Friend.tech, a crypto platform launched in August 2023, is making waves in the social crypto sphere. It quickly gained over 100,000 users and generated about $25 million within its first two weeks, marking a rollercoaster ride of popularity.
So, what exactly is Friend.tech, and how does it work?
At its core, Friend.tech is a decentralized social network. Users can purchase and sell “keys” associated with Twitter (now known as X) accounts. These keys grant access to private in-app chatrooms and exclusive content offered by the X user. Friend.tech dubs itself as “the marketplace for your friends.”
Each user on the platform has a chat group akin to those found on platforms like Telegram. However, to enter other users’ private chats, one must acquire keys. If a user decides to leave the chat, they can sell their keys to others. To join Friend.tech, users need an invite code, creating a competitive landscape where people eagerly search for codes to join the platform.
To access Friend.tech, users should visit the site via a phone browser, where they can add the app to their device. Each platform member receives three invite codes to share. After signing up and linking their Google and X accounts, users can bridge ether to their base wallet address. Then, they can start buying and selling keys and engaging in private chats.
We just made it easier to fund your in-app wallet from Ethereum mainnet with our new UI for @BuildOnBase's official bridge.
— friend.tech (@friendtech) August 16, 2023
Visit https://t.co/mjQfBIMxxJ on any device and with any web3 wallet, and you'll be able to fetch your account and deposit in a few clicks pic.twitter.com/FUkk0wthLY
Friend.tech operates as a browser-based application on the Base network, an Ethereum scaling network provided by crypto exchange Coinbase. The platform’s growth has been meteoric. Just two weeks after its launch, it earned $1 million in fees in a single day, making it one of the fastest-growing social token systems. Esports influencers have become top earners on the platform, raking in tens of thousands of dollars in days. Users earn fees when keys to their private chats are bought or sold.
One notable feature is that users classified as “creators” see key prices rise as their networks grow, benefiting both creators and their followers.
However, there are concerns about Friend.tech. It’s a relatively new platform with the potential for manipulation. Additionally, the rapid rebranding and overhaul just months before the beta launch raise questions about sustainability. Some have even likened it to a Ponzi scheme due to its model of linking key value to the number of investors.
As Friend.tech continues its journey, the crypto community watches with curiosity, wondering whether it’s a game-changer or a cautionary tale.
