Since last week, I have noticed that many people have been discussing Friend Tech crazily and flocking to it. Even on some foreign social platforms, Friend Tech has swept all the attention of people in this field like a storm and occupied many hot topics. In just over ten days, its cumulative transaction volume has exceeded 1.1 million and the number of independent users has approached 100,000. As shown in the figure below.
So today, let’s share about this Friend Tech and take a deeper look at what the Friend Tech project is!
1. What is Friend Tech and how does it work?
According to the popular saying in this field, Friend Tech can be regarded as a SocialFi platform. To put it simply, it can stock some Twitter accounts and give people the opportunity to buy and sell these stock accounts.
Friend Tech is positioned as a social network, but currently their product only has a group chat function. After you log in to Friend Tech through your own encrypted wallet, you can directly use ETH to buy the shares of the big V you are interested in. The shares here can be simply understood as the stocks or NFTs issued by the big V himself. You can generate your own stocks for others to buy. After holding the shares of the big V, you can directly enter the Friend Tech group created by the big V.
Most importantly, these shares are tradable, meaning you can sell them at any time, making the process a profitable “game” as the price is as volatile as the token itself.
Moreover, in addition to the fluctuations in price, there are also some fees involved in buying and selling these shares, specifically:
5% of transaction revenue will flow into the Friend Tech Finance Department (that is, it belongs to the project party).
5% of the transaction revenue belongs to the person from whom you buy or sell shares (that is, it belongs to the big V).
That’s why you’ll find that many big Vs on Twitter are also frantically promoting this project, because it is indeed profitable. It is said that some big V accounts with a large number of fans can easily earn 1 ETH every day.
We can imagine that if you create a Friend Tech and generate your own share, the higher the share, the higher the transaction fee generated, and the higher your revenue share. This gives those users (especially big Vs) a great motivation to promote their shares, thereby generating a large amount of transaction volume.
In this way, those who have a certain fan base and influence can easily make money with Friend Tech. Although this process and gameplay sounds a bit like Ponzi schemes and passing the parcel, since any project can become popular in a short period of time, whether it is pure speculation or passing the parcel, what we need to do is to understand the logic behind it. As for whether we want to participate in it, we need to decide for ourselves.
Of course, there are definitely disadvantages to this kind of play, such as making money by selling the shares you created, and those high fees will hurt anyone who buys or sells them. To put it bluntly, it is a bit like cutting your own fans directly as leeks. But I found that some speculators are more playful, such as some scientists (traders who use some tools to achieve fast operations) now focus on some big V accounts to buy them as soon as possible, because they are sure that others (the fans of the big V) will buy them, and then sell them for profit.
2. What are the ways to make money through Friend Tech?
As of now, there are roughly the following ways to make money by participating in the Friend Tech project:
One is to sell your own shares, which entitles you to a 5% cut of all transaction fees.
The second is to buy other people’s shares and sell them at a higher price. This is the same idea as buying spot goods, buying low and selling high.
The third is airdrop. It is said that Friend Tech may have airdrops, which is one of the reasons why many people are now actively participating in its interactions.
As for the first two ways to make money, after our introduction above, you should now know how to play. Especially the second way, it seems self-explanatory, as long as you keep an eye on some big Vs, when they start to promote their shares for the first time, quickly buy their shares and join their group, and then when there are more people, sell the shares at a high price to the predestined people who join later.
Of course, because this process is so profitable, I expect that soon there will be MEV bots that can quickly find newly created accounts with a large number of followers and immediately buy their early shares and then exit with a profit. So, it is still early and there is still a chance to profit, but the more we go, the more difficult it may be for ordinary people like us to profit on this.
So, if you don’t want to take the risk of participating in the first two ways of making money, then airdrops may be an alternative way for you to participate. Currently, as long as you log in to Friend Tech, you can directly get your own 1 share for free.
3. About Friend Tech’s airdrop
Regarding airdrops, it is currently more of a guess, because the project has not explicitly stated that there will be airdrops, and no one knows whether their airdrops will be tokens or something else.
However, there is a Points function in the Friend Tech platform. Points will be issued once a week until the test is completed within 6 months. According to the project, the Points will have "future uses in Friend Tech". As shown in the figure below.
This is one of the main reasons why many people speculate that Friend Tech will have an airdrop in the future.
At present, it is not clear what rules Friend Tech's points are calculated based on, but it is speculated that its points should be calculated and issued mainly based on the fees you generate by buying and selling various shares.
4. What can we do on Friend Tech?
About a week ago, I joined Friend Tech and bought some shares as a test. My main purpose was to understand the project itself and to better complete this article, so I didn't plan to make money on it.
Even now, I have no intention of using Friend Tech to generate my own shares and then sell them to my fans to make money. Maybe all this sounds a bit naive, but maybe it is true.
As for you, if you want to participate, you can refer to the content above in the article and choose one of the ways that suits you to participate.
5. How do you view the future of this platform?
At present, this project is still relatively simple from a product perspective, and there are definitely many areas that need improvement, such as adding the function of publishing pictures and improving the overall UI.
In addition, the main participants of Friend Tech are basically the big Vs and their followers related to the crypto field on Twitter, and the entry threshold for newcomers is still relatively high (many newcomers may not know how to use crypto wallets, let alone cross-chain operations).
In addition to the rudimentary interface and the small audience, Friend Tech’s scalability seems limited. Apart from group chats (and perhaps a DAO), I can’t imagine what innovative features or products it can provide in the future. The project’s privacy and data are also relatively centralized, as it requires you to register through a Google account, and even after you bind your Twitter account, it can directly “help you” tweet/retweet on Twitter, which may become a hindrance for some well-known Vs or influential celebrities.
However, we can also imagine that if this platform is not a Ponzi scheme and survives after a period of development, if they solve some privacy issues and more influential people or celebrities outside the Twitter platform join, it will inevitably bring in more followers and a lot of additional capital.
We can do a simple calculation. If we multiply the number of shares held by the stock price, the total value of the largest account in Friend Tech is still no more than $500,000. If we continue to compare it with the NFT market, this amount is still very small.
So, in a sense, the Friend Tech project still has some potential for development. Especially if the airdrop is hyped and its ecosystem keeps running well in the next 6 months. Then, maybe in the future there will be accounts with a value of $5 million or even higher, which will be 10 times the current space.
But we need to remind you that such projects also have very high risks. Before you make any decision, please DYOR and do not invest in things that you cannot afford to lose.
6. How to start using Friend Tech
To join Friend Tech, you need a code. Fortunately, these codes are easy to get now because many influencers are currently recommending their shares. So you can easily find the code issued by the corresponding influencer through social platforms such as Twitter by browsing the comment section of any Friend Tech related topic tweet.
If you also want to start using Friend Tech, you can follow the steps below:
Step 1: Switch your wallet to the Base network and make sure you have a certain amount of ETH in it, at least enough to pay for the cost of minting your own personal share. The setup of the Base network and the cross-chain bridge of assets have been introduced in detail in our previous articles on the topic of Base, so I will not repeat them here.
Step 2: Enter the friend_tech platform and add the website to your home screen, as shown below.
You can register using various methods (such as using your Apple ID or Google authorization) and enter a code you find, after which you will be asked to link your Twitter account and top up your wallet.
Step 3: After the top-up is completed (for example, deposit 1 USD worth of ETH), you can create your own share in Friend Tech.
Step 4: Next, you can explore the friend_tech platform and start using it. As shown in the figure below.
Well, that’s all for today’s sharing on “Hua Li Hua Wai”. Let’s summarize and review it together. This article is one of the project analysis series, which mainly introduces some information about the Friend Tech project, including its operation, airdrops, and specific usage methods. I hope today’s sharing can be helpful to everyone.
Special thanks to: DaanCrypto, cryptokooryo, 0xTHades
Disclaimer: The above content is only a personal point of view and analysis, and is only for the purpose of popular science learning and communication among the majority of enthusiasts. It does not constitute any investment advice. Investment is risky, please treat it rationally, improve risk awareness, and abide by the relevant laws and regulations of the country and region where you are located!
