Friend Tech Is The New Way To Make Crypto Friends🫂

Key Takeaways🍿:

1. Friend Tech has attracted over 12,500 individual traders and facilitated well over 5,500 $ETH in volume since its launch🔺

2. The platform incentivizes the digital creator economy by allowing creators to earn fees when "Keys" are bought and sold🔑

3. Friend Tech has leveraged the successful launch of Coinbase’s L2 Base and allowed Base to overtake Aribitrum & Optimism in fees across 24 hours🖲️

On August 11th when Friend Tech launched in beta, they probably didn’t expect to take the crypto world by storm in 11 days. A platform that enables users to tokenize their social network through the buying and selling of "Keys" through connections surpassed Uniswap & Bitcoin in 24-hour fees. Decentralized social media was touted as an emerging narrative going into 2023 and coupled with Base’s successful launch, Friend Tech could be the industry's next big thing.

Essentially, Friend Tech allows users to sell "Keys" of themselves in $ETH giving stakeholders access to private chats with the person they hold "Keys" in. Incentivizing the digital creator economy is something X has attempted in recent weeks however since its launch Friend Tech has attracted over 12,500 individual traders facilitating well over 5,500 $ETH in volume.

The real question here is, why has Friend Tech taken the world by storm?

Many large crypto influencers have struggled to find ethical ways to monetize their presence without being accused of “shilling” or being caught out by ZachXBT. Platforms like X are infiltrated by bots leading to many larger accounts turning off their DMs limiting the interaction their audiences can have with them However with Friend Tech offering fees to creators once "Keys" are bought and sold the value returns to them.

What we may be seeing here is a snowballing effect where one person starts something, and the next follow & it creates a massive knock-on reaction that facilitates FOMO. People have heard of the value in Base & have seen the biggest accounts in crypto make money & join Friend Tech. That contributes to a degree of snowballing as more people will anticipate their involvement in Friend Tech all benefiting the growth of the platform.

Let’s explore the tech behind making friends in a decentralized way.

What Are They Actually Building

As a DeSo project, Friend Tech essentially mirrors digital ownership through their newly rebranded "Keys" as Keys. These keys symbolize ownership in return for interacting with some of crypto’s top characters. Friend Tech is similar to many social media platforms like WeChat and Telegram in the sense that you can communicate seamlessly & publish content for those invested in your “Keys”.

The significant difference is that users have the autonomy to join groups and earn "Keys" from that group by paying a base fee. The base fee is entered as a participation fee & upon leaving the group you can liquidate your group keys. Friend Tech has gone one step further allowing iOS users to instantly add the platform to their devices directly from the browser eliminating the need for any downloads.

Many crypto users have PTSD from downloading files online & the eradication of this is a contributing factor to Friend Tech’s rapid takeover.

The only barrier to entry is the invitation code and a link to your X account. These invitation codes have been floating around the crypto space with many leading KOLs sharing invite codes to their audience.

Friend Tech has also leveraged the successful launch of Coinbase’s L2 Base and allowed Base to overtake Aribitrum & Optimism in fees across 24 hours.

Exclusivity Invites Hype

The dopamine rush crypto provides is second to none. As we saw during the peak NFT bull-run, there is something in this industry that entertains exclusivity. Many investors saw the value in projects like BAYC because not everyone could join.

While Friend Tech is in the beta phase, they have fostered way more attention by only allowing users with invite codes to join the platform. This creates a rat race amongst the average crypto user to ensure they aren’t missing out on whatever may be going on. Despite only influencer accounts having major earning potential, there is still a sense of hunger that makes people want to join the platform.

Whether it’s to show off or just FOMO, people don’t want to be left behind and this strategy is one Friend Tech has adopted successfully.

The Alpha

Going into 2023 many thought leaders addressed the DeSoc narrative as one to watch. Notably big brain Messari touted DeSoc as a narrative that has significant potential due to the lack of privacy guarantees with Web 2 platforms and the overarching aim to monetize a creator economy that we now are seeing X adopt.

It’s gone as far as not even just attracting the leading crypto personalities, as last week we saw famous e-gaming mogul FaZe Banks endorsing the creator economy with Friend Tech.

Adoption The Hurdle

No doubt friend tech has completely taken the crypto and now the creator economy by storm. There are a number of phases that coupled with hype, bring several snowball effects. From a crypto perspective, there definitely is something to say about DeSoc taking over.

People want to get paid for their popularity. In a world of attention, the value comes in the eyes, and believe it or not millions of dollars have already been funneled to a new network in Base & a new dApp in Friend Tech. The cycle continues and the benefit comes in playing your cards at the right time.

As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.

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