Friend.Tech Sees Trading Surge Weeks After Being Declared ‘Dead’
Two weeks after being declared “dead” by some, the next-gen social media platform Friend.Tech continues to hang on as its future viability remains to be seen.
An anonymous crypto account on the platform, Herro, told CoinTelegraph that they expect the platform to be around at least until a potential Friend.Tech token launches within the next five or so months.
“Prior to, and after that, its future will depend on the team,” the account explained, adding their belief that Friend.Tech will “reduce fees, increase creator revenue earned, and onboard non-crypto natives.” m
Friend.tech first came out kicking in early August, debuting on Coinbase’s layer-2 Base platform. It allows traditional and crypto-based influencers to sell “keys” that are directly linked to their X (formerly Twitter) profile, which allows fans/supporters to message them privately. The platform then takes a reported 5% cut from each transaction.
By the end of the month, Coinbase’s payments risk manager Lisandro Rodrigues expressed his belief that Friend.tech was “dead” due to “greed and poor execution,” referencing the sharp decrease in the buyers and sellers.
Since as early as September 8, Friend.Tech has experienced an increase in its daily trading volume – $12.3 million, according to data from Dune Analytics. This marks the platform’s third-highest trading volume to date, surpassing OpenSea by more than $3 million.
While there isn’t an on-the-record explanation as to why the platform has suddenly witnessed such a surge, a few contributory factors could be at play, such as an increase in traditional social media creators and non-crypto individuals and an increased number of app updates that enhance the user experience – the ability to upload photos and credit-card enabled purchases
X user @PancakesBrah, responsible for growth and business development at Friend.tech, emphasized that the platform is not exclusively for crypto enthusiasts.
“I love to see stuff like this bro…hammer[ing] home the point some people don’t get, this isn’t an app for just crypto bros, every vertical can find value on friend tech, everyone bro.”
Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-3.
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