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Friend.tech, a decentralized social media (DeSo) application, has quickly become one of the most popular platforms in the crypto world since its beta launch on August 11th, with over 64,000 new users and more than 24,000 ETH in transaction volume. While it has received criticism from many prominent figures in the crypto sector, it has also garnered praise.
Famous Figure Gives a Timeline
Many crypto influencers praise the application for attracting thousands of people, including non-crypto figures like YouTuber Faze Banks. However, some crypto influencers have warned that the platform’s revenue model is unsustainable.
Built on Coinbase‘s Layer-2 network called Base, Friend.tech is a platform that allows users to buy “shares” of their friends or influencers’ social media presence. One of the most interesting features of the platform is that it provides access to a private chat with the user whose share you have purchased.
Crypto commentator Yazan pointed out a series of disturbing factors that led him to believe that the application had six to eight weeks before both share prices and overall activity started to decline.
“A terrible marketplace that guarantees the most money for content creators. The price is skyrocketing too fast.”
According to software engineer Cygaar’s post on X on August 20th, the price of a person’s shares on friend.tech is proportional to the square of the current supply. As the supply increases, the price increases exponentially.
Legendary, a fake Web3 marketer drawing parallels with the previous DeSo application BitClout in 2021, shared his prediction of a decline in Friend.tech’s longevity.
“I think the platform will crash like BitClout. We are in a bear market, and there is nothing to be done. Everyone is jumping on the opportunity to make money, but I believe the platform will be done in the next few weeks or months.”
Words of Praise for Friend.tech
Some influencers in the crypto sector shared a more positive outlook on the new decentralized social media platform, praising the new developments in user experience that crypto application developers have struggled to achieve for a long time.
David Phelps, the co-founder of Jokerace and EcoDAO, described Friend.tech as the “biggest thing crypto has seen” and pointed out three key factors that make the application a significant leap for crypto.
Firstly, the application does not require users to download through an app store account, which strongly emphasizes decentralization. Secondly, it reduces the need for complex transactions by automatically linking funds to the application.
Lastly, the application allows users to buy and sell shares without having to deposit their ETH multiple times or sign another transaction. The need for constant verification of transactions through Metamask signatures has been a significant criticism for many DApps in the crypto space.
On August 19th, Friend.tech announced that it had received seed funding from crypto venture capital firm Paradigm, creating speculation about future airdrops and potential token launches.
According to DefiLlama data, Friend.tech has generated $1.42 million in the last 24 hours and $4.2 million since its launch.
At the time of publication, the project’s total revenue was $1.88 million, and over 64,500 unique wallets had conducted more than 724,000 transactions.
