FriendTech is a new SocialFi project that saw tremendous growth in August. Backed by Paradigm, a leading crypto investment fund, FriendTech promises to be a booming development for content creators participating in the Web3 platform to generate profits. However, after the FOMO phase, FriendTech has experienced a decline in daily transactions since late August.
Another risk associated with FriendTech is that the ownership keys do not seem to exist as NFTs but appear to only exist on FriendTech's servers. If a mishap occurs causing the loss of FriendTech's data, users could potentially lose the money they invested in their keys.
Nevertheless, this model still provides a great opportunity for influential individuals who want to bring quality value to the community. Pricing quality content will contribute to creating a platform where creators can comfortably contribute to the group's overall development.
As for those who are not interested in profiting from the project but focus on the possibility of interacting with their idols, FriendTech's model can still be effective. I can see this based on the success of similar platforms in the Web2 space, such as Patreon and OnlyFans. Show Less
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