The friend.tech Phenomenon: How the Hottest New SocialFi App Lets You Bet on Your Network with Crypto
In Brief
New SocialFi app friend.tech has been generating significant buzz on Twitter.
The Twitter-linked app allows users to buy and sell shares of other users on the network, essentially betting on their influence.
Those who buy shares of other users will have direct access to the user’s content and the ability to message the user.
New SocialFi app friend.tech is the latest sensation on Crypto Twitter today. Although the app has not yet been officially launched, it has hit a milestone of over 7,860 users and more than 81,000 transactions with a transaction volume of 3702 ETH according to Dune Analytics data.
Describing itself as “the social network for your friends,” friend.tech was initially covered by Decrypt in May. Per the report, friend.tech originates from the minds behind Stealcam— two pseudonymous Web3 developers known as Shrimp and Racer.
Soft launched in March, Stealcam is a platform that turns selfies and static images into pixelated NFT images, which can be “stolen” for a fee. The first person to snatch an image gets it for free, while the subsequent user is required to pay 0.001 ETH. Each successive “thief” must pay 10% more than the previous one. All users who “steal” the image will be able to unlock a reveal of the full picture.
The latest incarnation of Stealcam, friend.tech combines social networking with crypto. It allows Twitter influencers and individuals to monetize their communities via social tokens, built on Base.
How does friend.tech work?
Each user who signs up on friend.tech would have to link their account to Twitter. Their Twitter account is then represented by social tokens on friend.tech, which other users can buy shares of in ETH.
To invest in someone’s shares, you can simply choose the person you’re interested in and buy a specific number of shares at a given price per share. These shares represent your stake in that person’s popularity and interactions on the platform.
Similar to other digital assets, the value of these shares can fluctuate. Let’s say you acquire shares of a user at a certain price, and the floor price (minimum price) of their shares increases shortly after. You can then choose to sell your shares at this higher floor price, potentially making a profit. Conversely, if the floor price falls below your acquisition price, you may decide to hold or sell at a loss.
Transactions are all recorded and viewable on chain. So far, the protocol has generated a revenue of over $340,000. A 10% fee is added on top of every transaction, whether it’s buy or sell. Five per cent goes to the protocol while the other five per cent goes to the person whose shares are being traded
The price of the next share of an individual’s holdings is determined using a quadratic relationship with their current number of shares. The formula for calculating the price of the next share is S^2 / 16000 * 1 ether, where S represents the current number of shares that the person owns.
Users who buy shares of other users such as Twitter influencers will gain direct access to the user’s content, chatroom and the ability to message the user, much like a token-gated fan engagement platform. The more reputable you are, the more share holders you’ll have, thereby increasing the value of your social token.
Getting started
Step 1: Accessing the Platform
Begin by opening the friend.tech website on your preferred web browser. Once on the website, tap the Share icon (usually represented by a square with an arrow) on your browser’s menu. Then, select the option ‘Add to Home Screen.’ This will create an accessible app icon on your device’s home screen, making it easy to access FriendTech.
Step 2: Securing an Invite Code
After installing the app icon, launch friend.tech. Keep in mind that you’ll need an invite code to proceed. Users typically receive three invite codes, which they can share with others. Check social media platforms like Twitter to find available invite codes.
Step 3: Setting Up Your Account
Before you can fully engage with FriendTech, you need BASEchain ETH in your account. To do this, go to the official Base bridge. Connect your wallet and transfer your Mainnet ETH to BASEchain.
Ensure that you add BASE Mainnet to your wallet. Your friend.tech account can only be functional if it contains BASEchain ETH. Copy the address linked to your FriendTech account, switch your wallet to BASEchain and send the desired amount of ETH on BASE to your FriendTech account address. Once you have BASEchain ETH in your account, claim your share for free. This action marks your entry into the FriendTech platform.
Step 4: Engaging in the FriendTech Community
One of FriendTech’s main features is exclusive chats gated by shares. Engage in discussions and interact with like-minded individuals by participating in these exclusive ‘Room’ chats to build relationships with other users so they too will invest in you.
Step 5: Cashing Out
If you’ve successfully flipped shares and want to withdraw funds, click on your profile within the app. Withdraw your ETH to your address. Use the BASE bridge to move your funds back to Mainnet for further use or transactions.
Whose shares to buy on friend.tech?
The sooner you purchase a user’s share, the lower your cost will be. Consequently, prominent Twitter influencers with substantial followings might be priced out of reach for some investors. For instance, Cobie, Crypto Twitter influencer who boasts more than 700,000 followers, and has a share price of 2.28 ETH.
To search for users with social clout whose shares remain within reach, navigate to the “Explore” section on friend.tech. There, search using Twitter usernames until you see a user whose share price is appealing for your investment. You can choose to amount of shares you wish to buy; but note that share prices may fluctuate due to factors like demand and other variables.
Understanding Share Values: Share values can fluctuate based on user popularity and interactions. It’s crucial to consider these factors when buying and trading shares
Conclusion
Amidst all the buzz, one lingering question remains: Is friend.tech destined to become just another fleeting trend, or will it have lasting success? As with any Web3 innovation, the future of the platform will depend on its ability to adapt, evolve, and consistently provide value to its users. The delicate balance between social interaction and investment potential will likely play an important part in determining its longevity.
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
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
More articles
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
