Friend.tech is a highly-discussed new Web3 social application in the crypto community. It enables users to tokenize their social networks. Additionally, through the application, individuals can sell their own shares.
What is Friend.tech ?
Friend.tech is a decentralized social media application that allows users to tokenize their friends. This means you can buy and sell shares of your friends’ social media profiles. The price of a share is determined by various factors such as the number of followers your friend has, engagement on their posts, and overall influence.
At first glance, Friend Tech’s core functions may resemble familiar platforms like WeChat or Telegram groups. However, unlike its counterparts, users can sell their own ‘shares’ within the application, and those who own shares can engage in private conversations with the person they hold shares in.
Since its launch on August 10, the app has attracted the interest of over 12,500 individual investors and generated a volume of over 5,500 ETH (more than $10 million). When someone’s shares are bought and sold, that person earns a fee. The app’s most intriguing feature is that when you buy someone’s shares, it opens a private chat room between the buyer and the person who provided the shares…
After all, since many people with a large following tend to close their DMs on social media platforms like Twitter or Discord, this feature could potentially have a value beyond just the ‘craze.
How does Friend.tech work?
To use Friend.tech, you first need to create a profile and link it to your Twitter account. After completing these initial steps, you should deposit at least 0.01 Ethereum into the Base network, Coinbase’s new Layer 2 solution. Then, you can start buying and selling shares of your friends. When you purchase a share, you are essentially betting on the future success of your friend. If your friend becomes more popular, the value of the shares will increase. Conversely, if your friend’s popularity decreases, the value of the shares will decrease.What is Friend.tech, how does it work?
