And, of course, because this is crypto, making money is the factor here — and Friend.tech is already pulling in millions. According to CoinDesk, over the past 24 hours alone, Friend.tech has seen more than $1.04 million in transaction fees, generating just over $709,000 in revenue. Since it launched less than two weeks ago, Friend.tech has made around $25 million. Friend.tech operates a PWA (Progressive Web Application), where users can manage their friend.tech profile from a browser-enabled mobile application. The PWA application features a non-custodial personal wallet, where users hold the private keys to their friend.tech wallets and can export their account’s wallet to other wallet applications. Its unique use of Keys, combined with factors like a creator’s influence and demand, creates an intriguing environment for both creators and users.

  1. As with any innovative platform, it comes with its share of concerns and potential pitfalls, but it also offers the promise of an exciting future.
  2. The shares, on the other hand, give access to gated influencer-specific chat rooms, exclusive content, and more.
  3. Still, most funds are part of what stats aggregator Dune calls insiders, with major developers and other people related to the project being the most significant stakeholders.
  4. This attracts airdrop hunters, who are looking to claim their place as early adopters and stand a chance of benefiting from any planned rewards in the future.

Also, airdrop discussions often bring in more users and revenue, which is good news for both friend.tech and Paradigm. Someone can even buy shares of your account, depending on what value your network offers. At Friend.tech, the quality of the network is the net worth of the individual. If you have ETH on the mainnet, you can move this to the base ETH by paying the transaction fee.

Previously, the platform was known as Stealcam, a system allowing users to sell selfies and other images using a “steal to reveal” mechanism. Upon signing up, a wallet is created for your account, where users will have to transfer any amount of ETH to the wallet in order to access the app. Do note that as friend.tech is still a very new app, do not transfer into the app more than you are willing to lose and exercise due diligence when interacting with the app.

Tokenization and true ownership are some of the most important features of cryptocurrency and blockchain technology, respectively. Friend.tech attempts to tokenize influence and attention in a rather interesting way. It will probably strive to oust centralized creator economies like Onlyfans while deploying its technology on the Base network. Building on the Base network could give it some advantage due to the high throughput the Base network claims to possess.

Notably, the base wallet addresses might take some time to reflect the ETH that you send to them from the mainnet. Still others have likened the fast-growing platform to a Ponzi scheme, pointing to the fact that if you buy (and other people also buy) into a particular user’s keys, the value of those keys goes up. Others have suggested the platform could fail because it lacks a compelling reason for users to stick around over the long term.

Trust Wallet

Your smartphone might contain sensitive information, and giving access to it via a new app might not be prudent. The airdrop schedule started on Aug. 19, 2023, benefitting 44,000 users in the process. Now assuming that 30% of the FDV is airdropped to the users as points, Friend.tech might give away $60 million to users. And with 100 million points to work with, each point could be valued at $0.60.

That translates to more than $700,000 in ether revenue after accounting for gas fees and other costs in just a day. Crypto platform Friend.tech, launched in August 2023, has some enthusiastic supporters hailing it as the first real success story in the social crypto space. In the first two weeks after its launch, the platform reportedly gained more than best cybersecurity stocks and funds of 2023 the motley fool 100,000 users and made about $25 million. This was followed by reports of its early demise, which was in turn followed by a sudden surge in popularity. Not unlike most new crypto apps, users have already begun speculation over the airdrop potential of friend.tech. One of the most captivating aspects of Friend.Tech is the potential to make money.

You should have at least 0.01 ETH in your base account to access the Friend.tech dashboard. As the influencer group expands, the number of group shares also increases. In this case, the rise in the number of shares doesn’t dilute the price of joining or the price at which shares are sold. And while there are many apps built on Base, including Mute, Stargate, and more, Friend.tech is arguably the most popular one.

As of Aug. 23, 2023, there are close to 93K unique buyers in the space. Let us look closer at the airdrop qualification and other related aspects. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Sign up for free online courses covering the most important core topics in the crypto universe and earn your on-chain certificate – demonstrating your new knowledge of major Web3 topics.

Security and privacy concerns: Friend.tech cons

The money spent by you is inclusive of the platform fee and also what the influencer or the creator gets. This decentralized social network is redefining the way we engage with influencers and content creators on the internet. This article delves into the world of Friend.tech, shedding light on what it is, how it works, and what potential it holds for the future.

FTX, the failed crypto exchange founded by Sam Bankman-Fried who currently sits in jail while he awaits trial for multiple charges of wire fraud, securities fraud, and money laundering. The crypto-centric VC fund invested $278 million in the exchange, which it later told investors was now worthless. The team is entirely anonymous — as in, the actual identity of who’s running the app is unknown. It’s probably a good idea to know who, exactly, is behind a project if one is to invest a significant sum of money into it. Kamino Finance, a Concentrated Liquidity Market Maker (CLMM) on the Solana blockchain.

How to Make Money on Friend.Tech?

The price to steal increases by 10% with every “theft”, which is distributed to the image uploader and the previous uploader. Their Twitter bio “Your network is your net worth,” encapsulates the idea behind friend.tech. Friend.tech essentially allows anyone on the app to bet on the social worth of other users on the platform, through the purchase of shares of the other user. The Friend.tech app requires users to link their crypto market trading hours and converter Ethereum wallet with their account on X, the platform formerly known as Twitter. For one, some users realized that this gave the Friend.tech account certain permissions to their X account — like the ability to post and retweet on their behalf. Using the base network explorer, it is possible to trace user accounts on the platform to their wallet addresses while they transact on friend.tech, which users are aware of.

The buy-and-sell price relationship relates to the fact that with higher share purchases, the number of outstanding shares for a group also increases. In the case of friend.tech, the price of a share in ETH follows a mathematical relationship to the supply of the shares within a given group. Therefore, the more shares purchased, the higher the chances of the prices increasing. Once the link becomes live, look for the “share” button at the bottom of the screen and tap the “Add to Home Screen” shortcut. Buying shares also entitles the holder to a private chat with that user. So if you bought a share of Cobie, you would be able to message Cobie directly via friend.tech.

Remember when we were inundated with crypto commercials starring Matt Damon, major sports league sponsorships, and drawings of apes? Investors, speculators, and scammers have been holding out during this long bear market, hoping that the next big crypto project will come along and turn their dimes back into dollars. Furthermore, the application is incredibly easy to access as it’s available for download on both Android and iOS, allowing users to manage their activities conveniently from their smartphones. Once you have gained access to the app, you must log in and link your Twitter (X) account to the app through your phone number or Google account. Since its launch on August 10, 2023, Friend.tech has generated plenty of hype.

For the audience, it offers access to their favorite creators where shareholders enjoy privileges such as exclusive conversations with the creator in chat rooms. Coinbase’s Layer 2 network, Base, has seen a spike in usage over the past few weeks. Several security concerns have been raised by individuals within the computer science careers crypto community. One of these concerns is that wallet Keys reside on Friend.tech’s server, which is partially custodial. This poses security risks due to potential hacks and dependency on third-party accessibility. For now, the airdrops consist of “points” airdropped to users every Friday on a weekly basis.

The app mentions that the points will have future uses in Friend.tech, which may translate to a future token airdrop. Nevertheless, this is speculative, so pay attention to the official Friend.tech accounts for information regarding the project. When purchasing “Keys”, the money spent is inclusive of the platform and creator fees. For every share-related buy/sell transaction, there is a 10% fee, of which half goes to the person you are buying from, whilst the other half goes to the Friend.tech treasury. As your X account might be a popular interface for hackers to use, it is better to head over to the settings and security and disconnect “X” from the connected app module.

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