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Friend-Tech has hit the web3 scene this month with Degens and decentralized business builders going crazy, but WTF it is and is it really as good as everyone thinks it is?
Friend-tech is one of the first projects built on the BASE blockchain coinbase and was officially launched on August 10 this year. This protocol is known as a marketplace for your friends and allows you to have the ‘keys’ to your favorite influencer X’s (formerly known as Twitter) monetization influence on social media. These keys were known as ‘shares’ before the SEC and its big brother announced they had plans to investigate Friend Tech because offering shares in any digital product could be classified as a security.
(US regulators are no joke and the fact that they have such a keen eye for space is actually a good thing because where attention goes, intention goes.)
Having the keys to your favorite influencers not only allows you to monetize your support for your favorite content creators, but also allows you to get exclusive benefits such as getting never-before-seen pictures, personalized direct messages, and the chance to chat live with your online idols.
This invite-only tier two BASE app runs exclusively on mobile devices and has become an internet sensation among degens. This is great news for VC Paradigm who invested in the initial round of this new decentralized social media platform earlier this year. Paradigm is proud to be a research-based investment company, at the forefront of web3 development.
According to dune.com So far, Friend tech has attracted over 116,000 daily active users and has made nearly 50 ETH in transactions since launching this month. This is roughly $82,000 USD in gross revenue from tech startups.
The crypto social app also incentivizes early adopters with tokens sent weekly. Every Friday, tech friend fans can receive ‘points’ for the first 6 months of their BETA launch. There will be a total of 100 million points distributed and although they haven’t disclosed what this accumulation of points means for loyal users, it seems that the more users participate, the more rewards they can expect in the future.
If you use a friend’s tech app, we’d love to hear from you. Leave a comment below or follow the #WTFCrypto tag on social media to join the discussion. You can also follow the author @Lorae_K in everything and Lorae_Kn in X. You can also submit this article as NFT here
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