The Hype Around Friend.tech
The hype around Friend.tech, the buzzy crypto app on the Base blockchain, appears to have been short-lived. The app’s daily revenues have dropped by over 95%, from a peak of $840,000 on August 21 to just $80,500 yesterday, according to data from DeFiLlama. Friend.tech lets Twitter users tokenize their accounts and then sell “keys” on the platform to interested buyers. Keyholders then gain access to a private chat group controlled by the account owner.
Key Points:
– Daily revenues of Friend.tech have dropped by over 95%, from $840,000 to $80,500.
– Friend.tech allows Twitter users to tokenize their accounts and sell “keys” to interested buyers.
– Keyholders gain access to a private chat group controlled by the account owner.
– The influx of OnlyFans accounts increased optimism around Friend.tech’s ability to attract people outside of crypto.
– The app’s economic model has come under scrutiny due to the increasing prices of keys and the dropping trading prices of top accounts.
Hot Take:
The short-lived hype around Friend.tech shows the volatility and risks associated with crypto apps. While the concept of tokenizing Twitter accounts and selling keys may seem innovative, the app’s economic model and fluctuations in key prices raise concerns. Additionally, the drop in trading prices for top accounts indicates potential challenges in sustaining interest and value. As a crypto reader, it is important to approach such apps with caution and thoroughly evaluate their economic models before investing or participating.
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