Friendtech is a new Web3 social app that has been talked about in the crypto community. It allows users to tokenize their social networks. In addition, thanks to the application, people can sell their own shares.
What is Friend.tech?
Friend.tech is a decentralized social media application that allows users to tokenize their friends. This means you can buy and sell shares of your friends’ social media profiles. The price of a share is determined by a number of factors, including the number of followers your friend has, the engagement on their posts, and the overall impact.
At first glance, Friend Tech’s core functionality looks like familiar platforms like WeChat groups or Telegram groups. However, unlike their peers, users can sell their “shares” within the application, and these share holders can chat privately with the person whose shares they own.
Since its launch on August 10, the app has attracted more than 12,500 individual investors and has generated over 5,500 ETH ($10 million) in volume. When a person’s shares are traded, that person earns a fee. The app has another interesting feature: Buying a person’s shares opens up a private chat room between the buyer and the issuer.
This feature could potentially be of value beyond “crazy”, as most people with large followings tend to close their DMs on social media platforms like Twitter or Discord.
How does Friend.tech work?
To use Friend.tech, you must first create a profile and link it to your Twitter account. After performing these initial steps, you must deposit at least 0.01 Ethereum in the Base network, Coinbase’s new Tier 2 network. Then you can start buying and selling your friends’ shares. When you buy a stock, you are essentially betting on your friend’s future success. If your friend becomes more popular, their shares will increase in value. And if your friend’s popularity declines, the value of his shares will fall.
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