Viral App Friend Tech Usage, Revenue Surges

The app is available for Android and iOS and needs to be connected to one’s Twitter account and funded with at least 0.01 ETH. Among the famous Crypto Twitter influencers who have already released shares are Cobie, Hsaka, Gainzy, Pentoshi, RookieXBT, and many others. Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. These group chats are quickly evolving into intimate community experiences for share buyers.

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Amid the fears that the incoming administration will disregard governing norms and threaten the constitutional order, the Trump executive branch also brings opportunities and reason for optimism. While some policies, like increased tariffs and harsh immigration measures, raise concerns, there’s a promising focus on innovation and infrastructure. By focusing on economic growth, technological advancements, and an all-of-the-above energy strategy, this administration could deliver unconventional but effective governance that benefits all Americans. The co-founders go by their X.com (formerly Twitter) usernames “0xRacer” and “shrimppepe,” according to one of their investors, Paradigm general partner Charlie Noyes. In addition to this, according to data from Defi Llama, Friend.tech has generated $6.64 million in new to bitcoin read this first 2020 fees since its beta launch. This factor adds a dynamic layer by fueling social engagement with an opportunity to invest.

The shares grant the holders privileges, such as the ability to send private messages to the sellers. Not only is their likeness driving revenue, but it also gives them a way to monetize themselves directly (even if Friend.tech takes a percentage). But each user gets a limited number of shares to sell, and the app incentivizes users to bring in more people in the hopes that fans and friends alike will bid to buy their shares and drive up their value. The platform charges a total of 10% in fees per transaction, with 5% going to Friend.tech and the other 5% going to the account holder. Friend.tech protocol has witnessed significant activities since its (invite-only) beta version launched on August 11, 2023.

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The Friend.tech app requires users to link their Ethereum wallet with their account on X, the platform formerly known as Twitter. For one, some users realized that this gave the Friend.tech account certain permissions to their X account — like the ability to post and retweet on their behalf. The second issue is that, when the Friend.tech database was leaked, its contents publicly linked an X account to the crypto wallet it signed up with, something that the user may not have made public before. On its first day, the application experienced network outages from the inflow of users as more and more influencers signed up for the platform and many users complained about lag times and the app crashing.

Friend.Tech is one such platform — a decentralized social media app focusing on the tokenization of social interactions. Using blockchain to create tokenized social attention, Friend.tech allows the value of each user’s keys to fluctuate with demand, making it the most popular SocialFi project back in 2023. People could trade shares of their favorite crypto influencer or even grow themselves into becoming one.

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• As of October 4, 2023, the app has experienced over 317,000 unique buyers, 314,000 unique subjects and over 11,000 ETH in revenue.
• Certain provocative individuals might exploit this setup to generate higher profits.
• Schmidt has advised the US government and military on technology for years.
• So, the best time to sell would be when the number of shares in circulation is relatively high.
• It’s a protocol of social tokenization, and its application reached more than 100,000 users just a few days after its release on August 10.
• In other words, broadband providers like Verizon FiOS and XFinity wouldn’t be able to charge or slow down content players like Google or Instagram a fee to run their service.

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The price to steal increases by 10% with every “theft”, which is distributed to the image uploader and the previous uploader. And Friend.tech has already made some of its top earners a hefty sum in a similarly short time. Esports influencers in particular have rapidly risen through the ranks to become some of the top passive earners, gaining tens of thousands of dollars each in a matter of days. Individual users make fees how to buy unibright each time keys to their private chats are bought or sold.

The newest crypto “killer app” seems to be social tokenization protocol Friend.tech, and it has proven to be an absolute money printer for developers so far. 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.

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. Its unique use of Keys, combined with factors like a creator’s influence and demand, creates an intriguing environment for both creators and users. The mandatory association of Friend.tech with Twitter (X) poses a potential risk. Given that Twitter (X) is a favorite target for hackers, it’s vital to stay vigilant.

Our platform earns commissions through partnerships and sponsors, which is how we support our analysts. This arrangement, however, does not influence our impartial reviews. With market cap down 98% and TVL down 94%, Friend.tech’s September 2024 contract burn sealed its fate.

The money you spend not only covers the platform fee but also goes to the influencer or creator. Friend.tech is also arguably a newer take of a slightly more controversial attempt by BitClout (later rebranded to DeSo). A crypto social network that let people buy and sell tokens based on people’s reputations, DeSo launched in 2021 to much hype. But traction eventually fizzled, and the app got into legal trouble for preloading users onto its platform without their permission. The hype around the crypto social media protocol also helped the Base network (on which Friend.tech is built) acquire attention quickly. The database, listed briefly on GitHub and now withdrawn, apparently listed the crypto wallet addresses and linked X accounts.