What Is Friend.tech and How Is Everyone Making Money Out of It?

What Is Friend.tech and How Is Everyone Making Money Out of It?

Time Stamp: August 22, 2023 7:56 AM
  • Friend.tech allows users to tokenize their identity by buying and selling “keys” or shares of themselves to their followers.
  • Friend.tech platform processed 38,884 ETH (~$64.6 million) through 1.5 million transactions.

In the ever-evolving landscape of technology, a new phenomenon has captured the attention of tech enthusiasts, crypto influencers, and social media experts alike: “Friend.tech.” But what exactly is Friend.tech, and why is it grabbing the attention of several  people? 

Friend.tech is an application built on Coinbase’s layer-2 blockchain Base, which has introduced a transformative way for users to control their online presence. The platform empowers users to tokenize their identity by selling and buying “keys—previously known as “shares—of themselves to their followers. 

In turn, these followers become shareholders. Gaining the privilege of direct communication with the user and unlocking a new feature of personalized engagement in their preferred online spaces, such as Twitter.

Further, this innovative and decentralized social-focused app, Friend.tech, has rapidly gained popularity within the influential “Crypto Twitter” community since its launch on August 10. With a unique approach that intertwined social engagement and investment opportunities, Friend.tech is reshaping the way users interact with their favorite influencers.

How Does Friend.tech Work?

Once users purchase a share, they gain exclusive access to the influencer’s gated chat room. This unique forum allows followers to directly communicate with the influencer, creating a personalized and intimate engagement experience.

One of the most exciting aspects of Friend.tech is its dynamic pricing structure. That ties the growth of group shares to the number of participants. As more users join a particular group and the total number of shares increases, the base price of each share experiences a corresponding boost. This innovative approach to pricing adds an intriguing layer to the platform’s appeal, encouraging both engagement and investment.

Friend.tech Hype is on the Rise

The decentralized nature of Friend Tech is empowered by its integration with Ethereum’s scaling network. In a short span, the platform has facilitated a total volume of 38,884 ETH, equivalent to $64.6 million, across a staggering 1.5 million transactions. This rapid growth has positioned Friend.tech as a notable player in the tech scene. Ranking second in on-chain protocol activity globally within the past 24 hours, trailing only Ethereum itself, according to DefiLlama.

What Is Friend.tech and How Is Everyone Making Money Out of It? PlatoBlockchain Data Intelligence. Vertical Search. Ai.
Top earning protocols and networks (Source: DefiLlama)

The rapid rise of Friend.tech is evident by the prominent personalities in the cryptocurrency community, such as Racer, Cobie, and Hsaka. These shares have surged to values as high as 7 ETH, or nearly $11,644 at current market rates within few days.

However, the viral decentralized social media platform Friend.tech could pose certain risks that might impact its users. Also, the identity of Friend.tech’s founder remains undisclosed.

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