Tech
The Web3 Friend.tech platform transforms ownership and shares the share with users
Last Updated: March 24, 2024 11:15am EDT | 2 minute read
Friend.tech, a social platform that leverages Web3 technology, has proposed a new ownership model offering his shares to his followers users.
The move is intended to allow users of the platform, who were previously mere participants, to become investors with a vested interest in the company’s prosperity.
This shift reflects a broader transformation in investment dynamics towards democratization in the digital realm.
Friend.tech users become investors
Friend.tech users will now move from being solely creators or consumers of content to becoming true investors in the platform.
The move strengthens the bond between users and the company, fostering a stronger sense of community.
This initiative was made possible thanks to an agreement with previous shareholders, including Paradigm, who agreed to transfer the rights to sell tokens directly to users of the platform.
By enabling this transfer, Friend.tech takes a significant step towards a user-centric model, where users not only shape the future of the platform but also share in its success.
Friend.tech’s change opens up new avenues for user engagement and investment in the cryptocurrency industry.
By providing users with ownership and control over tokens, the company supports a more inclusive and equitable approach to entrepreneurship and technology governance.
The move challenges the status quo of venture capital funding and signals a shift towards broader user participation and investment.
Users now have the ability to directly impact the trajectory of the platform, fostering a cooperative culture.
It’s also important to note that Paradigm played a key role in the shift.
Known for investing in innovative technology ventures, the cryptocurrency has agreed to distribute shares among users, signaling a rise in more decentralized and user-centric business models.
Friend.tech’s popularity wanes after spectacular debut
Friend.tech, launched on August 10, 2023, has become a leading decentralized application (dApp) on the Basic level, attracting over 200,000 users and facilitating trading volume in excess of $230 million.
The platform uniquely converts user influence into exchangeable tokens known as “keys,” allowing users to access a creator’s attention or influence.
The model has attracted not only cryptocurrency influencers, but also NBA players and esports personalities, broadening its appeal beyond the cryptocurrency space.
A significant factor contributing to Friend.tech’s popularity has been the hype surrounding the Base network, a Layer 2 solution associated with Coinbase.
The involvement of Paradigm, an investment company linked to Coinbasefurther increased confidence in the potential of Friend.tech.
However, the platform has also faced privacy concerns, particularly regarding the potential for doxxing users due to the link between Twitter profiles and Ethereum addresses.
Friend.tech addressed these concerns by clarifying that the information believed to be leaked actually came from their public API, demonstrating the open nature of the platform and also highlighting the importance of user caution in protecting personal information.
However, Friend.tech has seen its popularity decline in recent times.
According to a Dune analysis dashboardthe project grossed more than $1 million in revenue at its peak last year.
However, in the last two months his income has fallen below $15,000.