The social tokenization platform Friend.tech appears to be the newest “killer app” for cryptocurrencies, and thus far, it has shown to be an amazing money maker for developers. In less than two weeks, the popular social tokenization system overtakes other crypto protocols in terms of revenue.
Friend.tech Emerges as Crypto Market Player with NBA Players and FaZe Clan
According to a CoinDesk report, social tokenization protocol Friend.tech is quickly emerging as a major participant in the cryptocurrency market and is bringing in a tonne of Ether as NBA players, members of the FaZe Clan, and other notable individuals join up for the service. The platform earned almost $1.04 million in fees, or 5% of each transaction’s value, in just 24 hours.
This comes in third place, just behind the Ethereum blockchain ($3.33 million in fees made) and staking service Lido ($1.54 million in fees made). Friend. tech, which generated the most revenue among crypto services, outperformed Lido, which generated lower revenues at $154,000.
Even by the fast-changing standards of crypto, this growth occurred very quickly. The invite-only beta for Friend.tech began on August 10 and saw a trading volume of 4,400 ETH (or roughly $8.1 million) on its first day. The app is created on Base, the new layer-2 network from cryptocurrency exchange Coinbase.
Online celebrities can sell shares on the Friend.tech app in exchange for access to private group chats. The platform has profited from its explosive growth and popularity, with share prices of some influencers reaching up to three Ether (roughly $5,000).
Friend.tech, based on Base, is helping the network surpass 136,000 daily active users, outpacing competitors Arbitrum and Optimism. Participants benefit from owning shares, including revenue shares, premium subscriptions, trading challenges, and personal community interactions.
These group chats are quickly developing into close-knit community experiences for share purchasers. Some believe last weekend’s influx of personalities outside of the crypto community onto Friend.tech has opened the door for widespread acceptance of cryptocurrencies.
Famous people outside the crypto world have joined the platform, increasing its appeal. Richard “FaZe Banks” Bengtson II, co-founder of the influential gaming community FaZe Clan, joined the platform on Sunday, and his share prices quickly rose to some of the highest. Similarly, NBA player Grayson Allen saw the value of his shares skyrocket just hours after joining.
FaZe Banks expressed his thoughts on social media, saying that he had always found investing in the success of YouTubers and streamers appealing. Given the numerous creative persons he had met, he noticed the platform’s potential for such activities. The rapid rise of Friend.tech may help cryptocurrencies acquire more exposure.
As Friend.tech’s popularity rises and its user base grows, it can bridge the gap between the crypto and mainstream worlds, resulting in greater adoption of digital currencies. Friend.tech’s meteoric rise shows how new concepts can change industries and accelerate the adoption of emerging technology.