What is Friend.Tech? the Social Media Gamechanger?

Introduction

Hello guys welcome to another article in today’s article I’ll explain what the Friend Tech app is that is taking over crypto by storm I’ll tell you step by step on how to get set up on the app and start making money and you don’t have to be an influencer or have any audience at all make sure to read the article till the end as i will tell you the three ways that anyone can earn at least a few hundred dollars in free crypto on friend tech including a 99% chance confirmed airdrop now let’s jump in what is friend tech.

What is Friend.Tech?

Friend.Tech is a new social token platform which connects your twitter profile with an ethereum wallet each profile has its own shares that you can buy and sell effectively tokenizing the personal brand. The price of these shares are determined through a bonding curve mechanism which simply means the more people who buy a person’s shares the price goes up a set amount of percentage every time and they can always sell their shares back which will cause the price to go back down by the same ratio.

Why Is FriendTech Worth Paying Attention?

Friend Tech is the first novel application built on the base layer 2 blockchain launched by coinbase just two weeks ago and the chain has practically zero gas fees and instant transactions which made this type of social application possible. Friend Tech has also seen huge volumes since it launched two weeks ago it has onboarded 75,000 unique traders and the trading volume has almost hit 30,000 ethereum or around 50 million dollars in less than two weeks.

Unique Traders and Trading Volume

According to Defi Llama friend tech is currently the third highest earning protocol in all of crypto with 1.4 million dollars in fees earned over the past 24 hours. The platform is also attracting personalities outside of crypto including the likes of Faze Banks, NBA player Grayson Allen the famous music duel disclosure 100T Nadeshot a famous Esports owner and Garry Tantacles who is the the president of the Y combinator.

Defi Llama - Friend Tech is the third highest Earning Protocol

Exploring the Landscape of Social Tokens and Membership NFTs

Social Tokens as an investment is not a new concept there are well-known social tokens that already exist on Reddit such as from the fortnite subreddit with their own social currency called brick. And we have crypto native social tokens such as Whale and FWB (Friends with Benefits Pro) that have existed for the past two and a half years more.

Social Tokens

Recently we have also seen personality coins from influencers the most obvious example is the bencoin launched by bitboy. Now up until this point most creators still don’t want to launch their own personal tokens for a couple reasons they often take too much time and effort to make and they have a really bad reputation. There isn’t a standard to make these personal brand tokens and there can be lots of scams going around that’s why today when anyone issues their own personal token all of their followers will assume that the creator controls majority of the supply for them to dump on their followers.

The traditional model of issuing a personal token for a membership club also doesn’t generate consistent revenue. The influencer will have no choice but to control a bunch of the supply and make money this way by selling the tokens another good example is with membership NFTs. They grant you access to an influencer’s chat or knowledge services and the price of the NFTs are determined by the demand of the service.

However the problem with NFTs is that they’re usually way overpriced during the initial mint and the founder takes a large payday up front but doesn’t have to deliver much after here we have the journey club membership NFTs which have run on for a couple years already. This is one of the rare examples of an NFT collection behind a membership club that have existed for very long and continue to provide services but for most other membership NFTs out there. They usually get abandoned just a couple months after the project launches personally I think social tokens and membership NFTs both have good reasons to exist.

Journey Club
Journey Club

They are just like a membership club access card but on a blockchain and the price is set based how many people want to join this club to access its benefits with the creator. The concept is very similar to running a paid to discord group but you actually get to own part of that group by owning these tokens or NFTs. However most of the time the incentives are not aligned and that’s why most of these have failed before. This is why I think the friend tech platform is cool because it combines the membership token benefits with the NFT models and tries to solve this problem and align the incentives.

Is the FriendTech Platform a Place for Influencers to Dump on Their Holders?

I don’t think so because this model is much more transparent and fair. You see when an influencer channel launches the ben token or a membership NFT like the journey club NFTs. They can control all the supply they can choose however much they want to own and however much they want to sell. These two are really successful and legit projects but there are so many other scam ones out there.

The main reason behind this is that there isn’t a single standard to launch these on. However on the friend tech platform every social token is launched with the same parameters. There are no insider allocations and the creator only gets one token of his own to start.

Every creator’s token has these exact same parameters on the app and you can see exactly who holds how many of these tokens and the current price that’s derived from it. You don’t have to deal with a complex uniswap interface or having to worry about the liquidity pools or how much of the supply that the creator owns of the token. And anyone can do this by simply connecting your twitter account with the friend tech app your shares of social tokens are automatically issued.

And by default the creators don’t get any extra tokens to dump on their followers. Instead the creators only make money if other people feel that their shares are worth more and want to trade it and they can earn money from the trading fees. The Friend Tech platform charges five percent fees on all trades and gives another five percent back to the creator. These percentages are very high by Defi token standards but are actually quite reasonable compared to a membership NFT.

Here’s an example of the journey club NFTs again the creator earns 5% of every transaction that happens on this NFT collection which means out of the 17,000 ethereum volume traded 5% of that have gone to the project owner. This trading fee design aligns the incentives of the project creator with the token owners so that they keep delivering new services and new products and new updates to the NFT project of community so people keep coming and going and trading the NFTs to try out their new services.

This is usually what keeps these NFT projects going in the long term now keep in mind today all of these tokens trading on the friend tech app should be treated like meme coins to start just like the bencoin it is entirely tied to the creator’s name and account and if that creator doesn’t do anything to add value to the coin it just remains a meme for speculation. So with the friend tech bundle you first start with a bunch of fair launched meme tokens where people will speculate which famous creators meme tokens should be worth more than the others but eventually the only creator tokens that have real price growth will be the ones that provide real value to its followers through products and other services.

As long as the creators keep delivering value to its membership token holders they can continue earning money on the platform with the trading fees. Some examples of these benefits there is a friend tech account called the captain Levi that is mirroring all his chats to his own friend tech holdings essentially he will relay your message to any of the chats he already has access to so you get many accounts in one this way his account aggregates all of the alpha coming from all of the valuable accounts on the friend tech platform and you just buy his shares and you get all that info in one.

There are a bunch of other accounts that will give you trading alpha and signals and some other ones that will give you trading bot access that show you new famous friend tech shares to buy.

How To make money on friend Tech?

The most important part is how do you actually make money on friend tech I think there are three main ways :-

Bet on Platform With leading tokens

The first way is for you to speculate on the growth of the overall friend tech platform by owning some of the leading account tokens just like when a new blockchain or decentralized exchange first launches and is gaining traction people will want some way to speculate on the growth of the platform. And because a friend tech doesn’t have its own native token yet people will use the leading creator tokens on this platform to speculate on the growth. Here are two accounts i’m looking to pick up shares for on friend tech the first one is 0X Racer out. This is one of the founders of the friend tech platform and a well-known personality on crypto twitter. I’m treating this creator token as like the official unofficial meme coin of the entire platform.

Racer and Cobie

Then we have Cobie who is arguably the most well-known person on entire crypto twitter. I think his shares will continue to grow with the platform as well. Also if you cannot afford a full share of these large accounts that cost a couple ethereum. There is also a wrapped version of these friend tokens that you can find on CoinGecko. Just search up friend.tech on CoinGecko and you can find a list of all of these. These are real tokens that track the price of these friend tech profile shares. They use a rapper contract to bring these creator shares into a decentralized exchange so you can buy as little as one dollar 10 cents if you want. Over the next few weeks we should expect to see more of these wrapped versions pop up on this CoinGecko list.

Buy Famous Twitter Accounts early

The second way to make money on friendtech is to find the famous accounts on twitter that have just joined friend tech and buy their shares for cheap. This is just like crypto gem hunting you find the big twitter accounts that probably we will join friend tech but still haven’t yet you put them in the list and check up on their friend tech accounts to buy their shares when they first sign up.

Because all creator shares are priced the same way on the platform we can easily see the potential of this if you manage to buy the second or third share of a new creators account you only have to pay 0.00025 or 0.0005 eth but once these famous people accounts get popular on the friend tech platform they can cost as much as 0.5 eth so that’s an easy 100x if you can manage to snipe these shares early.

Friend Tech Pricing

So if you manage to buy bit boys first friend share you only have to pay 0.0005 eth and you can pretty much assume his shares will get well above 0.5 eth as he’s probably gonna make the top 100 leaderboard. Again this is just an example obviously people are watching all of the big accounts like bitboy so you got to make your own list. Some helpful tools I found first off is realfriend.tech platform which claims they’re building a sniper bot that gives you the best new shares to buy.

But you also need to buy one of his shares in order to access this. I haven’t tried it so don’t know if it works. Another helpful place is friendtech feed discord server which gives you in real time all of the latest twitter accounts that have signed up to the friend tech platform. You can use the search function to look for any large twitter account and if they have signed up to the friend tech platform very recently maybe you can go and snipe their shares.

READ ALSO :- Trust Wallet Vs MetaMask – A Comprehensive Comparison

Friend Tech Airdrop

The last way to make money on friendech and the best way is to get the friend tech airdrop. I believe friend tech has a 99% chance to do an airdrop and it will be a good one here are my reasons :-

1. The main investor behind the friendtech is Paradigm this is a specific VC firm is famous for doing large airdrops as a go-to-market strategy for their portfolio companies. Think about some of the most popular airdrops that we have seen in the past two to three years Uniswap, Blur, Parallel Alpha, Optimism, Gitcoin, Osmosis, Ribbon, all of these projects did not do token sales and instead did a large airdrop worth four to five figures. And Paradigm was the main investor in all of these crypto projects.

2. The best airdrops are usually the ones that are not 100% free to get. If you require some amount of money even just a little bit like a few dollars it will filter out the bot farmers as they will usually maximize the number of wallets but do not want to spend any money. Think about all the layer 1 projects that have free test nets for anyone to try you will get hundreds of thousands of free accounts of bot accounts to going on the test net and trying all the applications because these test net transactions are free it will attract a lot of the bald farmers coming from third world countries who will put in hundreds of thousands of fake accounts to dilute the airdrops and these end up being really bad airdrop opportunities.

On top of this because the friend tech platform collects trading fees which is their main revenue source it makes perfect sense for them to assign these airdrop points to the amounts you trade so they can get as much revenue revenue as they can for this initial launch period. This is the exact playbook from the blur NFT Marketplace airdrop they wanted a lot of NFT traders to come trade on the platform and give them not only revenue source but also good marketing and in return they assigned points to all of the top traders based on how much volume they traded.

The blur airdrop was one of the best ones in the past year I personally got four figures for each account that I actively traded on. But not many people qualified for this because you needed to set up a real wallet and have to deposit 20 to 30 bucks at least for some trading fees and it’s for this exact reason the blur airdrop was super good because it wasn’t heavily diluted.

3. The team literally has announced the airdrop in the app. There is a tab that shows you your current airdrop scores in the app based on how many people you have invited and how much friend shares you have traded. The friend tech team also announced on twitter that they will be distributing 100 million points over a six months beta period to all the friend tech users. And these points will have a special purpose once the beta period ends another tease.

airdrop scores

This is the exact same playbook of the blur airdrop and this is why I think friend tech will 99% chance have an airdrop. So with this information of 100 million points to be distributed over six months period and assuming one point will equal to one friend tech token people have already started to do some napkin math about the potential valuation and price of these airdrop points.

If we assume the friend tech token can reach evaluation between 200 to 400 million which I think is reasonable and if there is a 20 to 30 percent of total tokens being allocated for this airdrop which is again also pretty typical in the space then the price of each friend tech point will be worth somewhere between 40 cents to 1.20 you can use this table to estimate the potential friend tag token price if you’re more bullish or bearish but I think these estimates are fair.

Friend Tech Points Valuation

How to get friend tech airdrop

Finally let’s break down how you can actually get the friend tech airdrop by using the app first you will need three things a phone both iPhone and Android will work then you will need a twitter account and lastly you will need some ethereum.

STEP 1 – Go to the friend.tech website on your mobile browser make sure to use the Safari browser on iOS or the Chrome browser on Android. Then on this page on the iPhone you’ll see it says tap the share icon and choose add to home screen in the options so that means the icon down here.

Friend Tech Home Screen

On android it will have a similar option telling you to go to the menus to add to the home screen. In the share menu click on the add to home screen button and then it will add the app directly as an icon on your phone’s home screen.

Add To Home Screen
Friend Icon

Then click on the app and you can go ahead and sign in and here you will need to create an account using either a phone number a Gmail account or a Apple ID.

Friend Tech Sign In
Create friend tech account

After that you will need an invite code in order to sign up to get an invite code you can get these invite codes on twitter by using the search function very easily. Just search for friend tech code and then include ft- which is the prefix of these invite codes and then make sure to sort by latest and you can see a bunch of other users that are just sharing their invite codes for free on here.

Friend tech invite code
invite codes on twitter

Next you will need to link your twitter account to the friend tech app. Lastly you will need to deposit some ethereum into your friend tech wallet here you have two deposit addresses the first one is your friend tech wallet on the base network where the actual application lives this is the cheaper option if you already know how to use the base layer 2.

link your twitter
deposit eth in friend.tech wallet

The other option is you can also deposit to your friend tech wallet directly on the ethereum network. This will cost a bit more transaction fees but it’s much easier you can withdraw ethereum directly from any exchange to this wallet address and it will go into your friend tech wallet. But pay attention these two deposit addresses are different so if you’re using the base network make sure to first address and if you’re depositing to the ethereum network use second address. Okay now you’re all set up on this friend tech app.

STEP 2 – Go to the airdrop tab on the bottom right and you’ll see all your airdrop points that are distributed to you every friday. You also have a bunch of invite codes start sending these to your friends in crypto to invite them to the friend tech app. You can also post them on twitter as replies to popular twitter threads about friend tech and just tag friend tech and in a while these codes will all be used because a lot of people are looking for these codes. Make sure to share all your codes and get them used as this will increase the number of points you get every week.

Airdrop Points
Friend Tech Invite Codes

STEP 3 – To get the airdrop is to buy some shares of other people. Go to the explore tab and then you can search up for any random username such as rock and here you see all the random twitter accounts that have a rock in their name that have signed up to the friend tech app. You can choose any random twitter account that doesn’t have any following as these will be much cheaper shares to buy.

Explore button
Search Random Users

You only need to spend 0.0005 eth which is like five bucks worth and right after you buy these creator shares you can sell them directly and only have to pay the 10 difference in trading fees so the cost is really minimal. Make sure to do this a couple times in different friend tech creator accounts you just have to pick really cheap shares to trade back and forth.

STEP 4 – Come back to this app every friday to check on how many points you actually got and then risen repeats these process to invite people and trade the cheap shares on the app every week. You might be wondering how many points or tokens can you actually get from what I’ve seen on Twitter there is probably a few lower thresholds that you can meet without spending too much money on the app. Just signing up will probably only get you one point if you only send out a few invite codes you will get 10 to 50 points or so if you use all your invite codes and trade a couple cheap shares per week you can get more than 100 points per week.

Again these do not need to be high value shares just completing these base level transactions every week will qualify you for a decent amount of points every time. But if you stack that up every week and earn 100 to 200 points do this for two or three months and you can easily have a four figure airdrop. Now the real big airdrop amount you see come from large trading volume and if you really want to get high amounts of points you should aim to buy lots of different shares from many different accounts and stack up the trading volume.

There are definitely bonus points if you have a larger twitter account you will want other people to buy your shares and actively trade them and this will give you more airdrop points as well. But obviously this is harder to do without the following so it’s not for everyone.

Conclusion

The friend tech app is definitely still in its early stages and it is super far-fetched to say that it will become some major social media platform but the short-term hype is real and with more twitter accounts bringing the trading volume to the platform I think the social token trades should continue to do well for a few weeks. I also think the friend tech airdrop will be one of the best ones to qualify for this year since you cannot bought it and it’s nowhere near as well known as the ZKSync or Arbitrum. This will be a drop that only the power users can qualify for like the blur airdrop which means it will have a much higher payout as it isn’t as diluted so definitely don’t ignore this opportunity go sign up today.

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