Friend Tech is Taking Over

Buy, Sell, Trade "Shares" Of Influencers

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Here is the breakdown of today's newsletter:

🐰 We give a full breakdown of Friend Tech

  • Adidas Introduces NFT-Powered Auction for Collaboration with A Bathing Ape “BAPE” to create a new sneaker. (FG)

  • Bitcoin Ordinal sales are down 97% since May. (@DappRadar)

  • Investors are upset about OpenSeas' recent changing of royalty rules on their platform, and Yuga Labs devs want to cut ties with the marketplace. (@mcuban)

  • The host of Nickelodeon NFTs Recur is shutting down operations. (RF)

  • Magic Eden launches $1 million fund to foster blue-chip Polygon NFT collections. (BK)

  • Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), plans to stop supporting OpenSea because of a change in the platform's royalty model. In a tweet on Saturday, Yuga Labs announced it would wind down support for OpenSea following the removal of Operator Filter, an on-chain royalty enforcement tool. (CN)

Friend Tech Takeover 🐰

Friend Tech has gone from relative obscurity to your favorite crypto influencers’ Twitter timeline in just a matter of days. Some are calling it a Ponzi scheme while pointing at its very familiar essence to Bitclout (more on that later). Regardless, in just a week the app has boasted over 100,000 users and it shows no sign of stopping!

💡 What is Friend Tech?

The TL,DR is Friend Tech is a platform in which you can buy and sell “keys” of your favorite influencer using crypto. Think of “keys” as shares and up until very recently, they were called shares (smart move to get out of the SEC’s crosshairs for the time being). Friend Tech is built on Base, Coinbase’s Layer 2 platform, and is an invite-only platform. If you buy shares of your favorite influencer you can send private messages to each other. The protocol charges a 5% fee on all transactions.

As you can see below Crypto Biltord joined friend tech and was instantly showered with people buying his keys.

💡 How popular is it?

  • In just the past 24 hours it has made over $1.04 million in fees which is more than UniSwap, Bitcoin network, and many more

  • Launched on August 10th and had over 4,400 ETH (about $8.1 million in trading volume on the first day

  • Last reported well over 136,000 users

  • NBA players, celebrities, and more have joined the platform in the past couple of days

💡 What could go wrong?

As we all know by now, with any new web3 tech that involves sending crypto you are always at the mercy of the platform’s code (see the thread below for more details). Another issue that could arise is the SEC stepping and saying “evern though you call it keys… these are shares” and thus deem Friend Tech is in the SEC’s crosshairs. We could also go down the rabbit hole (no pun intended) of the morality behind owning shares and financial backing of an individual - what could ensure? Who knows we will have to see.

This thread is definitely worth taking a look at. MattyVerse puts things in perspective that we truly are still early!

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.