Against the trend, what new patterns will the social application friend.tech bring to NFTs?

What new patterns will friend.tech bring to NFTs, going against the trend?

Author: WILLIAM M. PEASTER; Translation: MetaCat

In the past few days, friend.tech has generated an impressive amount of activity in a short period of time. Some call it the “Uniswap of social tokens.” friend.tech is built on a new stack. But will it soon add NFTs to this innovative stack?

In a sense, friend.tech already supports NFTs, so it depends on how you look at it. This article will introduce the basics of friend.tech and explore its potential in the NFT space.

You may remember Stealcam in April of this year, an addictive “steal to reveal” application on Arbitrum.

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NFT holders can mint hidden images, and others can “steal” the NFT by paying ETH to obtain and reveal the content of the NFT.

Whenever someone “steals” it, the price of the Stealcam NFT increases by 0.001 ETH plus 10% of the previous price, following a bonding curve. The previous owner receives their previous payment, and the remaining 45% of the difference is distributed to the creator, 45% to the former holder, and 10% to Stealcam.

I mention Stealcam here for two reasons. First, because the Stealcam team subsequently rebranded as friend.tech and expanded its vision to become “a marketplace for your friends’ transactions.” Also, because friend.tech’s ERC20 social token is still sold along the bonding curve, so please note the lineage of friend.tech, which drew inspiration from its predecessor.

We will come back to this point later, but for now, let’s learn some basics about friend.tech.

How does friend.tech work?

friend.tech is a social application deployed on Coinbase’s L2 solution, Base Chain, for “playing with friends and money.” A week ago, the app launched an invite-only beta and started distributing invitation codes, allowing users to buy and sell shares associated with Twitter accounts on the platform.

When you purchase shares of someone else’s account on friend.tech, you automatically gain access to private chat rooms with the account owner and other stakeholders. You can also sell the shares you bought along the app’s native bonding curve system, sometimes at a higher price than your initial purchase price, and sometimes at a lower price, depending on recent trading activity.

Why is friend.tech important?

Yes, we’ve seen many social tokens before. So what makes friend.tech special?

The answer is the stack!

As you can see in the diagram below, friend.tech combines various interesting elements in unprecedented ways. L2 (cheap, fast transactions), progressive web applications (PWAs, bypassing centralized app stores), embedded wallets (to lower the entry barrier), and more.

Source: https://twitter.com/nnnnicholas/status/1691887931684704630

By combining this innovative design with the cutting-edge technology of social tokens and cryptocurrencies, you can understand why friend.tech is gaining such rapid popularity.

Let’s look at some data: in the first week of its release, the trading volume of friend.tech has already exceeded 8,374 ETH. This means that in the past 7 days, the trading volume of friend.tech has surpassed all NFT collections except for DeGods (approximately 21,779 ETH) and Bored Apes (approximately 8,515 ETH).

friend.tech is still in its early stages, but it has already proven to be a highly eye-catching design and has attracted great interest. Is it possible to have liquidity 100 times larger than Uniswap? This remains to be seen, but at least this application can bring good news to the NFT ecosystem in the near future.

NFT Perspective

Do you still remember the mention of lineage and inspiration earlier?

From the projects TweetDAO and Stealcam, it is evident that the friend.tech team has a good understanding of NFTs. The beta version of the application is an MVP version, so as it develops, creators may choose to integrate or embrace NFTs more closely.

Of course, the NFT field is currently in a bear market, and compared to top NFT platforms, the active data of friend.tech is already quite impressive, at least for the current situation. Therefore, if this application continues to attract attention and then embraces NFTs more closely, it could become an important channel for revitalizing the level of NFT activity.

Source: https://twitter.com/_ThePinkyToe/status/1691818070317081080

I know this is based on a series of “assumptions”, and saving the NFT world is not the job of friend.tech. But one of the most needed features I have seen from early testers of friend.tech is support for image messages in chat. NFTs are basically a standard in today’s crypto space, with uploading and minting following closely behind.

However, as I mentioned in the introduction, artists and creatives can already unleash their imagination about NFTs through friend.tech beta.

For example, as mentioned earlier, @unbanksyETH and others have noticed that there are already various categories of using friend.tech, including artistic self-expression, marketing, etc. Therefore, even in the beta version, crypto artists can share “die-hard fans exclusive alpha and mint links” through text in the chat.

Therefore, NFTs on friend.tech are already possible. But over time, they may become even easier. If it happens and everything goes smoothly, this could be a huge positive catalyst for the level of NFT activity, and that’s what I want to say!

alpha

PSA: In the six months prior to the official release of the platform, the friend.tech team will “airdrop reward points to application testers”.

You need to judge for yourself what this means for the future, but now is a good time to start exploring the application and experiencing its stack accordingly.

You know, Crypto rewards curiosity in its own way.

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