One of the most talked-about topics in the cryptocurrency community today is Friend Tech. So, What is the detailed description of this emerging social media trend?
What is Friend.tech?
Friend.tech is a new on-chain Social application that allows users to create profiles and sell their “shares” to their followers. By purchasing shares of someone, shareholders can exchange private messages with that person and potentially profit from their popularity.
This Application is launched on the Ethereum Layer-2 Base and has recently been released.
Friend.tech was launched on August 10th and quickly garnered attention and development from a community interested in the project, sparking a competitive wave to acquire invite codes. As of the 19th, the platform has already achieved a trading volume of up to 11,000 on the ETH network within just 10 days of it’s launch.
The platform is developed by Racer, who is also the main developer behind tweetDao and Stealcam, two other decentralized social networks.
To join this platform, users need to receive an invite code, connect their Twitter account, and send at least 0.01 ETH to the Network.
What Friend.tech is used for?
After successfully joining and accessing the platform, users can create their own groups or join existing ones created by users or Key Opinion Leaders (KOLs). Each group has its own “token” price, determined by the supply and demand of the group’s “token.”
Users can buy and sell group tokens at any time, based on their preferences and expectations. When owning group tokens, they gain the ability to chat with other members within the group, including the group creator. Upon selling all their tokens, users can exit the group.
The platform operates on a fee and incentive-based structure. Whenever users buy or sell group tokens, they need to pay a 10% fee, with 5% going to the group shareholders and the remaining 5% allocated to the income from the fund. The revenue from the fund is utilized to reward users who contribute to the growth and development of the application. For instance, these contributions may include inviting new users, engaging in interactive activities within the group, providing feedback, or suggesting improvements for the group.