Author: WILLIAM M. PEASTER
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In the past few days, friend.tech has generated impressive activity in a very short period of time. Some have called 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 fundamentals of friend.tech and explore its potential in the NFT space.
You may remember Stealcam from April this year, an addictive “steal to reveal” application on Arbitrum.
NFT holders can mint hidden images, and others can “steal” the NFT by paying ETH to acquire and reveal its contents.
Whenever the Stealcam NFT is “stolen” by someone else, the price of the NFT increases by 0.001 ETH plus 10% of the previous price, following a bonding curve. The previous owner will receive their previous payment, and the remaining 45% of the difference will be distributed to the creator, 45% to the previous holder, and 10% to Stealcam.
I mention Stealcam here for two reasons. First, because the Stealcam team subsequently rebranded as friend.tech and expanded to a vision of “your friends’ trading market.” Also, because friend.tech’s ERC20 social token is sold along a bonding curve, so please note the lineage of friend.tech, which directly draws inspiration from its predecessor.
We will come back to this point later, but for now, let’s understand some basics of friend.tech.
How does friend.tech work?
friend.tech is a social application deployed on the Coinbase L2 solution, Base Chain, and is “designed to play with friends and money.” One week ago, the application 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 buy shares of someone’s account on friend.tech, you automatically gain access to a private chat room 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 what you initially bought them for, and sometimes at a lower price, depending on recent trading activity.
Why is friend.tech important?
Yes, we have seen many social tokens before. So what sets friend.tech apart?
The answer is the stack!
As you can see in the image below, friend.tech combines various interesting things in unprecedented ways. L2 (cheap, fast transactions), Progressive Web Applications (PWAs) (bypassing centralized app stores), embedded wallets (for lowering the entry barrier), and more.
By combining this innovative design with cutting-edge technologies in social tokens and cryptocurrencies, you can understand why friend.tech has quickly gained popularity.
Let’s look at some data: in the first week of its release, friend.tech has already traded over 8,374 ETH. This means that in the past 7 days, friend.tech’s trading volume has surpassed all NFT collections except for DeGods (about 21,779 ETH) and Bored Apes (about 8,515 ETH).
friend.tech is still in its early stages, but it has already proven to be a striking design and has attracted significant interest. Could it have liquidity 100 times larger than Uniswap? That remains to be seen, but at least the application could bring good news to the NFT ecosystem in the near future.
Do you remember the mention of pedigree and inspiration earlier?
From projects like 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, so as it evolves, creators may choose to integrate or embrace NFTs more closely.
Of course, the NFT market is currently in a bear market, and compared to top NFT platforms, friend.tech’s active data is already quite impressive, at least for now. Therefore, if the application continues to gain attention and then embraces NFTs more closely, it could become an important channel for revitalizing the active level of NFTs.
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 saw from early testers of friend.tech is support for image messages in chats. NFTs are basically right behind, and uploading and minting are almost standard in today’s crypto space.
However, as I mentioned in the introduction, artists and creatives can already unleash their imagination regarding NFTs through friend.tech beta.
As mentioned earlier, @unbanksyETH and others have noticed that there are already multiple categories of using friend.tech, including artistic self-expression, marketing, and more. Therefore, even in the test version, crypto artists can share “die-hard fan 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 well, this could be a huge positive catalyst for the level of NFT activity, that’s what I wanted to say!
PSA: In the six months before the official launch 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 may be a good time to start exploring the application and experiencing its stack accordingly.
You know, Crypto rewards curiosity.