Friend Tech is a social platform where crypto enthusiasts can monetize their Twitter profiles on Base Layer 2. The content creators, Twitter users, can bring their community to Friend Tech and other platform users may choose to buy your shares by using their Ethereum funds on Base L2.
The users can sell their shares automatically without taking another action after signing up on the platform. Once the account is created, the others can buy a share of yours with one click. As a consequence of this purchase, you are rewarded with 5% fee of this purchase and your shares gain value.
Let's see how to start Friend Tech and how to make money on it.
How to Start Friend Tech
First of all, Friend Tech is an invite-only platform that requires an invitation code to sign up.
After you find a person to refer, you. need to transfer some Ethereum on Base Layer 2 so that you can start using it. Minimum $20 is required but you do not pay a lot for the transactions.
After you send some funds, you buy a free share of yours in the beginning for 0 ETH. Then, other people will rush into your platform if you are a well-known person on Twitter.
As you can see above, there is an airdrop section where you can see the points you collect, your rank, and the codes that you have. 1 of my code was used already. There is an expected airdrop in exchange for the points that users collect.
Note: You can use my invitation links. So far there is no incentive for invitations, though. After your sign up, you will also be given 3 invitation links to onboard your friends on the platform.
How to Earn Ethereum on Friend Tech
If you are an influencer, you are living a perfect time of your life. Both Twitter, X, is paying ad revenue for your engagement and Friend Tech is a perfect place as people rush into your shares to buy them cheap and sell higher.
Lots of influencers earned a lot of money from transaction fees, 5% for each transaction of purchase. The ones that I followed made up to $300 by doing literally nothing. However, this is not the case for everyone!
Basically, you can initiate a buy or sell order with 1 click. When I opened up the account, there were 3 shareholders, including myself. Then, one of the holder sold the share for 0.001 ETH. As a result, as you can see above, the selling and the current price of the share have dropped.
Each trade affects the value of a share. However, when you hold the share, you can contact the person on a private channel with other shareholders. I think this is a nice model of engagement.
Is Friend Tech for Everyone?
Let's remember some examples in crypto history. As you may memorize, we had Bitclout that had a similar mechanism. However, as the attention on the platform diminished, it is forgotten in crypto.
Such concepts are too close to be a pyramid scheme. Thus, the people who join the party late may not have some great experiences.
Also, I want to highlight something. The current form of Friend Tech is only good for influencers rather than people with less reputation. I only had 2 shareholders, most probably both of them were bots that initiate instant transactions when a new account is created. So, I cannot reach people, promote my content or engage with others. It is like a town that is left out.
Of course, there is a strategy for people who are not influencers. Be one of the first people to buy a share of an influencer and trade it for profit in an hour. Otherwise, there is not much to do with your profile and shares 😅
This is my honest review of Friend Tech after spending a couple of hours. The investment by Paradigm is a big plus. Yet, in this version of the app, you do not have many options to engage with others. I would expect more ways to find people and content over there.
Are you in Friend Tech? Share your experiences below 👇
Hive On ✌🏼