Friend.Tech, a decentralized social network, has sparked interest among potential users during its beta launch. Users describe Friend.Tech as “the marketplace for your friends” and the newest social platform for Web3. Similar to platforms like Telegram, each user on the app has their own chat group. However, in order to enter other users’ private chats, one must purchase keys, which can be sold later if the user decides to leave the chat.
Friend.tech capitalizes on the concept of Twitter influencers selling tokens linked to exclusive content. It enhances this concept by incorporating standardized crypto platform features such as airdropped rewards and fee sharing. Joining Friend.Tech requires an invite code, leading to a competitive landscape as eager users search for codes to join the platform. To access Friend.Tech, users should visit the site from a phone browser and add the app to their phone. The app currently provides each member with three invite codes. Upon entering the app, new users can link their Google and X accounts and transfer Ether from Arbitrum to their base wallet address, enabling them to buy and sell keys and participate in private chats.
Within the past 24 hours, the crypto Twitter community has expressed enthusiasm for Friend.Tech. The platform, which boasts over 80,000 users and $50 million worth of trades as of Aug. 21, 2023, allows users to tokenize their social networks. This has enticed many NFT traders to switch over to Friend.Tech due to the liquidity it offers combined with the current bear market of NFTs.
By utilizing Base, Coinbase’s layer 2 network, Friend.Tech offers shares that provide access to gated influencer-specific chat rooms and exclusive content. The cost of buying shares encompasses the platform fee and payments to influencers or creators. Each buy-sell transaction related to shares incurs a 10% fee, with half going to the buyer/seller and the other half to the Friend.Tech treasury. Unlike other decentralized social network offerings, such as Damus and Mastodon, Friend.Tech allows users to tokenize their presence.
As the influencer group grows, the number of group shares also increases, without diluting the price of joining or selling shares. Instead, the accumulation of shares raises the base price of joining the group. Individuals can sell their shares if they wish to leave the group, providing a method of liquidation.
Considering Friend.Tech is still in its early stages, it can be seen as a means of tokenizing friendships. Users can purchase shares of their friends’ profiles, subsequently boosting their popularity. The initial purchase of shares occurs at a base price determined by factors such as the friend’s follower count, engagement levels, and overall influence.
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