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What Is Friend.Tech And How To Get Started With It?

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What Is Friend.Tech And How To Get Started With It?

In a world where innovations and upgrades are synonymous with technology, it is hard to impress the tech giants. What if we tell you, a recent development is taking the tech world by storm. If you aren’t living under the rock, you all must have heard about Friend.tech which was launched on August 10 and has blown up the crypto circle.

Friend Tech is an application built upon the Base, Coinbase Layer 2 platform. This platform serves as a hub for trading “shares” representing users within the community. Coingape had reported earlier, why the application had garnered huge buzz since its launch.
In this article, we will cover every aspect of Friend.tech and help you understand how to reap the maximum benefit of the application.

What is Friend.tech?

As discussed earlier, the application is built on Coinbase’s layer-2 blockchain, Base. With Friend.tech, users can tokenize their fondness by selling “shares” of themselves to their followers. Later, people who have bought the shares can message the users directly.

Since its inception, Friend.tech has clocked 6.9 million transactions with a total volume of 7,777.248 ETH, or about 12,800,320 USD, according to Dune Analytics.

 

In the past 24 hours, the platform has brought in $236 million in fees and $118 million in revenue, according to DefiLama. The application charges 10% in fees per transaction (5% goes to Friend.tech and the rest 5% to the account holder).

How does it work?

Users who buy shares have exclusive access to the gated chat room of the influencer. Through this special platform, followers may interact directly with the influencer, creating a bespoke and private engagement experience.

The dynamic price structure of Friend.tech is one of its most appealing features. Thus, the increase in group shares is correlated with the quantity of participants. The base price of each share rises in proportion to the increase in the total number of shares when more users join a certain group. The platform’s appeal is enhanced by this creative pricing strategy, which promotes participation and investment.

How to set up a Friend.tech account?

Setting up a Friend.tech account in the application takes a few easy steps.

  • Step 1: Download the app on your mobile device or go to the Home page on Windows.
  • Step 2: Friend.tech operates as an invite-only platform, necessitating access codes for registration. Thus, it is either obtained through a friend’s referral, or by obtaining access codes released by the friend.tech team on their Twitter account.
  • Step 3: Link your Twitter account, which will act as your user ID.
  • Step 4: Send ETH to the wallet. It is an essential step for proper reflection within the application.

Voila! You have joined Friens.tech.

How much money can I make from Friend Tech?

The platform offers two main ways to earn money.

  • Receive Fees: The foremost option is to receive fees or sell your shares from the influencers that have substantial followers.
  • Invest in huge accounts: It is best to go with accounts that have huge followers. Enter the market when the price of the share is lower and buy out when it escalates.

Importantly, it also works well with a huge number of followers. The higher number of followers drives up share value, more share volume, and fees. Presumably, top accounts can make upto 1 ETH per day.

Friend.tech Facing Security Concerns

The security model of the popular decentralized social media app Friend Tech has drawn criticism. Co-founder of DeFiLlama 0xngmi recently posted a critical review, highlighting some issues with the website. Friend Tech’s security may have a number of flaws, including a frontend vulnerability, a risk associated with privy iframes, and the potential for data loss, according to a post by 0xngmi on X.

However, there has been no clarity on the issues raised, but there are several accounts on X that has revealed the risks of investment in Friend.tech. There has been no official clarification issued by Friend.tech.

Conclusion

Friend.tech is currently trending as some of its projects are live on coinmarketcap. It has received a huge traction from investors, and it all seems much more than just a hype created for a project. The early investors in the project will get the chance to earn more. However, there are a few issues raised by the rivals that can hamper the popularity of the project. Friend.tech’s founder information is unknown, which poses a risk for many traders. Nevertheless, Bitcoin founders are still nowhere to be found, but the coin has not just broken but shattered many records over the years.

Frequently Asked Questions (FAQs)

1. Is Friend.tech a social media app?

It is more than a social media app that helps you monetize your fondness. All you have to do is convert your most liked item into a share and trade it within the community.

2. How to build a community in Friend.tech?

Users can refer a friend and invite them to join their community. The more people there are in the community, the more valuable it becomes.

3. How to get into Friend.tech?

Friend.tech operates as an invite-only platform, necessitating access codes for registration. The official Twitter account of Friend.tech often posts access codes, so anyone who wants to get in needs to keep an eye on the account.
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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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