The social trading app, friend.tech, has garnered over 100,000 users within two weeks of its release, sparking a debate within the crypto community about its longevity. friend.tech creates tradable tokens that correspond to users’ profiles on the X social media platform. Owning someone’s token grants access to a private chat room with them.
The project’s success is attributed to its active and engaging chat feature, according to DeFi Dave, a prominent crypto educator. While other trends like liquid staking tokens (LSTs) and real-world assets (RWAs) focus primarily on financial aspects, friend.tech stands out by emphasizing both social and financial aspects. Although previous attempts to tokenize social media have existed, friend.tech seems to have had more success in its focus on individual profiles.
The app gained attention through a weekly airdrop campaign, but some speculate that interest may decline once the airdrop concludes. However, DeFi Dave suggests that users are drawn to friend.tech not just for the tokens but also for the core offering of the chat feature. In a recent move, friend.tech renamed shares, the tokens representing profiles, as keys, potentially downplaying the financial side of the project.