you’ll be able to both buy and sell keys (shares), as well as issue your own. Essentially you create a pool with the ETH you deposited and your shares, and others will trade into that pool, adding ETH and taking out shares. Stealcam app includes a Share to Twitter button that helps creators and buyers promote their images to attract potential stealers. There are also filters to best online trading platform show only images offered by people with more than 1k or 10k Twitter followers.
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Their Twitter bio “Your network is your net worth,” encapsulates the idea behind friend.tech. Friend.tech essentially allows anyone on the app to bet on the social worth of other users on the platform, through the purchase of shares of the other user. Although the application is nascent, early metrics show its rapid adoption. According to data from Dune analytics, the application has facilitated over 126,000 transactions, and done 4,400 ETH in trading volume since its launch, over $8.1 million. Additional Dune data shows that it outpaced NFT marketplace OpenSea’s trading volume yesterday, doing nearly double the volume of the leading NFT marketplace. The platform is courting influencers who already have large Twitter followings, including influencers Jordan Fish, commonly known as Cobie, and pseudonymous trader Hsaka Trades.
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- Skeptics, spurred by concerns around price manipulation and pump-and-dump schemes, believe Friend.tech’s fate will be similar to DeSo’s.
- Stan is a Senior Editor at Mashable, where he has worked since 2007.
- Users must install an app, log into it using their own Ethereum wallet, and deposit ETH to their Base account using a bridge.
- 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.
- You won’t have access to the private chats and the airdrop, though (see below).
The growing interest in DSM represents a significant shift towards a more open web. This shift challenges the “walled gardens” mainstream social media platforms have erected over the years. Launched in August 2023, Friend.tech had a stellar rise, generating over $18 million in revenue within two months. With its unique social trading model, the platform drew widespread interest, attracting 1,043,701 users by the end of October 2023. Eventually, the market, and potentially future algorithms, hold the final verdict on what truly holds value, as echoed in the ebbs and flows of share prices. Upon entering the app, you will be given a complimentary chance to purchase your own friend shares.
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In Friend.tech V2, “Clubs” were introduced as another social feature. Though friend.tech activity has cooled down considerably, it’s still too early to say that most of the hype has died down. As the platform continues to distribute airdrop points, it will likely attract more users.
This way content creators earn much more than the standard 5% NFT royalties. Users were aware of that and still paid thousands for the opportunity to tweet — and then brag about it. Of course, many managed to re-sell their eggs for a profit — but once the account was suspended, people were left holding worthless NFTs. Base is the new optimistic rollup created by Coinbase together with Optimism. It uses Optimism technology (the OP Stack), and its gas currency is ETH. Base doesn’t have any token of its own, so don’t fall for any scam offers of “BASE tokens”.
Getting Access to Friend.tech
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The app markets itself as “the marketplace for your friends” on its website. Much like other, non-crypto social media platforms that are in beta — like BlueSky — Friend.tech requires users to have an invite code from other users in order to sign up. Friend.tech’s unique proposition lies in its ability to tokenize your online presence. As a user, you can join influencer groups by purchasing shares, known as “Keys.” These Keys grant you direct access to private group chats with the influencer.
This deposit gives you access to all the features of the Friend.tech application. Friend.Tech operates as a decentralized social network where individuals can tokenize their social credibility. However, accessing this app is not as straightforward as simply connecting your wallet or authenticating with socials. There are other steps involved, which act as a deterrent for users and FOMO-inducing ‘hypeman’ for Friend.Tech.
Trading of a user’s shares generates a sales tax, which is distributed to the specific user. This means that your network and the attention that you command directly correlate to how much you make from the people trying to trade your shares. Friend.tech is unclear on both of those fronts, which should make users question the long-term viability of sinking money into a half-baked project. From the founders pivoting from two previously failed projects, to a lack of transparency over data usage, users must take into account the potential risks they encounter as the platform continues to scale.
In the background, there’s a mysterious individual known as Racer, believed to be the mastermind orchestrating all of this. Racer has also been behind other networks like TweetDAO and Stealcam, leveraging sophisticated digital technologies. If there’s anything to know about the crypto space, it would be that it is a world where information is both highly sought and valued. The first it consulting hourly rates by country and specialization eggs minted at 0.1 ETH, but for every 100 NFTs sold, the price went up by 0.1 ETH to the maximum of 1 ETH. This way it’s not just the minters that have an advantage over secondary buyers — early minters also get an advantage over those who mint later, creating more hype.