An Astonishing Achievement: Friend.tech Generates Over $1 Million in Fees in 24 Hours
In a groundbreaking turn of events, the decentralized social network Friend.tech has generated an impressive $1 million in fees within just 24 hours. This accomplishment not only puts Friend.tech in the spotlight but also surpasses established giants like Uniswap and Bitcoin itself.
Friend.tech’s Unique Approach: Tokenizing Social Bonds for Monetization and Intimacy
Friend.tech is not your typical social platform. It introduces a transformative concept that allows users to tokenize their social connections. By buying and selling “shares” of these connections, users can monetize their social networks. The platform charges a 5% fee on transactions, with the spread as the owner’s profit. This innovative mechanism also fosters deeper interpersonal relationships, as the acquisition of shares grants users the privilege to exchange private messages.
Phenomenal Growth and Catalyst Behind Friend.tech’s Triumph
Friend.tech’s exponential growth is fueled by its strategic foundation on Coinbase’s layer-2 base. The platform has generated over $1.12 million in fees within 24 hours and has seen a cumulative revenue of $2.8 million. It has facilitated over 769,528 transactions and engaged more than 66,773 unique traders. The mastermind behind this initiative, known as Racer, has a track record of success in developing social media networks centered around NFTs.
Expert Insights and Future Trajectory
As Friend.tech continues to captivate attention, experts raise concerns about its revenue structure and potential pitfalls. Revenue solely comes from trading fees, which may attract controversial personalities who could exploit fear, uncertainty, and doubt (FUD) to amass fees. Additionally, the surge in share valuation could lead to the emergence of smaller, specialized groups within the platform. Despite these challenges, Friend.tech’s achievement challenges the status quo and holds promise for the future of decentralized social networks.
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