The new platform that allows users to buy and sell crypto tokens linked to influencers like Grayson Allen is starting to fizzle after a meteoric rise.
Grayson Allen of the Milwaukee Bucks is one of the influencers connected to friend.tech. , Photographer: Megan Briggs/Getty ImagesA hot new social-media project that enlivened an otherwise dull summer for digital-asset traders is already beginning to fizzle out, after reaching a peak that at one point made it the highest-earning service provider in decentralized finance.
But as quickly as its rise began, the hype soon diminished. Fees began to droop, and were nearly 70% lower by Friday compared to Tuesday’s peak. The number of new users joining the platform daily also tanked, falling from 20,360 new accounts on Monday to just 4,484 on Friday — a decrease of almost 80%. The precise cause of friend.
The app has also begun to attract creators from platforms such as OnlyFans, a subscription-based service which similarly permits access to private group chats as well as exclusive content. But even in its short life, friend.tech is already experiencing problems. The idea of tokenizing famous crypto personalities and allowing users to buy shares in them is nothing new, either. An Andreessen Horowitz and Sequoia-backed platform known as BitClout attempted a similar endeavor in 2021, quickly racking up almost $170 million worth of Bitcoin from investors and users after reserving thousands of accounts for influencers in advance.
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