Friend.tech and Social Token-Driven Platforms
In the first weeks of the launch of its invite-only beta version, crypto platform Frien.tech’s user base saw a rapid growth with more than 100,000 users in the first two weeks, making about $25 million. Before delving any deeper, let’s have a closer look at the concept of social token-driven platforms and discover how they work.
Social token-driven platforms enable users –including brands, businesses, and individuals to build online communities and more importantly, profit from them using blockchain technology. Advocates consider social tokens to be a significant catalyst for the widespread adoption of web3 and a valuable method to introduce newcomers to the world of cryptocurrency. Social tokens basically blend elements of conventional cryptocurrencies with patronage models, enabling creators, influencers, and others to generate revenue from their fanbase by offering exclusive perks and content in return.
What is Friend.tech?
Friend.tech is a web application launched on the Base network –an Ethereum scaling network provided by Coinbase. It can be considered as a social media platform, or more specifically, an offshoot of X as it takes some of X’s pre-existing features and expands them with a range of standardized crypto platform elements, such as fee sharing, airdropped rewards, and more. Friend.tech, which markets itself as “the marketplace for your friends”, is a decentralized social network that allows users to purchase and trade “keys” (shares) that are linked to X accounts (previously known as Twitter). These keys give users access to private in-app chatrooms and exclusive content from the respective X user.
How does it work?
On Friend.tech, every user has a chat group similar to those found on platforms like Telegram. The catch is that users need to buy keys to access other users’ private chats. These keys can be sold if a user decides to leave the chat later on. Similar to other recent social media platforms, joining this app requires users to have an invitation code. This has helped contribute to a highly competitive landscape in which users actively search for codes, helping to promote the platform in the process.
How to use it?
To join Friend.tech, users can visit the platform’s website using their phone browser and download the app. Each user receives three invite codes to share with others. Once in the app, a new user needs to link their Google and X accounts and transfer ether from Arbitrum to their main wallet address. After completing these steps, they can start participating in private chats and buying and selling keys. Good luck!
