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Quick early development does not at all times assure a sustainable enterprise
Since Good friend.tech opened its invite-only beta check 11 days in the past, the decentralized social-focused app has shortly attracted a variety of customers, even catching the eye of massive identify crypto influencers, NBA gamers and OnlyFans creators. However can it convert all of the early hype to significant, lasting traction?
The app, constructed on Coinbase’s layer-2 blockchain Base, permits customers to tokenize their likeness by promoting “shares” of themselves to their followers, who then develop into shareholders and may message the customers instantly. The app was shortly picked up and popularized by “Crypto Twitter” personalities like Frank DeGods and gainzy222, buying and selling influencer RookieXBT, and NBA participant Grayson Allen, to call a couple of.
Since its launch, Good friend.tech has seen total volume of 33,596 ether, or about $55.5 million, throughout 1.29 million transactions, in keeping with Dune analytics data from Michael Silberling, a knowledge analyst at OP Labs. (Disclosure: Silberling is a sibling of Amanda Silberling, a TechCrunch reporter.)
Up to now 24 hours, the platform has introduced in $1.42 million in charges and $709,839 in income, making it the third-largest price and income generator within the entirety of crypto throughout that timeframe, solely trailing the Ethereum blockchain itself and staking service Lido, in keeping with DefiLlama data. The platform prices a complete of 10% in charges per transaction, with 5% going to Good friend.tech and the opposite 5% going to the account holder.
However regardless of the app’s vital early traction, many individuals are skeptical about its viability as a result of its lack of a privateness coverage, the requirement to deposit ether upon signing up, a reportedly laggy interface, and an unclear roadmap. Whereas the app does permit these making the most of the shares to money out, there’s little readability on the safety measures in place, the liquidity construction and different points of its operations.
Good friend.tech can be arguably a more recent take of a barely extra controversial try by BitClout (later rebranded to DeSo). A crypto social community that allow individuals purchase and promote tokens primarily based on individuals’s reputations, DeSo launched in 2021 to a lot hype. However traction finally fizzled, and the app acquired into legal trouble for preloading customers onto its platform with out their permission.
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