Friend.tech, the decentralized social media app that launched two weeks ago, has officially become the latest crypto trading craze, surpassing hamster racing. With an NBA player and e-sports juggernaut as early users, and venture capital heavyweight Paradigm as a seed round investor, the platform has already made a meaningful impact on crypto. According to the numbers, over 64,500 unique addresses have interacted with the app, though it is impossible to say how many people are actually using it. In just 24 hours, FriendTech generated $1.12 million in fees, more than the entire Bitcoin network in the same period.
In crypto, this meteoric growth obviously means someone is getting rich, said The Node newsletter. The app itself is like an adjacent monetary layer for Twitter profiles, designed for fans who want to buy “shares” in their social media friends and influencers.
FriendTech has been praised for its reportedly easy UX and UI, and its mobile-only platform gives people the ability to DM the celebs they’re betting on. A number of accounts are already worth more than 3 ETH (~$5,200), with Racer, who is speculated to have created FriendTech, being the most valuable profile.
However, some are skeptical of the app’s longevity, citing the rise and fall of BitClout, another decentralized social media experiment. Additionally, there are serious allegations being made about FriendTech, such as the lack of a privacy policy and the app’s ability to post on users’ behalf.
Despite the controversy, prominent crypteratos have said they intend to give FriendTech a fair shake. Whether or not it will be worth any attention at the end of the week remains to be seen.