Friend.tech: A Web3 Social Application
Friend.tech emerged as a popular Web3 social application built on Coinbase’s Base blockchain. It gained attention from influencers, content creators, and even NBA stars. The platform allows users to “tokenize” their presence on social media by creating “social tokens” called Keys. These Keys enable direct interactions with influencers or celebrities. Friend.tech introduced a new approach to memberships in Web3 and experienced rapid growth, onboarding over 100,000 users in just over ten days.
Impressive Adoption and Volume
Friend.tech saw significant adoption from the crypto community on Twitter and processed a total volume of 33,596 ETH (approximately $55.5 million) through 1.29 million transactions within eleven days. This caught the interest of both crypto and non-crypto communities alike. Yosuke Utsumi, founder of Neobred, praised Friend.tech’s resilience and loyalty within the crypto community.
A Unique Approach to Social Media
Friend.tech’s success can be attributed to its unique features and approach. It focuses on smaller group chats rather than feed-based content consumption, allowing users to connect with people they know and want more content from. Traditional social media feeds are often filled with ads and impersonal content, making it difficult for users to find valuable information.
“Most social media feeds are turning into video ads,” noted Hosam Mazawi, co-founder of a Web3 game. Friend.tech offers a different business model that is more straightforward compared to traditional social networks reliant on user-generated content.
Despite its initial growth, Friend.tech faced challenges such as a significant drop in daily transactions and skepticism from users due to an initial deposit requirement, lack of transparency in privacy policies, and an unclear roadmap. Public opinion quickly turned negative, dubbing the platform “dead.”
Hot Take: Friend.tech’s Rise and Fall
Friend.tech made a splash as a Web3 social application, attracting attention from influencers and the crypto community. Its unique approach to memberships and focus on smaller group chats set it apart from traditional social media platforms. However, challenges such as a decline in daily transactions, skepticism from users, and concerns over transparency led to its downfall. Friend.tech serves as a reminder that rapid growth does not always guarantee long-term success in the competitive world of social media.
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