Key Points:
- Friend.tech has attracted massive early adoption, but concerns linger about inflated growth.
- Critics argue the app’s share pricing model disadvantages users over the platform.
- Its future depends on balancing innovation with sustainability.
Friend.tech, a newly launched decentralized social media app, has rapidly captured users’ attention since its beta launch on August 11. But its astronomical growth has also sparked debates on whether the platform’s model is sustainable.
Staggering Early Adoption
Built on Coinbase’s Base layer-2 network, Friend.tech introduces a novel concept – allowing users to purchase shares of influencers for exclusive private chats. This innovation has attracted crypto enthusiasts and mainstream figures, fueling its meteoric start.
The app has amassed over 64,000 users and a huge trading volume, garnering crossover appeal beyond just the crypto space. The involvement of gaming YouTuber Faze Banks and activists like Pussy Riot has added to the hype surrounding Friend.tech.
Concerns Over Inflated Share Prices
However, some analysts question if the app’s growth is overheated. Crypto commentator, Yazan told Cointelegraph he worries about rapidly rising share prices. He criticized built-in mechanisms that disproportionately benefit the platform over users.
“It’s 1 ETH just to see a private chat – with 100 holders,” Yazan noted, doubting the value provided.
Engineer Cygaar compared the exponential share price growth to the boom and bust of BitClout in 2021. Web3 marketer Legendary predicted an eventual collapse for Friend.tech too.
“The platform will be done in weeks or months like BitClout,” he warned about unstable expansion.
Impressive Early Revenue Figures
Still, Friend.tech has showcased staggering revenue. Data reveals over $4 million in volume from 64,500 traders and 724,000 transactions. In 24 hours, it generated $1.42 million in fees, with $1.88 million total.
With intense attention on this rapidly expanding app, Friend.tech faces pressure to maintain growth while keeping users satisfied. Its ability to innovate responsibly and stabilize its model will determine if it revolutionizes social media or joins the crypto fads of the past.
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