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Vombatus, a user with a large following on Friend.Tech, sold 176 key, or in other words, shares worth 850 Ethereum (ETH) on the platform in the late hours of October 23 before transitioning to New Bitcoin City, a similar SocialFi platform built on the Bitcoin Blockchain.
Profit of 1.5 Million Dollars from Share Sales
According to wallet data, Vombatus, the user with the same name on Friend.Tech, also known as X (formerly Twitter), pocketed approximately $1.5 million after selling 176 shares. Vombatus, one of the largest shareholders on the platform, currently holds 150 shares.
Friend.Tech allows users on X to publish ‘shares’ in their application to access a closed group chat, and shortly after its launch in August, it became one of the fastest-growing SocialFi platforms. Within three weeks of its release, it generated millions of dollars in revenue from over 100,000 users and encouraged the creation of similar SocialFi clones on Blockchains other than Ethereum.
As new opportunities surpass Friend.Tech’s initial wave of strong growth, the new SocialFi platform, New Bitcoin City, emerged as one of the fastest-growing platforms with the followers of popular users like Vombatus migrating to it. As of October 23, the value of locked funds on the platform has exceeded $3 million.
New Bitcoin City, which was launched as a gaming and arcade platform on the Bitcoin Blockchain in early August, released its social application at the end of September, targeting the SocialFi market. The launch of New Bitcoin City coincided with a period where the price of BTC increased by approximately 20% due to the expectation of approval for a spot Bitcoin ETF from the United States. Market observers believe that the demand for the platform will continue to intensify with the rise in the price of Bitcoin.
New Bitcoin City Fills an Important Gap
Punk3700, the developer of New Bitcoin City, believes that until now, the use of Bitcoin in DeFi applications has been limited to BTC tokenized on other Blockchains such as Ethereum or Solana. However, Punk3700 believes that New Bitcoin City fills an important gap by allowing wealthy Bitcoin holders to use their assets in interactive applications.
The implementation of the “Bitcoin Request for Comment” (BRC-20) standard earlier this year allowed developers to issue tokens on the Bitcoin Blockchain and create DeFi applications on the Bitcoin Blockchain.
