By Nikolai Kuznetsov
Friend.tech began its journey in the spotlight as a Web3 social application based on X.com (formerly recognized as Twitter), stimulating the interests of influencers, material developers, and even NBA stars.
Built on Coinbase’s layer-2 blockchain Base, Friend.tech presented a brand-new method for popular figures of the so-called Crypto Twitter to offer worth for their audience while including appropriate moneymaking for interactions.
Each user can quickly “tokenize” their existence on social media, and others can invest in these “social tokens” called Keys. So, if a user has a Key to an influencer or a celeb, they can have a direct interaction with the related individual. Bringing a brand-new method to how subscriptions work in Web3, Friend.tech skilled an preliminary boom.
In simply over 10 days, the platform managed to onboard more than 100,000 users —a exceptional accomplishment thinkingabout Web3 social media is still thoughtabout a specificniche.
Big Numbers
The platform saw strong adoption from the crypto neighborhood on Twitter and quickly got traction. The app processed a overall volume of 33,596 ETH – around $55.5 million – through 1.29 million deals in the course of eleven days, bringin the interest of even the non-crypto neighborhoods.
Friend.tech’s rapid development as a Web3-native platform throughout a lasting bear market didn’t go undetected by the crypto community as well. Yosuke Utsumi, the creator of the horse racing-themed NFT videogame Neobred, applauded Friend.tech’s preliminary efficiency as a testimony to the strong resiliency and commitment of the crypto neighborhood, which stuck together through the “highs and lows, carpet pulls and successes that haveactually been a part of our Web3 journey.”
Utsumi touched upon the platform’s special technique, mentioning that Friend.tech, unlike conventional applications such as X.com or Threads, empowers material developers by offering a indicates of inspiration and permits influencers to straight determine and link with their most ardent fans.
So, aside from its Web3-native functions, what precisely did Friend.tech right as a social media platform? Hosam Mazawi, a.k.a. CryptoAnalyst, the co-founder of a Web3 videogame, argues that its focus on smallersized group talks rather of feed-based material usage was secret to Friend.tech’s success.
“Most social media feeds are turning into video advertisements,” keptinmind Mazawi. “Some run as native advertisements, others run by influencers.” So, it’s rather hard for users to discover something to read and discover from. There is no longer a individual touch, according to Mazawi, and the number of bots publishing material on social media feeds hasactually endedupbeing a huge issue.
Friend.tech, on the other hand, lets users gather secrets of individuals who they really understand and desire more of their material. Mazawi, who was the 16th user of the app throughout its alpha release, included that its company design is likewise various and more uncomplicated compared to the conventional social networks that rely on user-generated content: “If everybody stops publishing, the feeds of conventional social media platforms would be all advertisements. UnitedStates publishing is what keeps them afloat.”
Despite the preliminary development, nevertheless, Friend.tech might just briefly hold the primary phase throughout social networks: Just a week after its Aug. 21 peak, day-to-day deals on the platform have dropped by over 95% from 39,000 to listedbelow 1,500. People were currently doubtful about its explosive development and the requirement of an preliminary deposit. The absence of a transparent personalprivacy policy and a clear roadmap didn’t aid, either. Public viewpoint s