SocialFi platform Friend.tech went viral across Twitter after launching its beta on August 11, but since then, has been declared ‘dead’ by some media outlets following a decline in its volume and flow.
Cointelegraph, Cryptonews and even sites outside the cryptocurrency space, such as TechCrunch, ran headlines on how the ‘hyped decentralized social app’ is rapidly losing ground and becoming ‘dead’, tanking activity and transactions with a drop of 95%.
What is Socialify?
SocialFi combines decentralized finance (DeFi) with social media, adding a way for social media users to earn rewards in cryptocurrency.
In the spirit of decentralization, it also includes retaining ownership of their content and data – unlike traditional social media platforms that own users’ personal information and often fail to protect their privacy.
How does Friend.tech work?
Below is an introduction to the new analytics platform Launchpad.xyz from Friend.tech, which combines aspects of SocialFi, revenue sharing, and a trading dashboard.
Built on Coinbase’s new blockchain base, Friend.Tech is a trending socialify platform that combines social media with its innovative share-based system.
Friend.tech cannot be downloaded on the App Store or Google Play to avoid iOS and Android regulations and revenue sharing with those centralized companies.
To use Friend.tech, new users create an account on Friend.tech with their Twitter(X) profile, in a simple registration process.
They then issue their own shares and allow followers to invest in them, which gives shareholders the ability to send them private messages.
The value of a user’s shares increases as demand for access to the user’s DM increases – for example if an account is sharing trading alpha that is particularly valuable to its shareholders.
Friend.tech Vs Other Platforms
X’s ‘Subscribe’ feature, platforms such as Patreon or SubscribeStar allow followers to access exclusive content by paying a regular subscription fee.
In contrast, Friend.tech includes ways for followers to profit by buying shares of creators they enjoy, and later if they wish to sell those shares in the future when their value has increased. Direct messaging features provide a higher level of direct interaction than common platforms.
Is Friend.tech Dead?
Friend.tech deducts a 5% fee for each share transaction. This approach initially proved profitable, as it earned the creators of Ethereum the equivalent of $1 million in a single day.
Friend.tech activity has declined since its launch last month, leading some crypto news sites to ask whether interest in Friend.tech will wane.
Terence Ribaudeau, CEO of Launchpad.xyz, commented:
‘Friend.tech presents an attractive integration of social media and share-based interactions, potential users should weigh the benefits against the obvious concerns before joining.’
‘At Launchpad we are integrating staked rewards and profit sharing into the tapestry of our ecosystem, allowing anyone to participate in anything that can generate yield through our fractional asset decentralized exchange ‘
‘It allows anyone to know the real world current value/earnings and make an informed decision on what will generate the best yield.’
Similar to Friend.tech with their upcoming SocialFi and revenue-sharing aspects, the Launchpad.xyz platform is also home to a suite of analytics tools and trading signals.
Their Telegram channel (beware the fake ones, the admin won’t DM you) opened a short position on bitcoin at $28,115 on August 29 – just before its dump to recapture the Grayscale Bitcoin ETF news-driven pump.
Recently the team opened a challenge account worth $20,000 and is regularly updating their progress in the channel as an example of building a crypto bankroll.
That channel is now free to join during the project’s ongoing token presale.
The Launchpad.xyz presale also offers a token bonus for investors in its native coin LPX which acts as a membership fee to unlock all of its features.
Read more about Launchpad.xyz and its approach to revenue sharing and SocialFi on the official website below.
Go to launchpad.xyz
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