This infusion of financial energy contributes directly to the share owner’s earnings. To start using the app, you must obtain an invitation code and connect your X (formerly Twitter) account. Once these steps are completed, you must deposit at least 0.01 Ethereum (ETH) into the Base network. This deposit gives you access to all the features of the Friend.tech application.
This trust and investment are largely due to Paradigm’s support and endorsement. On Friend.tech, all transactions are subject to a 10% transaction fee, with 5% going to the purchasing party (KOL) and 5% to the platform as revenue. 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. Engage in communities centered around decentralized platforms, blockchain, or Friend.Tech itself.
Friend.tech has announced the distribution of 100 million points over a period of six months, which is widely believed to be related to token airdrops. This mechanism, combined with the user invitation system, enhances the motivation for users to actively invite new users to join the platform. At the same time, it also encourages users to purchase KEY from different KOLs to earn transaction fees and data.
The exclusivity of invitation codes plays to the platform’s selective community-building approach, though this may change in the future to accommodate a broader audience. Friend.Tech has mentioned airdropping points to active users every Friday, with a total of 100 million points distributed over a six-month beta period. These points are recorded off-chain and will have a special purpose once the beta period concludes, which may provide an opportunity for users to earn.
Monetizing Social Influence
For instance, if you secure shares of another user at $20 per share, and the base value then soars to $120, you possess the option to sell double entry accounting accountingtools those shares at the updated base value, raking in profits. Conversely, if the base value dips below your purchase value, let’s say $8, then you find yourself in a position of loss. He identified three key factors that make the app a significant breakthrough for cryptocurrency. This factor adds a dynamic layer by fueling social engagement with an opportunity to invest.
As a user, you join specific groups by paying a participation fee (in Ethereum), which gives you a share of that group. Later, if you leave the group, you can sell your shares to liquidate your investment. When group members experience a rise in share value, they have the option to sell their shares and exit the group. This means that joining a group has social benefits and potential financial gains. Each user will be given three access codes, which can then be shared to allow new users to enter the app. Friend.tech is built on the secure Base Layer 2 blockchain and is backed by Paradigm, a reputable venture capital firm known for supporting robust protocols like Uniswap and Lido.
What Is Friend.tech? The Hottest New Social App on Base
This article will explore what Friend.Tech is, how it works and how you can use Transak to get started on the platform. We will also provide you with free invite codes for the platform and tips on how to get more. 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.
With all the hype around this new social media platform and every racing to get on the bandwagon, getting your hands on a Friend.Tech invite code can feel like holding a golden ticket. Friend.tech’s remarkable technological twist comes to the fore through its foundation on Coinbase’s new tech; Base. At the heart of its financial framework lies a distinctive fee structure that amplifies both user incentives and platform growth. The platform thrives on a 10% fee levied on transaction volumes, of which 5% is thoughtfully directed to the individual owning the friend share.
Users discover Friend.tech and then have to reach out friends or other users to gain access to it. Users must install an app, log into it using their own Ethereum wallet, and deposit ETH to their Base account using a bridge. One issue is that, at this early stage, the app is still buggy, plus the bridges to deposit in Base are slow and sometimes broken. Friend.tech’s ingeniously designed incentive rules have fundamentally eliminated low-quality user accounts. Its early users and current promoters are all opinion leaders in a certain field, and these KOLs have a large and sticky fan base.
Sign up for free online courses covering the most important core topics in the crypto universe and earn your on-chain certificate – demonstrating your new knowledge of major Web3 topics. For the pseudonymous founders of Friend.tech, the bigger concern is sustainability. Indeed, a co-founder known as Racer told Decrypt that the initial launch was intended for load testing only, and the fact that the platform went viral came as a surprise. There has been a mad dash to try to scale the platform’s infrastructure and fix issues as they come up over the last two weeks. From the transaction data of the subject, there are currently about 343,000 transactions. From the number of transactions, it is more evident that on-chain transactions have become more active after August 18th.
What Is Friend.Tech and Should You Believe the Hype?
Firstly, it adopts an invitation mechanism as its marketing strategy, giving users priority access to Friend.tech’s Alpha version before others through invitation rules. Additionally, early participants in the project will also benefit from lower KEY prices as they join in the initial stages. Friend.tech generated extensive discussions among Twitter’s KOL community upon its initial launch, and its hunger marketing tactics have further fueled this trend.
- This fosters a more user-centric social ecosystem that prizes privacy, control, and financial incentive over mere engagement.
- Conversely, users can buy keys from others to access their exclusive content and engage with them directly.
- They can also search for users they are interested in by using the explore button and purchase their KEY.
- As more users join and engage on the platform, the value and utility of the social tokens (keys) may increase, fostering a vibrant and economically incentivized social ecosystem.
This strategy is similar to the airdrop strategy of projects like Blur, attracting users to use the product through long-term point incentives and expected token airdrops. Friend.tech is demonstrating robust growth and economic viability in the decentralized social media market. Recent data shows an impressive total of 847,621 unique shares traded and a vast trading volume of 312,019 ETH over 6,772,843 transactions. Friend.tech is a decentralized social app on the Base network that allows creators to connect with their audience in a personalized way by monetizing their influence through tokenized attention.
Friend.tech’s current approach centers exclusively around trading fees, without involving additional stakeholders or shareholders. Certain provocative individuals might exploit this setup to generate higher profits. This could involve using strategies such as spreading fear, uncertainty, and doubt (FUD) to manipulate the situation and increase fees. Imagine these shares as digital assets akin to any other; they’re susceptible to the oscillations of the market.
Each member of the platform currently is provided with three invite codes to give out. Once in the app, a new user links their Google and X accounts and bridges ether from Arbitrum to the base wallet address. At this point, they are ready to begin buying and selling keys and participating in private chats. Simply put, Friend.tech is a mobile-based social media platform with a cryptocurrency twist. 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.
What is Friend.tech, the social media platform that has everyone talking?
As more users join and engage on the platform, the value and utility of the social tokens (keys) may increase, fostering a vibrant and economically incentivized social ecosystem. Conversely, a few critics have also raised red flags against the decentralized social media network. According to Ignas, a decentralized finance (DeFi) researcher, Friend.tech only earns revenue through trading fees and not by having more shareholders.