In cryptocurrency trading, there’s an irresistible allure among traders for novel ventures, especially those that blend social status with financial speculation. Friends embody a cutting-edge trend in this space. Tech is an exclusive platform that operates by invitation only. It invites users to integrate their Twitter accounts, enabling them to offer tradable “shares” of themselves on this innovative platform.
Since its launch on August 10th, friend, Tech has swiftly attracted 12,500 individual traders, facilitating a trading volume exceeding 5,500 ETH (equivalent to $10 million). These figures hold significant weight even in the relatively peaceful crypto market. For context, the two primary NFT marketplaces, OpenSea and Blur, collectively garnered around 10,000 traders within the last day.
Seraphim Czecher, who contributes to stETH issuer Lido Finance, refrains from dismissing a friend. Tech is a mere passing trend. He acknowledges its current glitches and newness but perceives the potential it holds. Czecher states, “It’s in its early stages but holds promise.” Notably, Czecher’s shares on the platform are currently valued at 0.01 ETH (approximately $20).
A prominent figure in the crypto sphere, Cobie, renowned for hosting the UpOnly podcast, holds the highest valuation on the platform. His shares are currently around 1.5 ETH ($2,700).
While previous attempts at similar social-token applications have been made, like the 2021 sensation Bitclout, which quickly faded from prominence, friend tech stands out with a captivating feature. Purchasing shares in an individual triggers the creation of a private chat room between the buyer and the share issuer. This attribute is significant, especially since individuals with substantial followers often turn off their direct messages on platforms like Twitter or Discord. The potential for sustained value beyond the initial enthusiasm is evident.
Moreover, the platform operates on Base, the recently launched Layer 2 network by Coinbase, rapidly ascending to become the most popular application in this new blockchain landscape. Those intrigued by this platform can explore it by linking their Twitter accounts and funding a new wallet with ETH on Base. Furthermore, a chance to participate in an airdrop from August 18th is offered through one of the app’s three buttons at the bottom.