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Friend.tech: A New Social App Making Waves in Crypto Circles

Date: August 12, 2023

The cryptocurrency community is abuzz with the emergence of a new Web3 social app that has taken the trading scene by storm, prompting both excitement and skepticism. Named friend.tech, this decentralized platform claims to be “the marketplace for your friends,” and it has already made a remarkable impact, generating a staggering 4,400 ETH (equivalent to $8.1 million) in trading volume within just 24 hours of its launch. Notably, this trading volume has surpassed that of OpenSea, a prominent NFT marketplace, during the same time frame.

Operating on Base, a novel layer 2 network developed by the renowned crypto exchange Coinbase, friend.tech allows users to tokenize their social networks. The concept revolves around users creating profiles and selling “shares” of themselves to their followers. These shares grant owners the privilege of engaging in private messaging with the individuals whose shares they have acquired.

Key influencers within the crypto space, including figures like Jordan Fish (Cobie) and pseudonymous trader Hsaka Trades, have already started exploring friend.tech’s potential. Hsaka Trades, in particular, foresees the platform evolving into a Crypto Twitter equivalent of the Cameo platform, enabling users to obtain shares for exclusive privileges, such as posting tweets from an influencer’s account.

Early data reflects friend.tech’s rapid adoption rate. Impressively, the platform has facilitated over 126,000 transactions and achieved a trading volume of 4,400 ETH, or approximately $8.1 million, since its recent launch. In fact, it has outperformed OpenSea, a leading NFT marketplace, by nearly doubling its trading volume.

Furthermore, friend.tech’s impact on the Base network has been notable. The app has contributed to a surge in daily active users on Base, reaching a count of 136,000, thereby surpassing the layer 2 network Arbitrum.

Yuga Cohler, a senior staff software engineer at Coinbase, expressed his enthusiasm for friend.tech’s innovative approach to social media within the Base ecosystem. Cohler anticipates further developments and features from friend.tech that could reshape the landscape of decentralized social platforms.

As friend.tech continues to captivate the crypto community, its ascent raises intriguing questions about the future of Web3 social applications and their potential to revolutionize traditional modes of social interaction and engagement.

Source: CoinDesk

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