You can invest in your friend’s social network or any set of users to tokenize their credibility. This decentralized social app is different than anything we have ever seen. You can buy that social token, sell it for a higher price, or keep holding it as the token appreciates in line with the users’ credibility. The whole point is to sell and buy actions that are part of the user’s holdings to chat with them or to access preferred content. It’s a protocol of social tokenization, and its application reached more than 100,000 users just a few days after its release on August 10.
This attracts airdrop hunters, who are looking to claim their place as early adopters and stand a chance of benefiting from any planned rewards in the future. Speculations around the earndropped tokens being used in the project’s governance have also stirred engagement even more. As it continues to develop, the platform is expected to keep attracting users and empowering creators. There’s a lot to look out for with Friend.tech, and it will be interesting to see how it shapes up in the future.
Once a user completes their account creation and funds their wallets, Keys are created on their accounts, which other users can purchase to gain access to the account creator. Every user account on Friend.tech has keys; however, the value of the account’s keys is tied to the owner’s influence and how much these are sought after. Users gain rights to a friend’s attention or influence by buying their platform tokens, which are known as keys (previously known as shares). And Friend.tech has already made some of its top earners a hefty sum in a similarly short time.
As friend.tech is in its infancy, you can look at it as a way to tokenize friends. 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 how to buy sell and trade cryptocurrencies received, and also overall influence. Friend.Tech operates as a decentralized social network where individuals can tokenize their social credibility. Unlike traditional social media platforms such as Facebook and Twitter that operate on centralized servers, DSM platforms are built on blockchain technology.
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 even experience volatility if a lot of trades start gracing the platform.
An added incentive for participants in the Friend.tech ecosystem is that users classified as “creators” (as opposed to “followers”) see key prices increase as their networks grow larger. This obviously benefits creators by providing them more rewards in the form of fees. But it also benefits their followers if they choose to sell their keys, assuming they have appreciated in value since the time they first purchased them. 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.
- Friend.Tech operates on an invite-only basis, at least for now, ensuring a curated user base.
- Esports influencers in particular have rapidly risen through the ranks to become some of the top passive earners, gaining tens of thousands of dollars each in a matter of days.
- It will probably strive to oust centralized creator economies like Onlyfans while deploying its technology on the Base network.
- There are other steps involved, which act as a deterrent for users and FOMO-inducing ‘hypeman’ for Friend.Tech.
- Here is a thread that captures how the number of active buyers and sellers spiked after the Paradigm funding news.
This innovative foundation enables multiple, independent servers to operate them, contrasting starkly with the centralized models. Every user controls their keys and directly benefits from their key’s growth. In this way, friend.tech appeals to influencers, as it offers them a new monetization stream. As more popular personalities are jumping on the bandwagon, they are also carrying their followers along for the ride. After all, friend.tech presents opportunities to followers to interact with their favorite creators, as they can buy their way into a conversation with their idols. Despite challenges such as privacy and security concerns, the platform sees these as opportunities for growth and improvement.
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The money spent by you is inclusive of the platform fee and also what the influencer or the creator gets. The buying and selling of keys create a marketplace dynamic where social interactions 10 most popular web development frameworks mpc have a financial value. The price of a user’s tokens can increase with demand, and users can cash out their earnings through any Base wallet, converting it back to ETH.
When others buy a user’s keys, they gain access to private chat rooms and exclusive content from that user. Conversely, users can buy keys from others to access their exclusive content and engage with them directly. Not unlike most new crypto apps, users have already begun speculation over the airdrop potential of friend.tech.
Why Is Friend.tech So Popular?
Simply put, Friend.tech is a platform aimed at creator monetization. The follower base of influencers or Friend.tech users buy shares (keys) to get a direct line with them. Ideated by Twitter user oxRacerAlt and Shrimppepe, Friend.tech comes from the home of other established projects, including the Stealcam. The shares, on the other hand, give access to gated influencer-specific chat rooms, exclusive content, and more.
Furthermore, the application is incredibly easy to access as it’s available for download on both Android and iOS, allowing users to manage their activities conveniently from their smartphones. Once you have gained access to the app, you must log in and link your Twitter (X) account to the app through your phone number or Google account. Visit Friend.tech via your phone browser or computer and download the Friend.tech app. 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.
You can even send out three of your invite codes to accrue additional points. The concept of the bonding curve works similarly for automated market makers. This allows users to buy and sell assets against a set pricing formula.
When was Friend.Tech Launched?
Many users have also tweeted about disconnecting Twitter accounts for the sake of improved privacy. Once you are in, you need to log in using your Google account and link the Twitter (X) profile. Post that, you need to bridge some Ether (ETH) — 0.01 ETH minimum —from the Ethereum mainnet or Arbitrum to the base wallet address that will be displayed. Notably, the base wallet addresses might take some time to reflect the ETH that you send to them from the mainnet. There’s a new trend in Base, the second-layer solution built by Coinbase COIN to help scale Ethereum ETH .
What Is Friend.tech? The Biggest Social App on Base
In this ever-connected world, Friend.Tech represents a new way of engaging with the online community. By tokenizing social influence, it introduces a unique dimension to social networking. As with any innovative platform, it comes with its share of concerns and potential pitfalls, but it also offers the promise of an exciting future. Whether Friend.Tech becomes a major player in the world of social media or not, it’s certainly contributing to the evolution of how we interact and connect online. Friend.tech is a decentralized social network where friends or, rather, their networks become Shares or Keys.
Friend.tech discussions are all over Twitter (now X), with users clamoring to access invite codes and join. As the platform grows and more users interact by buying and selling keys, it creates a form of social economy where users can potentially profit from their social interactions and content. Using how to buy rainbow currency the base network explorer, it is possible to trace user accounts on the platform to their wallet addresses while they transact on friend.tech, which users are aware of. Users are also required to provide a phone number during the account creation or signup using their Google or Apple accounts.
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. Each user on the app has a chat group akin to ones found on platforms like Telegram.