Decentralized Social Media (DeSo)
In the world of blockchain and cryptocurrency, new players are constantly emerging. The latest newcomer is Friend.tech, a decentralized social media (DeSo) app that has quickly gained traction. With over 64,000 users and more than 24,000 ETH in trading volume since its beta version launch on August 11, Friend.tech is raising eyebrows.
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Coinbase Base Layer-2 Network
Friend.tech operates on Coinbase’s Base layer-2 network, offering a distinctive feature that sets it apart from traditional social media platforms. Users can purchase shares of their friends and influencers, gaining access to private chat conversations. This new and unique concept has drawn both interest and skepticism from within the crypto community.
However, some analysts and influencers are raising concerns about the long-term sustainability of Friend.tech’s model, with comparisons to previous DeSo projects, like BitClout, which faced many challenges and essentially collapsed, are also being made.
Revenue Generating Model
The stark rise of Friend.tech is undeniable. Within a very short period after its launch, the app has garnered substantial attention and engagement. In addition to its already large user base, Friend.tech has generated remarkable financial figures. It generated $1.42 million in fees within a 24-hour span and has accumulated a total revenue of $1.88 million. Over 724,000 transactions have been executed on the platform, involving 64,500 unique traders.
The future of Friend.tech is still uncertain. As it gains more and more traction while generating trading volumes, questions linger about whether it will become a long-term phenomenon in the crypto space or encounter challenges similar to its predecessors. The crypto community is watching closely to see how Friend.tech’s journey unfolds and what impact it could have on the broader landscape of decentralized social media platforms.