A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.05 trillion with a 24-hour volume of $28.3 billion. The price of Bitcoin is $26,500.71 and BTC market dominance is 49.1%. The price of Ethereum is $1,625.03 and ETH market dominance is 18.6%. The best performing cryptoasset sector is Cannabis, which gained 4,256%.
Friend Tech’s viral growth driven by creator monetization and influencer marketing, paving way for future decentralized social apps.
Cover art/illustration via CryptoSlate
A new Token Terminal report was released on Sept. 14 on the meteoric rise of Friend.Tech (FT) reveals critical factors driving the app’s growth.
Timing the launch with Base’s debut proved crucial, with Base now boasting 400k+ users. FT quickly became Base’s biggest gas guzzler, consuming 20% of total gas. The instant liquidity and audience on Base jumpstarted network effects.
Token Terminal further found that the expertise of FT’s co-founders was crucial, as their backgrounds in viral social media primed them to engineer an addictive experience. Though their identities are pseudonymous, the report notes they have a proven track record of launching successful apps. The anonymous founders planned FT’s viral growth by focusing on creator monetization and exclusivity.
Celebrity influencers were enlisted early, lending social proof. Getting 70% of crypto influencers with 50k+ followers onboarded demonstrated substantial product-market fit. The network clustered around high-value individuals first, akin to a clubhouse.
Viral loops and gamification propelled growth through speculation and token incentives. Following the playbooks of Blur and LooksRare, trading volume exploded. Although dependent on speculation, incentivization was mandatory for ignition.
User retention figures are far above comparisons with other Web3 or Web2 social media applications, as over 70% of users return the next day and 50% return after 7 days.
Revenue becoming detached from operations was a boon for FT, according to Token Terminal. Automated marketplace fees require zero marginal effort from developers. Self-perpetuating creator monetization is a killer combination.
The app’s Progressive Web App (PWA) architecture was integral for bypassing gatekeepers. Without app store tolls, FT and creators keep all value created. This level of margin allows generous revenue sharing to incentivize creators.
Price curve innovation reinforced positive feedback loops. Exponential price growth with scarcity propagates hype and speculation while improving user experience. Lower key-to-holder ratios increase exclusivity.
Thus, despite doubts about sustainability, FT is the fastest-growing social dApp ever.
Analyzing the ingredients of its viral cocktail provides a blueprint for decentralized social apps to come. With the right strategy, execution, and circumstances, the pace of adoption can astonish even the most optimistic observers.
Token Terminal’s report illuminates the immense latent demand for creator monetization through crypto-native social experiences. The full report is available on the Token Terminal website.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Arbitrum’s rapid growth as a promising layer 2 solution seizes substantial Ethereum transaction share.
Friend Tech’s viral growth driven by creator monetization and influencer marketing, paving way for future decentralized social apps.
stUSDT protocol TVL is approaching $1 billion less than three months after its launch.
The SEC called filings related to various ETFs inadequate in June.
The average transaction fee on the Bitcoin network was less than $3.
How GoMining is making bitcoin mining easy and accessible to everyone.
The former U.S. President declared he earned over $4 million from his NFT adventure.
The former FTX CEO’s lawyers argue that the government is overwhelming their client without allowing him the ability to adequately prepare his case.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via
source
Source: www.cryptoslate.com
