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 quite a lot 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 turn out to be shareholders and may message the customers straight. 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 just a few.
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 accordance with Dune analytics data from Michael Silberling, an information analyst at OP Labs. (Disclosure: Silberling is a sibling of Amanda Silberling, a TechCrunch reporter.)
Prior to now 24 hours, the platform has introduced in $1.42 million in charges and $709,839 in income, making it the third-largest charge and income generator within the entirety of crypto throughout that time-frame, solely trailing the Ethereum blockchain itself and staking service Lido, in accordance with DefiLlama data. The platform costs 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 on account 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 taking advantage of the shares to money out, there’s little readability on the safety measures in place, the liquidity construction and different features of its operations.
Good friend.tech can be arguably a more moderen take of a barely extra controversial try by BitClout (later rebranded to DeSo). A crypto social community that permit 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 bought into legal trouble for preloading customers onto its platform with out their permission.
