What is Friend.tech?

Key Takeaways

Over 5 billion people use social media globally, yet the social media space often faces challenges related to privacy, content ownership, and monetization. However, with the advancement of blockchain technology, and Web3 we’re seeing decentralized alternatives taking aim at those problems. Among the most famous of these new platforms is Friend.tech. 

Friend.tech is an innovative social platform that utilizes blockchain technology and offers a fresh approach. In this article, we’ll go over what Friend.tech is, how it works, its pros and cons and how you can join the growing platform.

What is Friend.tech

Friend.tech is a mobile only blockchain-based social media platform that allows users to monetize their social presence. Users’ engagement is rewarded in tokens, similar to shares in a traditional market.

The platform was launched in August 2023 on Coinbase’s Base Layer 2 network by developer duo 0xRacer and Shrimp, the masterminds behind Stealcam social app. In May 2024, the dev team also launched Friend.tech version 2, with new features and the native currency $FRIEND to support them.

Unlike conventional social media platforms, which are owned and controlled by a company, friend.tech is completely decentralized. The platform is based on blockchain and can’t be censored or controlled by a central authority. This gives users more freedom and control over their content 

Simultaneously, using blockchain as a foundation also means content creators can control access to their content, and monetize it too. The platform’s unique approach combines elements of social media, finance, and blockchain, attracting a broad array of content creators from crypto experts to Only Fans stars.

How Does Friend.tech Work?

Unlike regular social media platforms, friend.tech operates on the blockchain. To truly understand how friend.tech works, it’s crucial to grasp its main elements:

• FRIEND Token
• Friend.tech Keys
• Creator Royalties and Platform fees

$FRIEND Token

The Friend.tech platform began life using Ether as its lifeblood, with transactions and fees all paid in ETH. But in May 2024 it launched its native token $FRIEND via airdrop, a move that coincided with the launch of version 2 of the friend.tech platform. While $FRIEND token won’t replace ETH as the site’s main currency, it will serve an important function, as the only way of purchasing membership for friend.tech’s many “clubs”.

Friend.tech Keys

In the friend.tech ecosystem, keys are akin to shares in the traditional financial markets. Each user can issue a limited number of keys, which other users can purchase. Content is token-gated, and owning a key grants exclusive access, to private chats and other benefits in the future. 

The price of each key fluctuates based on demand. As more people buy a user’s keys, the price increases, reflecting the user’s value within the community. Buying another user’s key early on can be seen as an investment in their social capital, with the potential for appreciation as the user gains popularity. You can think of keys as similar to buying shares in a public company – the more demand for the shares, and the better the company’s performance, the more valuable the shares become.

Fees and Creator Royalties

Friend.tech employs a transparent fee structure designed to benefit both the platform and its content creators. A small percentage of each key transaction (paid in ETH) is taken as a platform fee, while creators earn royalties from the sale and resale of their keys. 

Every transaction has a total fee of 10% with half of that going to the platform and the other half to the account holder. In May 2024, friend.tech launched its native token $FRIEND which is used exclusively to join different clubs on friend.tech.

The friend.tech fee and royalties structure incentivizes creators to maintain high-quality content and engage with their audience since their income is directly tied to their community’s activity. The dual benefit of earning from initial sales and subsequent transactions creates a sustainable revenue model for creators.

How To Join friend.tech – Step by Step

To join friend.tech, follow these steps:

1. Create an Account: Open friend.tech and start the account creation process. You’ll be asked to choose a friend who invited you. You can just select anyone on the platform. Choose a name, username and bio. Upload a picture.
2. Fund Your Wallet: You’ll need around $20 in ETH on the Base Layer 2 to start exploring the platform. If you have a Coinbase account you can purchase directly. Alternatively, you can deposit to the provided wallet address on Base or connect your ETH wallet do fund through the Ethereum mainnet.
3. Install the App: Once you’ve funded your wallet, open the friend.tech website through your mobile device and click on “Install” to install the app.
4. Explore the Platform: Familiarize yourself with the interface, including browsing available keys and content.
5. Purchase Keys: Buy keys from users whose content or influence you find valuable, gaining access to their exclusive offerings.

Advantages of Friend.tech

When compared to traditional social media platforms, friend.tech offers several key advantages.

• Decentralized & Transparent: Friend.tech runs on the blockchain, making it a decentralized and transparent platform that empowers content creators and users. 
• New Ways to Monetize: It provides a new revenue model for creators through the sale of keys, and royalties, enabling them to monetize their influence and content directly. 
• Secure Transactions: The platform’s blockchain foundation ensures secure and verifiable transactions, enhancing user trust and data integrity. 
• Higher Engagement: Friend.tech fosters a more engaged and interactive community, as users have a vested interest in the success and value of the creators they support.

Disadvantages of Friend.tech

Despite its innovative approach, Friend.tech does suffer from some drawbacks. 

• Key Price: The value of keys can be highly volatile, potentially leading to speculative trading and financial losses for users. 
• Blockchain Barrier: The platform’s reliance on blockchain technology may pose a barrier for individuals unfamiliar with cryptocurrencies. 
• Market Manipulation: The potential for market manipulation and the pressure on creators to continuously produce content could also be seen as a negative aspect.

Top 5 Friend.tech Accounts

Friend.tech has quickly become a hub for social currency with its own set of stars and influencers, and it stands to reason that understanding the Friend.tech ecosystem means getting  familiar with its biggest stars.

The top five accounts on Friend.tech (based on value) feature a mix of well-known cryptocurrency influencers, traders and founders. The list is based on the price of keys and the number of followers on friend.tech and X. Keys represent the price users have to pay to get access to the content, so in a way, they measure the market cap of these accounts.

1. Cobie (Jordan Fish)

• Key Price: 0.529 ETH
• FT followers: 6008
• X followers: 721k

Already a prominent figure in the crypto community, Cobie is widely respected for his insightful commentary and deep knowledge of the crypto market. 

Cobie shares valuable insights, market analysis, and trends, making him a go-to source for both novice and experienced traders.

2. Ansem

• Key Price: 0.495 ETH
• FT followers: 69752
• X followers: 481k

Ansem is a popular social media influencer who gained traction after the FTX collapse. He’s a known supporter of the Solana blockchain. Ansem has garnered a significant following on social media platforms, where he shares insights, strategies, and trends related to the crypto market.

His posts are often best suited for any traders that need insight in the fast-moving crypto market.

3. Hsaka Trades 

• Key Price: 0.431 ETH
• FT followers: 46718
• X followers: 566k

Hsaka is another influential crypto trader famous for his strategic trading insights and thorough market analysis. He shares detailed trading strategies, tips, and real-time updates with his followers, providing them with valuable information to navigate the volatile crypto markets. 

Hsaka has a practical approach to trading and the ability to break down complex market movements into understandable concepts.

4. Racer

• Key Price:  0.4 ETH
• FT followers: 21195 
• X followers: 1619

Racer is one of the two co-founders of friend.tech. As such, he has garnered a big following on the platform. His posts usually include insights into the development and future direction of friend.tech.

Racer’s content will be valuable to anyone interested in the technical aspects of the friend.tech platform as well as the evolution of decentralized platforms.

5. Yat Siu

• Key Price: 0.324 ETH
• FT followers: 299
• X followers: 161k

Yat Siu is a prominent entrepreneur and technology visionary in the blockchain and gaming industry. He is the co-founder and executive chairman of Animoca Brands, a leading company in digital entertainment, blockchain, and gamification.

Under his leadership, Animoca Brands has become a key player in the development of the metaverse and the adoption of NFTs. He shares some of his insights on friend.tech.

Closing Thoughts

Friend.tech represents a new frontier in social media, with the platform’s blockchain foundation enabling creators to monetize their social capital. 

But it also carries its own set of risks and challenges, not least a relatively complex structure that newcomers might find hard to engage with.

Whether or not Friend.tech proves successful over time, it offers a glimpse into the future of social media, where creators regain control of their content, and reap the rewards to boot.