A look beyond FriendTech at the rising stars of decentralized social media
FriendTech has made a big splash in the Web3 world. Yet, it’s not just another decentralized social network—it has started a whole new trend. With FriendTech, users can buy and sell “keys” that connect to X accounts, and these keys give access to private chats and special content on the FriendTech platform. Now, a bunch of similar SocialFi dapps are popping up. In this article, we’ll take a closer look at these new dapps, see how they’re like FriendTech, and talk about what all this could mean for the future of Web3 communities.
- How FriendTech innovated the Decentralized Social sphere
- Top FriendTech alternatives
- What the FriendTech effect can mean to Web3
How FriendTech innovated the Decentralized Social sphere
The social media realm has seen notable changes, with Elon Musk turning Twitter into X and Web3 experimenting through platforms such as Lens Protocol and Galxe. However, in 2023, it was FriendTech, debuting on the fresh Base Layer-2 blockchain, that truly captured widespread attention.
Let’s explore the standout elements that make FriendTech so unique.
Community and creator culture
FriendTech introduces a different approach to the creator-user interaction seen on many platforms. Instead of the traditional dynamics, the platform offers a system where users can buy and sell “keys” to X accounts.
These “keys” provide access to specific content or chat rooms associated with that account. The model seems to prioritize a value exchange, as it offers creators potential financial incentives while users gain a more direct channel to interact with content creators.
Top FriendTech alternatives
FriendTech, despite mixed media coverage highlighting both risks and successes, found its niche among Web3 enthusiasts – as it did start to get competition. Let’s have a look at top FriendTeach alternatives below:
Shortly after FriendTech debuted, PostTech arrived on the Arbitrum network. To attract early users, they launched with a tempting airdrop campaign. PostTech distinguishes itself with mobile functionality and features that echo those of Twitter and FriendTech. A closer look reveals its smart contract bears a striking resemblance to FriendTech’s, also incorporating a referral program.
To further entice initial users, PostTech proclaimed a generous $100,000 reward for the first Epoch, slated for distribution on the official release date. Per their guidelines, participants will receive these rewards in PostTech’s native token at the conclusion of each airdrop epoch. The distribution for the inaugural epoch will be based on the user’s USD value, with token pricing tied to liquidity rates.
Shares Finance made its debut on Ethereum in August 2023 with its official beta version. This SoFi dapp connects Web3 influencers and businesses with their audience more intimately. By becoming part of SharesFinance, creators can earn 4% from all transactions made with their shares, while another 4% is allocated to revenue share – as long as they hold SHARES tokens.
Creators wield the autonomy to set the total number of shares they offer and define the unique features or rights tied to them. Once set, these shares are listed on a public marketplace. But holding a share isn’t just about symbolic representation. Shareholders enjoy perks such as exclusive content and access, potential dividends and rewards, and even voting rights.
Alpha – NewBitcoinCity
Alpha, brought to you by NewBitcoinCity, made its debut on both iOS and Android in mid-September. While some might label it as the “FriendTech for Bitcoin”, Alpha aims to position itself as a front-runner in the SocialFi dapp landscape. It operates on the Bitcoin network and aims to offer an enhanced user experience, especially when it comes to trading keys and sharing “alpha calls”.
To create buzz and attract a larger user base, Alpha is also diving into promotional activities. They announced their inaugural raffle, where participants can win rewards. Entering is simple: follow NewBitcoinCity on their platform, retweet the promotional post, and share the unique Alpha referral link using the hashtag #AlphaArmy.
What the FriendTech effect can mean to Web3
What is 3,3?
The ‘3,3’ term and meme, prominent in FriendTech discussions, originates from the OlympusDAO protocol. In essence, it represents choices: staking, bonding, or selling tokens, each with its potential rewards or consequences.
In FriendTech’s ecosystem, ‘3,3’ emphasizes mutual benefits—buying someone’s key can increase their value based on demand, introducing an engaging game-like dynamic to the platform. Each key transaction has a 10% tax rate – half goes back to the content creator, and the other half to the platform. Moreover, FriendTech airdrop rumors maintain activity in the space high, and the 3,3 strategy could potentially maximize users’ airdrop eligibility.
Is FriendTech sustainable?
SocialFinance (SoFi) dapps have certainly paved a new path in the Web3 arena. However, their long-term viability hinges on sustained user interest, potential regulatory changes, and their agility in responding to shifting market needs.
What are the risks involved with FriendTech-like dapps?
- Regulatory Risks: Governments and regulatory bodies might scrutinize or even restrict FriendTech’s operations due to its decentralized nature and the buying and selling of “shares” related to social accounts. Moreover, social media platforms like X could limit the options to connect FriendTech to X.
- Market Adoption: The platform’s success hinges on user adoption. If users or creators abandon the platform, its value could diminish.
- Smart Contract Vulnerabilities: As with any dapp, FriendTech is subject to potential vulnerabilities in its smart contract, which could be exploited if not addressed.
Is SoFi going to overshadow NFTs?
FriendTech and SoFi revive the creator-rewarding ethos that characterized the early NFT royalties system. Artists like William Murphy are leveraging the platform to deepen ties with collectors and generate revenue. Its versatility, allowing for diverse community engagement—from valuable NFT raffles by top collectors to personalized sessions and advice—sets it apart. This shift represents strength for Social dapps in a moment when NFT communities are facing their coldest bear market. This relationship, therefore, is one to keep under watch.
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