One of the most talked about topics among the crypto community right now is Friend Tech. So what are the details of this emerging social media trend?
friend.tech is a new on-chain social app that allows users to create a profile and sell their “stocks” to their followers. By buying someone’s stock, shareholders can exchange private messages with that person and potentially profit from that person’s popularity.
The app runs on Coinbase’s Ethereum layer-2 solution Base, which was also recently released.
friend.tech was launched on August 10, 2023 and quickly gained traction in the crypto community, with users even competing with each other to get invitation codes. As of August 19, the platform has reached a volume of more than 11 thousand ETH in about 10 days since its launch, the number of unique users exceeded 39 thousand and a cumulative total of over 51.8 thousand transactions.
The platform was developed by Racer (@0xRacerAlt), the lead developer of TweetDAO and Stealcam, two other decentralized social networking experiments.
To access the platform, users need to get an invitation code, connect their Twitter account and deposit at least 0.01 ETH on the Base network.
Chatting with the Founder and Other Members in the Groups Joined by Purchasing Shares
After entering the application, users can create their own groups or join existing groups created by other users. Each group has its own share price, which is determined by the supply and demand of group shares.
Users can buy and sell group shares at any time, depending on their preferences and expectations. Purchasing a group share gives the owner the ability to chat with other members of the group and the group creator. Selling a group share frees the owner’s capital and allows them to exit the group.
The app also has a fee structure and a points incentive system. Each time a user buys or sells a group stock, he or she pays a 10% fee, 5% of which is distributed to the group’s shareholders and the remaining 5% goes to treasury income. Treasury revenue is used to reward users who contribute to the growth and development of the app, such as inviting new users, creating popular groups, or providing feedback and recommendations.
*Not investment advice.