Rewritten Article:
Key Points to Remember:
– The decentralized social media app Friend.Tech has experienced a significant increase in transaction volumes.
– This is the third time that the platform has surpassed the NFT market in transaction volumes.
– Just two weeks ago, the app was considered to be dead after losing user interest.
After being written off as virtually dead at the end of August, the decentralized social media app Friend.Tech has made a remarkable comeback. According to data from Galaxy Research, the platform’s daily trading volume has now exceeded that of NFTs on the Ethereum network.
On September 9th, Friend.Tech achieved a daily trading volume of $12.3 million on the Ethereum network, while NFTs recorded a volume of $9.2 million. This marks the third time that the social media app has outperformed the NFT market.
The previous instances of Friend.Tech surpassing NFTs occurred on August 20th, when the app recorded a daily trading volume of $14.1 million compared to NFTs at $12.4 million, and on August 21st, when Friend.Tech outperformed NFTs with a daily trading volume of $16.9 million, while NFTs recorded a volume of $11.2 million.
Friend.Tech has made a major comeback. It is a decentralized platform where users can trade social media accounts like shares. Users can invest in active accounts by purchasing the shares or keys offered by them. In return, they gain access to features such as Direct Messages and private chat rooms.
As the popularity of a user grows, so does the price of their shares. This allows early investors to profit by selling their shares.
To register on the app, users must top up their accounts with Ethereum (ETH) tokens and obtain a special sign-up key.
Launched on the Base Network on August 10th, 2023, the web3 social app quickly gained popularity. Within its first ten days, Friend.Tech generated over $25 million in fees and attracted over 100,000 users.
However, by August 28th, daily transactions on the app had dropped by 95%, leading many to believe that the app was dead.
Nevertheless, Friend.Tech has made a strong recovery. According to Dune Analytics, the number of transactions on the app has exceeded 2.3 million, with over 155,000 unique traders and 153,000 traded shares.
The total volume on the emerging social media app has already surpassed the 123,000 ETH mark, and this number is expected to increase further as the platform plans to organize a token drop soon.