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Who is a friend? 🫂
Welcome to Friend.tech, the hip new crypto kid on the block. What is it? Your online friendship could be your next investment portfolio. But is it all cool?
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Ever felt like your social media game was strong enough to be worth its weight in gold (or, more fittingly, crypto)?
Enter Friend.Tech - where your social skills might just get you some actual coins.
Friend.tech boasts 100k users and:
Several decentralised social networks have emerged, such as Damus and Mastodon. But what makes this one different and controversial?
What’s the Buzz?
Friend.tech is a unique decentralised social network. It focuses on the tokenisation of user profiles, allowing individuals to invest in the popularity and credibility of other users.
Unlike traditional social platforms, on Friend.tech, every user essentially becomes a tradeable entity. This system enables users to buy and sell these tokens based on the perceived value of the individual’s credibility and influence in the network.
Intra-UI transfer of ETH.
Users can generate invite codes, share with friends, and earn points.
Every user is either a creator or a follower. You can buy shares in users' accounts or follow them.
Share prices can appreciate depending on the growth of a user's network.
Renaming of Shares to Keys to unlock chatroom access.
All this means a place where your popularity isn’t just likes and shares but actual tokens you can trade.
As influencer groups expand, the base price for joining these groups rises. The tokenisation concept is dynamic and, as the platform grows, is bound to introduce a new paradigm of assessing social value.
Joining Friend.tech is relatively easy, although it’s currently in its invite-only beta phase. Potential users require an invite code, typically available from current members. As each member gets three codes, hopeful users frequently turn to platforms like Reddit or Twitter (now X) to acquire them.
Enter and sign in with your Google account.
Connect your Twitter (X) profile.
Transfer at least 0.01 ETH from Ethereum or Arbitrum to the shown wallet address. Use Orbiter.Finance to help with this.
Keep in mind, it might take a while for the wallet to show the ETH you sent.
0xracerAlt previously worked on TweetDAO, a project that allowed only holders of the Tweet DAO Egg NFT collection to access a Twitter account. Racer and Shrimp then created Stealcam, where users can upload single images that become NFTs. However, users can only see the NFTs if they "steal" them, with the price increasing each time the piece is stolen.
Scam or Legit?
Ah, the million-dollar question.
The world of crypto always dances on the edge of scepticism. Some critics straight away label the entire sphere as a hoax.
Friend.tech is no stranger to scam artists. The platform's rapid success attracted several phishing schemes, aiming to deceive users with counterfeit airdrops only to empty their wallets.
When Friend.tech’s database was leaked, it exposed links between user's X (formerly known as Twitter) accounts and their Ethereum wallets.
Banteg, a core contributor to Yearn Finance, has published scraped data of over 101,000 friend.tech users on GitHub. The data includes wallet addresses and Twitter usernames.
Banteg also revealed that these users had granted friend.tech permission to post on their behalf, possibly without full understanding or consent.
Digging a bit deeper, there's a breadcrumb trail leading from Friend.tech's team to a venture named Kosetto. This NFT sticker-selling project vanished in early 2023, leaving its investors in the lurch.
Yet, there's a silver lining. Friend.tech has managed to secure seed funding from the crypto VC giant, Paradigm. The same firm that once placed its bet on FTX, the now-defunct crypto exchange, with its founder behind bars on multiple charges.
Volatility and speculation: The value of social tokens is determined by factors like follower base, engagements, and overall influence. Given the inherent speculative nature, this could lead to rapid and unpredictable fluctuations in the value of these tokens.
Monetising social presence: The platform's design, where users can sell shares of their social presence, might influence behaviours that are more geared toward profit rather than authentic social interaction.
Platform fees: Friend.tech charges a 10% fee on every share-related buy-sell transaction. Users should be aware of these fees and how they might impact their potential returns.
Reliance on invite system: Currently, joining Friend.tech is based on an invite-only system, which can foster exclusivity and limit accessibility to the platform.
Disconnect Twitter accounts.
Use desktop with an Android user agent for privacy.
Analyse spread, shares, buy/sell rates.
Avoid random tokens and be wary of zero gas fee offers.
Use anonymous email and fund from a fresh wallet.
Friend.tech offers an Airdrop tab where users track weekly earned points, reflecting their platform activities. These points might convert into future tokens, hinted by token warrants in the Series A round. Accumulating points involves trading creators to boost transaction volume.
Popular accounts likely earn more; for instance, Cobie, a top user, earned 1.1 million points initially. However, it's essential to understand that airdrops, while exciting, are speculative, and there's no guarantee of earning tokens.
Friend.tech and OnlyFans
Friend.tech recently introduced a photo-sharing feature that has attracted numerous content creators from OnlyFans. OnlyFans, known for its subscription-based model allowing users to monetise personal content, offers a direct earnings method for creators.
In contrast, Friend.tech's approach is more crypto-centric: accounts are tokenised into "keys", and purchasing these keys grants access to exclusive content. The money earned on Friend.tech goes into a smart contract, which employs a bonding mechanism to set the price of keys based on sales and holders. The inclusion of the photo feature has witnessed a surge in monetary inflow into Friend.tech's smart contracts.
TTD Week That Was 📆
The week of crypto finding its meaning in the larger scheme of things.
Friday: Lonely and scammed 🙇🏻♂️
Thursday: NVIDIA's quarter shines💰🎇
Wednesday: Trash-to-Treasure 🗑️💰
Tuesday: What's the chaos?🎢
Monday: Friend or Foe? 🎭
TTD Week in Funding 💰
DRiP has raised $3 million seed round to accelerate the growth of collectible content & Web3 social platforms.
BitOasis has raised funds from investors, including Indian digital asset platform CoinDCX. The terms of the deal and valuation were not disclosed.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.