News Report Technology
December 19, 2023

Friend.Tech Announces Release of Version 2 in Spring 2024

In Brief

Friend.Tech announced the upcoming release of Version 2 scheduled for Spring 2024, through a trailer published on social media platform X.

Friend.Tech Announces Release of Version 2 in Spring 2024

The decentralized social token-driven application Friend.Tech today announced the upcoming release of Version 2 (V2), scheduled for Spring 2024. The announcement was made through a trailer published on social media platform X (formerly Twitter).

Built by pseudonymous Web3 developers Shrimp and Racer, Friend.Tech gained attention earlier this year. The application merges social networking with crypto, providing a platform for X (formerly Twitter) influencers and individuals to monetize their communities through social tokens, built on Base.

How Friend.Tech Operates

Each user registering on Friend.Tech is required to link their account to X (Twitter). On Friend.Tech, their X social media account is then represented by social tokens that other users can purchase shares of using Ethereum.

To invest in someone’s shares, users offered to select the person of interest and buy a specific number of shares at a designated price per share. These shares signify the user’s stake in that individual’s popularity and interactions on the platform.

Similar to other digital assets, the value of shares is subject to fluctuations. For instance, if a user acquires shares at a certain price and the floor price (minimum price) of their shares increases shortly after, the user may choose to sell your shares at the higher floor price, potentially making a profit. Conversely, if the floor price falls below the user’s acquisition price, one might decide to hold or sell at a loss. All transactions are recorded and visible on the blockchain.

Users purchasing shares of other users, such as X (formerly Twitter) influencers, will receive direct access to the user’s content, chatroom, and the ability to message the user. This mirrors the functionality of a token-gated fan engagement platform.

The more reputable the profile is, the more shareholders it can attract, consequently increasing the value of its social token.

Friend.Tech Forges Ahead with Enhancements

In the recent development, the application introduced a new text feed feature, enabling users to actively impact post rankings. Users can vote posts up or down, thereby influencing their visibility on the platform.

The introduction of the interactive feed, accessible through the app’s dedicated posts page, indicates a move toward more democratic content management where users play a crucial role in shaping the narrative and visibility of posts.

The release of Friend.Tech‘s Version 2 trailer might be perceived as a strategic step by Friend Tech to reignite interest and confidence in its platform after continuous decrease in its daily transaction numbers over the last three months.

With the promise of new features, enhancements and changes, Friend.Tech Version 2 has the potential to turn the tide for the company, aiding it in re-establishing its position in the highly competitive tech market.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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