Friend.Tech

Explore what friend.tech is, its success factors and criticisms, and some of the competing platforms that have emerged.

Nov 03, 2023
Crypto.com SocialFi Friend.tech

Research Disclaimer

Crypto.com Research and Insights disclaimer for research reports


Key Takeaways

  • Friend.tech is a blockchain-based social platform. Its main feature is token-gated chats through tokens called ‘keys’ that can be traded. This allows users to potentially profit from a content creator’s growing popularity.
  • Friend.tech has shown surges in activity across some key metrics, particularly in the initial period after launch. The main factors that have likely contributed to friend.tech’s popularity include a monetisation concept, Progressive Web App, embedded wallet, key price bonding curve, and Layer-2 rollup. However, activity appears to have slowed down more recently. 
  • Friend.tech uses a bonding curve to determine key prices. A bonding curve is like a mathematical formula that governs how the price of a token (in this case, key) changes as more tokens (in this case, keys) are bought or sold.
Image2 2
  • There are debates around the long-term sustainability of friend.tech’s business model and potential for a downward key price spiral if engagement declines. Also, rather than incentivising stable, enduring relationships, friend.tech’s monetisation model based on key trading and price appreciation could encourage user turnover.
Image4
  • Similar platforms like Stars Arena, fan.tech, post.tech, and New Bitcoin City have launched on other blockchains, with additional features like tipping, fractional shares, trading of posts, and dynamic fees.

Read the full report: Friend.tech


Authors

Crypto.com Research and Insights team


Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

Share with Friends

Ready to start your crypto journey?

Get your step-by-step guide to setting up an account with Crypto.com

By clicking the Get Started button you acknowledge having read the Privacy Notice of Crypto.com where we explain how we use and protect your personal data.
Mobile phone screen displaying total balance with Crypto.com App

Common Keywords: 

Ethereum / Dogecoin / Dapp / Tokens