Friend.tech & the rise of SocialFi
The intersection of social networks and cryptocurrencies has birthed a captivating phenomenon - social tokens. These tokens have emerged as a blend of traditional cryptocurrencies and patronage systems, allowing influencers, creators, and anyone to monetize their followers(fans and friends) and social interactions through exclusive offers, chats and specialized content. So what’s all the buzz about? let’s find out.
In this issue💯📩
🎯 Friend.tech & forks
🎯 On Air → Interesting podcasts episode to listen to🎧
🎯 Newsflash → Curated crypto news across Africa📰
🎯 Events & Meet Ups → Where the events at? 💃🏾🥳
🚨 Action Zone/Quick Links 🔗⚡
Sizzling♨️🔥
Bankless Africa partners with BeTechConnected as media partner for future of Work 2023. A conference and tech job fair empowering and preparing the youth in Ghana and Africa for the future of work.
Demystifying Friend.tech: A Web3 Social Network
At its core, Friend.tech is a Web3 social network that takes a different approach to the way users interact with online communities. The platform operates on the concept of "keys," previously known as "shares," which are intricately linked to Twitter (now X) accounts. These keys unlock access to private in-app chatrooms and exclusive content curated by the respective X user, branding Friend.tech as "the marketplace for your friends."
Users are immersed in a world of chat groups akin to popular platforms like Telegram. The catch is, to access other users' private chats, one must purchase keys, creating an intriguing dynamic. If users choose to leave a chat, they can opt to sell their acquired keys. This unique approach transforms Friend.tech into a social media platform, extending from the X model.
Launched in August 2023, Friend.tech swiftly gained momentum, drawing in a wave of enthusiasts and positioning itself as a swift success in the social crypto sphere. In a mere two weeks post-launch, the platform garnered over 100,000 users and generated approximately $25 million. However, this rapid rise was accompanied by initial skepticism and reports of its demise, only to be followed by an unexpected surge in popularity.
The growth trajectory of Friend.tech has been nothing short of remarkable. Just two weeks after its launch, the platform reported a staggering $1 million in fees within a 24-hour period, showcasing its potential to revolutionize the way social tokens operate. Esports influencers, in particular, rapidly climbed the ranks, becoming top earners within days.
Participation in the Friend.tech ecosystem is further incentivized through the appreciation of key prices as users' networks expand. This benefits both creators and followers, augmenting rewards and potential profits. The platform employs a bonding curve to determine the prices of keys, adding a layer of sophistication to the tokenomics.
Forks - The Rise in market places for friends
The success of friend.tech has seen many forks already happening. some of the more popular ones include.
Postech
Stars Arena
Tipcoin
The Play - Taking advantage
The entirety of web3 is one huge experiment. People who have opted to take part in this experiment are sometimes rewarded with life changing money. Socialfi is the current trending experiment, some people have already made huge sums of money from this. If you want to partake, it’s not late. Here’s the play.
Buying and selling keys
Invest in big accounts by buying keys low and early and selling them higher. This is possible if you can spot potential influencers before they become popular and buy their keys at a bargain price. Then, as their profile grows, you can sell your keys at a profit. The classic buy low, sell high.Earn via trading fees - for example on friend.tech
You receive fees when others buy or sell your keys. This is possible only if you have a large following and high demand for your keys. For each transaction, there are two fees: 5% goes to Friend.tech’s treasury and 5% is collected by the account holder. The more holders you have, the more your keys are worth and the more fees you earn.Airdrops - most of these platforms award points which will later be converted into crypto tokens via airdrops. for example, Friend.tech has a dedicated airdrop tab where points are allocated weekly on Friday. These points are expected to translate to tokens for friend.tech governance.
Getting Started
Most of these platforms requires a new user to have a referral code from an existing user. We have provide some friend.tech and post.tech codes here for those who want to try things out. check the Action Zone below for relevant links.
Friend.tech codes
ft-z4vwc4gr
ft-o2md7fbb
ft-05no4rx7
ft-ksz8ifvc
ft-r4er5ph7
ft-adlmqe4b
ft-3r5nudtb
ft-qibl793l
ft-3acfu0f9
ft-l6xzt3ml
ft-168znlrm
ft-taokswnv
ft-agv5sev0
Post.tech Codes
pt-aodrjjp0ow
pt-ct0ri3czz2
pt-0rphecgi3d
Beware
These platforms are plagued by scamming activities that target unsuspecting users and influencers.
Scams and hacks - There are lots of scams and hacks happening all over these platforms. so be very vigilant and stay security alert.
Fake airdrops: Some websites claim to offer friend.tech airdrops, but they are actually phishing sites that try to steal your crypto wallet or personal information. They may ask you to enter your private key, seed phrase, or password, or they may redirect you to a malicious app that drains your funds. The only official way to get friend.tech points is through the app itself. Do not trust any website that asks you for sensitive information.
Fake influencers: Some accounts pretend to be famous influencers or celebrities and offer their shares at a low price. They may use similar names, photos, or bios to trick you into buying their shares. However, these accounts are not verified by friend.tech and have no connection to the real influencers. They may also sell their shares as soon as they get enough buyers and disappear. To avoid this scam, always check the account’s verification status, activity, and reviews before buying their shares.
Fake bots: Some accounts use bots to inflate their share price and popularity. They may use automated scripts to buy and sell their own shares, create fake followers and comments, or send spam messages to other users. These bots are designed to manipulate the market and lure you into buying overpriced shares. To avoid this scam, always do your own research and analysis before investing in any account. Look for organic growth, engagement, and content quality.
On Air → Cool podcast episode to listen to🎧
🎧 Exploring Decentralized Governance with Jengajojo of DAOsteward on Bankless Africa podcast
🎧 Why Public Goods are Good with Vitalik on Green Pill Podcast
🎧 The surprising, simple answer to Africa’s rural energy problems – Bitcoin mining (Bitcoin Out Loud)
Newsflash → Curated crypto news across Africa📰
🗞️ Stablecoins to Revolutionise Africa’s Economic Landscape?
🗞️ Kenya Panel Urges Shutdown of Worldcoin's Crypto Project Within Country
🗞️ Flutterwave to integrate USDC
🗞️ Dash finally shuts down after raising $86.1 million in 5 years
🚨 Action Zone → Action pronto!⚡
That’s all for today, until next one, stay relentless⚡