A Comprehensive Guide to Friend Tech
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Friend Tech is a SocialFi platform where one can purchase shares of Twitter accounts. As soon as one buys a share of a Twitter account, one will be able to access the channel of the account for which one has purchased a share. This then gives the buyer the opportunity to type and message the overall owner of that account.
However, the message typed by someone who bought a share of another person’s Twitter account will only be seen by the owner of the account. Buying a share of someone’s Twitter account causes the price of that account to rise in a staircase-like pattern.
- Friend Tech treasury gets 5% of the share price.
- Meanwhile, the person who is selling a share of his or her Twitter account also gets a 5% share of the price.
This will be more fascinating for huge accounts that are creating great volumes of shares. One can think of instances when the share price was huge. This will result in huge fees, which is the drive that causes people to want to promote their shares to create large volumes. The negative effect is that the high fee will affect the people who are buying those shares.
How Do People Make Profit Through This Means?
People make money through this means in three ways, which are listed below.
1. When people buy a share of your Twitter account, you’ll get a part of the fee.
2. People buy shares at a low rate and sell them at a higher price.
3. Airdrop?
Both the first point—which we have just discussed—and the second appear obvious.
One thing that some people have been doing is creating MEV bots that search for recently made accounts with large followings in order to immediately acquire the first few of their shares and sell them for a profit.
Clearly, this has been quite profitable for those who have been doing it.
Airdrop
At this point, this is a kind of speculation, as no one can tell if it will involve tokens or something different.
Every Friday until the beta is concluded in six months, a point disbursement will occur. The disbursed point will eventually have future utility in Friend Tech.
Although the exact factors that go into earning these points are still unknown, it is alleged that the fees you make from buying and selling shares account for the majority of them.
It also seems like how active one is on his or her shares also awards points.
This is wise because it will keep platform activity high because there will always be airdrop farmers, and people will continue to buy and sell because they think there’s a potential for receiving an airdrop in the future.
What Does the Future Hold for This Platform?
It’s undeniably something that has been tried and failed before. Will it be different this time? The unknown!
There are undoubtedly a lot of UI tweaks that need to be made, as well as the ability to publish photographs.
If the site succeeds, one can see some major influencers and personalities from outside of our small area starting to join. Of course, this would result in a significant increase in revenue.
In addition, one will wonder how the dynamics of share trading will change over time.
As a share gets more costly, the higher the expected value. However, it is impossible to infinitely measure your own value.
As a result, individuals will be under constant pressure to deliver value in order to appease “angry” shareholders.
If you multiply the number of shares held by the share price right now, the largest accounts are still just worth a bit more than $500,000. Therefore, comparing this to Non-fungible tokens, it could be seen that those amounts are still quite small.
Nevertheless, there is a chance for this platform to survive. particularly if the Airdrop generates hype and sustains the environment for the ensuing six months.
How Can People Get on Friend Tech?
One needs a code in order to join Friend Tech. Fortunately, these are now rather simple to locate.
When you first sign up, you receive 3.
There are numerous ways to register. You will then be prompted to fund your wallet and add your Twitter/X account.
The next step involves supplying funds to one’s wallet. At least one will have enough funds to pay for the minting of his or her own personal share.
You must have $ETH in a Base Chain wallet in order to execute this.
Given that it’s simple to connect your wallet to your Twitter account, it is better to use a burner or new wallet for this.
1. Get a Metamask wallet.
2. Fund the wallet with Ethereum.
3. Connect the Base chain to the ETH. One can make use of the official @BuildOnBase bridge, which is available on their website.
4. The RPC of the Base chain should be added on Metamask
5. One will then need to await the arrival of his or her Ethereum token.
6. One can then supply funds to his or her Friend Tech wallet via the provided address on there.
After this, one can then mint his or her share and continue to explore.
