A Friend.Tech User Dumps Ether (ETH) for New Bitcoin City (NBC)
In the world of SocialFi, where competition is fierce, a user of Friend.Tech made a significant move by selling 850 ether (ETH) worth of keys and switching to a rival platform, New Bitcoin City (NBC). This shift comes at a crucial time for Friend.Tech, as it faces stiff competition from emerging opportunities, with NBC rapidly gaining popularity.
Mass Migration to NBC Impacts Landscape
Several prominent users, including NFT influencer Pranksy and Vombatus, who held the most valuable key on Friend.Tech, have liquidated their assets and moved to NBC. Vombatus, in particular, sold 176 keys on Friend.Tech and still holds ownership of 150 keys on NBC. The migration to NBC has caused significant changes in the landscape, with NBC experiencing an influx of approximately $1 million and Friend.Tech seeing outflows totaling around $2 million in the past two days.
New Opportunities Emerge for Friend.Tech
Friend.Tech initially saw rapid growth after its launch in August, generating millions in revenue from over 100,000 users. However, as newer opportunities emerged and platforms like NBC gained traction, Friend.Tech’s growth wave stalled. NBC, a gaming and commerce platform operating on Bitcoin, offers various games, a marketplace, and an auction house for NFTs. Its developer aims to expand Bitcoin’s usability beyond being just a currency by venturing into art, AI, and DeFi.
Bitcoin’s Growing Role in DeFi
Despite Bitcoin’s limited use in DeFi applications compared to other chains like Ethereum or Solana, the recent introduction of “Bitcoin Request for Comment” (BRC-20) standards has allowed developers to issue tokens and build DeFi applications on Bitcoin. This has led to the creation of digital artwork and meme coins based on Bitcoin.
Hot Take: NBC Challenges Friend.Tech in the SocialFi Space
The rise of New Bitcoin City (NBC) as a rival platform poses a significant challenge to Friend.Tech in the SocialFi space. With prominent users transitioning to NBC and significant inflows of funds, NBC is gaining momentum and attracting attention. Friend.Tech, once a trailblazer, must adapt and innovate to stay competitive in this dynamic landscape.
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