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Key Takeaways:
- Decentralized social media app Friend. Tech is seeing large transaction volumes.
- The platform has flipped the NFT market for the third time in total transaction volumes.
- Just two weeks back, the platform was declared dead after losing interest from users.
YEREVAN (CoinChapter.com) — After being declared virtually dead at the end of August, decentralized social network app Friend.tech has bounced back with a bang. According to Galaxy Research data, the platform’s daily trading volume has surpassed that of NFTs on the Ethereum (ETH) network.
Friend.tech crossed a daily trading volume of $12.3 million on the Ethereum network on Sep. 9. Meanwhile, on the same day, NFTs recorded a daily trading volume of $9.2 million. This is the third time that the social media app has flipped the NFT market.
The previous instance of Friend.tech surpassing NFTs occurred on Aug. 20, when Friend.tech recorded a daily trading volume of $14.1 million compared to NFTs at $12.4 million. The second instance was on Aug. 21 when Friend.tech outperformed NFTs with a daily trading volume of $16.9 million, while NFTs recorded a volume of $11.2 million.
Friend.tech makes a mega comeback
Friend.tech is a decentralized platform where people can trade in social media accounts like shares. Users invest in active accounts when they buy the shares or keys offered by them. In return, they get to send Direct Messages and gain access to private chat rooms, among other perks.
Moreover, as the user’s popularity grows, so does their share price. This allows early investors to make profits by selling their shares.
Users are required to top up their accounts with Ethereum (ETH) tokens before registering. Moreover, one requires a special sign-up key to register on the app.
Launched on the Base Network on Aug. 10, 2023, the web3 social app gained quick popularity. Within its first ten days, Friend.tech generated over $25 million in fees and added over 100,000 addresses.
However, by Aug. 28, daily transactions on the app dropped by 95%. This led many to speculate that the latest novelty was dead.
“Friend tech is dead because of greed and poor execution. We can see that after the initial influencer pump volume has fallen off a cliff,”
Coinbase payments risk manager Lisandro Rodriguez wrote in a long thread post on X.
However, it has since bounced back. According to Dune Analytics, the number of transactions on Friend.tech has grossed over 2.3 million. Moreover, the platform boasts more than 155,000 unique traders, with 153,000 traded shares.
The all-time volume on the emerging social media app has already crossed the ETH 123,000 mark. This number will likely increase since the platform will organize a token drop soon.
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