Friend.Tech hype dies down as transactions and users drop 90%
A few weeks ago, the BitClout-like Friend.Tech launched its beta on Coinbase ’s new blockchain, a corporate version of Ethereum’s Optimism roll-up called Base. Friend.Tech quickly picked up steam as social media influencers sold shares in their online profiles to early speculators. Although Friend.Tech renamed ‘shares’ to ‘keys’ a few days after launch, it communicated to users that they participate financially in the X (formerly Twitter) influencers in whom they own shares (keys). Referral codes posted on X were snapped up quickly as personalities included pro sports players and OnlyFans creators joined. Revealingly, adult performers and crypto promoters are the two most valuable categories of Friend.Tech profiles today. Friend.Tech registrants lose money and leave Base Creating a Friend.Tech account isn’t the same as becoming a regular user. Indeed, many registrants never advanced past the screen that required them to send ETH in order to buy shar...