HomeWeb3The Surge of Friend.tech in the Ether

The Surge of Friend.tech in the Ether

Crypto space is replete with innovations; some change the game while others fade into oblivion. In this web of ever-evolving blockchain applications, Friend.tech has burst forth like a comet, securing its place as the “killer app” of recent times. But what makes Friend.tech so revolutionary, and why is it drawing the interest of NBA players and renowned esports community members such as the FaZe Clan? This article delves into the nuances and impact of Friend.tech on the crypto and gaming world.

The Rise of Social Tokenization with Friend.tech

The original report by CoinDesk on Friend.tech highlights its astonishing trajectory as the second-largest revenue maker among crypto protocols in merely over two weeks. The concept behind this platform? Social tokenization. An idea where renowned personalities, predominantly from the platform formerly known as Twitter, can issue shares that provide access to exclusive group chats.

To understand the magnitude of its impact, consider this: the platform managed to garner over $1.04 million in fees within a day, making a staggering revenue of around $709,000 worth of ether after deducting associated costs. It stands out as the supreme revenue generator among crypto services, surpassing giants like Ethereum blockchain and staking service Lido in the process.

Ranking by fees and revenue generated by crypto projects on Aug. 20. Source: DefiLlama

The Invitation-Only Sensation

The exclusivity of Friend.tech has been the talk of the crypto town since its invite-only beta launch on August 10. Data reveals an outstanding 4,400 ETH (approximately $8.1 million) in trading volume, all on its first day. This mammoth response makes one ponder – why the allure?

Shares associated with crypto personalities, including the likes of Cobie and Hsaka, skyrocketed to almost three ether (close to $5,000) within days. Beyond the realm of early crypto adopters, Friend.tech is infiltrating the Base network, a recent layer-2 addition by crypto exchange giant Coinbase. Overpowering other layer-2 networks, Friend.tech amassed 136,000 daily active users, revolutionizing the way the Base network operates.

More than Just Chats

It’s crucial to understand that Friend.tech is not merely about group chats. These forums have transformed into rich, intimate communities. Investors are not just purchasing access but rather an experience. From revenue shares, premium subscriptions, to exclusive trading tips, there’s a lot on the plate for share buyers.

Broadening the Horizon

The waves created by Friend.tech are not limited to crypto enthusiasts. Over a weekend, numerous personalities from diverse fields hopped onto the Friend.tech bandwagon. Richard “FaZe Banks” Bengtson II, the co-founder of the eminent esports community FaZe Clan, and NBA player Grayson Allen are prime examples of this trend. Their share prices soared within hours of joining, reflecting the platform’s widespread appeal.

FaZe Banks, in his tweet, mentioned his fascination with the idea of betting on the success of streamers and YouTubers, seeing Friend.tech as the ideal medium to achieve that.

The Future of Friend.tech

While the initial response to Friend.tech is overwhelming, the real question is: Can it sustain this momentum? With prominent figures from the gaming, sports, and entertainment sectors showing keen interest, Friend.tech has opened the doors to potential mainstream crypto adoption.

However, as with any crypto innovation, only time will determine its enduring impact. But for now, Friend.tech stands as a shining beacon in the intertwined worlds of crypto, gaming, web3, and blockchain.

G1 does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.


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