However, unlike when they were working on Kosetto, the team from Friend.tech appears to have received some financial backing for their latest project. Friend.tech has received a round of seed funding from the crypto VC firm Paradigm, something that might ease the minds of users investing in the social media app. This feature allowed for richer and more personal interactions within the platform, enhancing the value of holding keys and participating in token-gated chats. It added a new dimension to the social experience on Friend.tech, making it more dynamic and engaging. Push notifications are another feature of Friend.tech, keeping users updated on important activities within the platform. Whether introducing broker ib what is it vs clearing broker how to be it’s a new message, a token trade, or an update from an influencer, these notifications ensure that users stay informed in real-time.
What are the real-world applications of Friend.tech?
So far, some crypto influencers have publicized that they’ve earned dozens in ether. One ether is worth approximately $1,670 as of the publication of this article. In addition to this, according to data from Defi Llama, Friend.tech has generated $6.64 million in fees since its beta launch. This factor adds a dynamic layer by fueling social engagement with an opportunity to invest. However, it is crucial to mention that the Friend.tech protocol imposes a 5% transaction fee, and the owner earns profit from the trade spread.
One of the significant developments for Friend.tech was the introduction of the ability to pin favorite clubs and rooms. This feature enhanced user experience 9 places you can spend bitcoin in the uk by allowing easier access to preferred content and interactions, making the platform more user-friendly and engaging. Friend.tech’s integration with Ethereum’s layer-2 Base ensures scalability and reduced transaction costs, making it efficient for everyday use. The platform’s native token, FRIEND, facilitates transactions and interactions within the ecosystem. By tokenizing social connections, Friend.tech provides a novel way to value and trade social interactions. Decentralized social media has a key part to play in Web3 and the wider internet, but it seems most opportunities and ideas remain limited to those already in the world of crypto.
Thus, the increase in group shares is correlated with the quantity of participants. The base price of each share rises in proportion to the increase in the total number of shares when more users join a certain group. The platform’s appeal is enhanced by this creative pricing strategy, which promotes participation and investment. After a few minutes of setting up your account, you may be lucky enough to have “keys” to your chatroom “bought” by other users or even bots. If you buy a user’s tokens, you can communicate with them directly, and now this new asset will be part of your portfolio. If someone buys your token “keys,” this trade will boost your token’s price, and you can cash out that money through any Base wallet and then bridge it out to ETH.
Users who buy shares have exclusive access to the gated chat room of the influencer. Through this special platform, followers may interact directly with the influencer, creating a bespoke and private engagement experience. In the past 24 hours, the platform has brought in $236 million in fees and $118 million in revenue, according to DefiLama.
- When you first look at Friend.tech, it may seem similar to other messaging platforms such as WeChat or Telegram.
- Friend.tech emerged as a blockchain-based social platform designed to enable token-gated chats and the monetization of content through tokenized shares, later renamed “keys” (FRIEND).
- Once the deposit has been confirmed, you are prompted to buy your own key first in order to start using the platform.
- That said, there is no guarantee or obligation for said user to reply to your messages.
What is Friend.tech?
For one, as with any relatively new crypto platform, the potential for manipulation of various kinds could be high. And, of course, because this is crypto, making money is the factor here — and Friend.tech is already pulling in millions. According to CoinDesk, over the past 24 hours alone, Friend.tech has seen more than $1.04 million in transaction fees, generating just over $709,000 in revenue. Since it launched less than two weeks ago, Friend.tech has made around $25 million. Remember when we were inundated with crypto commercials starring Matt Damon, major sports league sponsorships, and drawings of apes?
Security concerns
Investors, speculators, and scammers have been everything you need to know about hiring node js developers in 2022 holding out during this long bear market, hoping that the next big crypto project will come along and turn their dimes back into dollars. In terms of technical advancements, changes were made to the smart contracts deployed on Base. These modifications were crucial in preventing future changes to fees and functionality, ensuring a stable and predictable environment for users and developers. This move underscored Friend.tech’s commitment to maintaining a secure and reliable platform. This rebranding effort aimed to better reflect the platform’s functionality and the nature of the assets being traded. Keys represented a more intuitive and accessible concept for users, aligning with the platform’s goal of simplifying the user experience.
The concept of Friend.tech is similar to the ownership principle of the stock market, in which having shares means having a stake in a specific company. When you first look at Friend.tech, it may seem similar to other messaging platforms such as WeChat or Telegram. However, the unique aspect of the decentralized social media application is the process of joining and leaving group chats, which is the core feature of this platform. At the time of writing, Friend.tech’s applications are specific to its ecosystem and are not shared by other coins or tokens with similar names. The focus on blending social media with blockchain technology sets it apart in the cryptocurrency landscape.
The core of Friend.tech’s functionality revolves around the concept of “keys.” These keys are in-app items that users can buy and sell, granting them access to exclusive group chats. This token-based system not only facilitates monetization but also ensures that access to these chats is securely managed on the blockchain. The use of keys introduces a layer of exclusivity and value to the interactions within the platform. Firstly, users aren’t required to download the app through an app store account, which emphasizes decentralization. Finally, the app lets users deposit their ETH once and buy and sell shares without repeatedly signing transactions. Many decentralized applications in the crypto space have been criticized for requiring constant verification of transactions through MetaMask signatures.
