Unpacking the friend.tech Craze: Discover How the Latest SocialFi App Enables You to Wager on Your Connections with Cryptocurrency

The social application friend.tech is currently creating quite a buzz on Crypto Twitter. While it hasn't officially launched yet, it boasts over 7,860 users, 81,000 transactions, and a transaction volume of 3,702 ETH, as reported by Dune Analytics. data .

Characterized as 'the social platform for your friends,' friend.tech first gained attention through a piece in Decrypt. in May According to reports, friend.tech is the brainchild of two pseudonymous developers known as Shrimp and Racer, who also created Stealcam.

Having had its soft launch back in March, Stealcam is an intriguing platform that converts selfies into pixelated NFT artworks, which can be 'stolen' for a fee. The first person to take an image gets it for free, while subsequent users must pay a fee, starting at 0.001 ETH, with each successive 'thief' paying 10% more than the last. Each individual who 'steals' the image can also access a full reveal of the original picture.

Now, in its latest iteration, friend.tech merges the realms of social networking with cryptocurrency, enabling Twitter personalities and others to monetize their fanbase through social tokens, all built on Base.

How does friend.tech work?

To get started with friend.tech, new users must link their accounts to Twitter. Their tweets and activity then translate into social tokens on the platform, which others can buy shares of using ETH.

Investing in shares of someone on the platform is straightforward; users simply select a person of interest and purchase a certain number of shares at a set price. These shares signify your investment in that person's popularity and activity on the platform.

Just like any other digital asset, the share prices can change rapidly. For instance, if you buy shares at a certain price and the floor price (the lowest selling price) suddenly increases, you might choose to sell those shares at a profit. Alternatively, if the value drops below your purchase price, you might want to either hold on to them or sell at a loss.

Every transaction on the platform is recorded and accessible for viewing. So far, the protocol has amassed over $340,000 in revenue. A 10% fee is included in every transaction, whether buying or selling: 5% goes to the protocol and the other 5% to the individual whose shares are being traded. on chain The pricing of the next share from an individual is determined by a quadratic formula based on their existing number of shares. The calculation for the next share’s cost is given by S^2 / 16000 * 1 ether, where S is the total current shares that person owns.

When users purchase shares of others, like prominent Twitter figures, they gain direct access to that person's content, chatrooms, and messaging capabilities, functioning similarly to a token-gated engagement platform. The more credible you are, the more shareholders you attract, consequently enhancing the worth of your social token.

To begin your journey on friend.tech, simply navigate to their website using any web browser. Once there, click on the Share icon (usually depicted as a box with an arrow) in your browser's menu, and choose 'Add to Home Screen' to create an easy-access app icon on your home screen.

Getting started

Step 1: Accessing the Platform

After adding the app icon, launch friend.tech. Just remember, you’ll need an invite code to move forward. Generally, users receive three invite codes to share with others. Keep an eye on social media platforms like Twitter for available invite codes.

Step 2: Securing an Invite Code

Before fully immersing yourself into friend.tech, make sure you have BASEchain ETH in your account. Head to the official website, connect your wallet, and transfer your Mainnet ETH to BASEchain.

Step 3: Setting Up Your Account

Don't forget to add BASE Mainnet to your wallet. Your friend.tech experience will only be operational if your account is loaded with BASEchain ETH. Copy the specific address tied to your friend.tech account, switch your wallet to BASEchain, and send the desired ETH amount to your friend.tech address. Once you've got BASEchain ETH in your account, you can claim your share for free, officially kicking off your friend.tech adventure. Base bridge Step 4: Immersing Yourself in the FriendTech Community

One key feature of FriendTech is its exclusive chats, which are accessible only through ownership of shares. Join engaging discussions and connect with other like-minded users in these exclusive 'Room' chats, and build rapport with others to encourage them to invest in you as well.

If you've successfully flipped some shares and you’re considering withdrawing your earnings, simply click on your profile in the app. From there, withdraw your ETH to your address. Utilize the BASE bridge to transfer funds back to Mainnet for other transactions.

Last but certainly not least, if you've successfully flipped your friends' shares and feel it’s time to step away from BASE...

Step 5: Cashing Out

All you have to do is select your profile and withdraw your ETH to your address.

💸 How to Cash Out 💸

Then, use the BASE bridge to return to Mainnet.

The earlier you grab a share from a user, the less you'll pay for it. As a result, some well-known Twitter influencers with hefty followings might set their share prices beyond the reach of certain investors. For example, Cobie, a Crypto Twitter influencer with over 700,000 followers, currently commands a share price of 2.28 ETH.

This clarifies the puzzling question of why hsaka's share price exceeds that of sisyphus, despite having fewer holders.

[9/11] pic.twitter.com/yWjIG3wZK6

— subvert ✍🏻 (@subvert_nft) August 11, 2023

Whose shares to buy on friend.tech?

The reason lies in the fact that share supply is more critical than the number of holders (though they often correlate).

To find users with substantial social presence whose shares are still affordable, head over to the 'Explore' section on friend.tech. There, you can search by Twitter usernames until you find someone whose share price suits your investment budget. You can decide how many shares to purchase, but be aware that prices may change based on demand and various other factors.

Grasping Share Values: The value represented by shares can fluctuate greatly based on the individual’s popularity and level of engagement. It’s essential to keep these elements in mind when buying and selling shares. pic.twitter.com/jbv65kkTXu

— Alpha Giftoooor (@0xBasedBoy) August 11, 2023

In the midst of all this excitement, a vital question remains: Is friend.tech simply a passing fad, or does it have the potential to create a lasting impact? As with any new development in the Web3 space, the platform's future hinges on its adaptability, growth, and unwavering commitment to providing genuine value to its users. The balance between social networking and investment opportunities will likely play a key role in determining its longevity.

Please be advised that the content provided on this page is not intended to be legal, tax, investment, financial, or any other type of advice. It's crucial to only invest what you can afford to lose and to seek professional financial counsel if you have any concerns. For more information, we recommend reviewing the issuer or advertiser's terms and conditions, as well as their help and support resources. MetaversePost is dedicated to offering accurate and impartial reporting, but market dynamics are subject to rapid change without prior notice.

Conclusion

Cindy is a journalist at Metaverse Post, specializing in topics related to Web3, NFTs, the metaverse, and AI, with a particular emphasis on conducting interviews with key figures in the Web3 space. She has engaged with over 30 executives at the C-level and continues to gather important insights to share with her audience. Originally hailing from Singapore, Cindy now resides in Tbilisi, Georgia. She has a Bachelor’s degree in Communications & Media Studies from the University of South Australia and possesses a decade's worth of experience in journalism and writing.