Friend.Tech is a social media dapp that allows users to tokenize their friends. It launched on the COINBASE layer-2 network Base on Aug. 10 as degens flocked to the system.
It has been described as a “SocialFi” or “DeSo” platform which gives people the opportunity to buy and sell shares of certain Twitter accounts and social media profiles.
Crypto trader and investor ‘@DaanCrypto’ provided a guide to the latest platform taking crypto social media by storm.
The All-in-One Guide to Friend Tech ??@friendtech has taken this space like storm. It’s been getting a lot of traction, capital inflow and bringing up opportunities for everyone involved.
Here’s all you need to know ?? pic.twitter.com/PHKPHEPnHE
— Daan Crypto Trades (@DaanCrypto) August 20, 2023
Friend.Tech Fees Surge
On Aug. 21, DeFi analyst Miles Deutscher revealed that Friend.Tech has amassed more than $1 million in fees over the last 24 hours. DeFiLlama reveals that it has actually generated $1.4 million in fees over the past day, more than Tron and Uniswap.
Its daily revenue as of Aug. 20 was $710,000, according to DeFiLlama.
Furthermore, some of the biggest names on crypto social media have created accounts, driving momentum. It appears that airdrop hype is also doing the same.
Series A Funding
Friend.Tech recently raised $50 million in a Series A funding round led by VC giant Paradigm. The round came with “token warrants,” indicating a future token, said Deutscher, who added:
“An airdrop is a great marketing strategy as it gets people talking about and using the platform.”
Last week the platform announced a “reward points” program, which will be airdropped to early users of the project, however their exact utility is unknown. The points may be tokenized, but this is pure speculation at the moment.
Not all are convinced about the project, however, with some cautioning about gaming the system and a possible pump and dump.
Let me tell you one thing.
Something isn’t right about @friendtech.
?? Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?
?? The way pricing works is ridiculous and can be easily taken advantage of.
?? Pumps and dumps. pic.twitter.com/TJqcktEM6P
— Yazan (@YazanXBT) August 20, 2023
Other industry observers echoed the sentiment stating, “We are in a bear market, and there’s nothing to do,” before adding:
“Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months.”
