Good friend.tech has been making an enormous splash over the previous few weeks. Nevertheless, decentralized social media platforms are actually experiencing a fast decline in exercise. So, what’s Good friend.tech? Is it lifeless? Let’s take a more in-depth look.
Lengthy story quick:
- Good friend.tech is a decentralized social platform that enables customers to monetize their group utilizing blockchain. It sparked curiosity in Web3 adoption by offering “keys” related to social accounts, permitting entry to non-public chats and unique content material.
- The platform’s fast decline in exercise, inflows and buying and selling volumes inside three weeks of its launch raised suspicions. Inflows plummeted by about 90.5%, with the variety of consumers, sellers and transactions all falling. Privateness and regulatory considerations add to doubts about sustainability.
- Good friend.tech should regain belief, redefine worth, and differentiate from the platforms of the previous. Overcoming skepticism relies on transparently problem-solving, clarifying intentions, and charting a singular course for achievement in a aggressive, decentralized social atmosphere.
What’s Good friend.tech?
On August 11, Good friend.tech launched a take a look at model on Coinbase’s second-tier platform “Base”. Good friend.tech is a social token powered platform. The platform leverages blockchain expertise to assist its customers. Due to this fact, via the platform, people, manufacturers and companies can monetize their on-line communications.
Due to this fact, Good friend.tech is seen as a serious catalyst for Web3 adoption. Content material creators are already monetizing their work via apps like Patreon and paid newsletters. Nevertheless, via Good friend.tech, creators can now monetize their fan base by permitting customers to purchase and promote “keys.” These keys present entry to non-public chat rooms and unique content material linked on to the creator’s social media account, akin to X (Twitter). Due to this fact, creators can obtain personal messages from followers who maintain a “gold key.” Good friend.tech can be invitation-only, rising exclusivity and competitors.
Nevertheless, regardless of the preliminary pleasure, Good friend.tech is now below heavy scrutiny. The platform has skilled fast decline, a decline that has heightened earlier considerations concerning the platform’s viability and true intentions.
What occurred to Good friend.tech?
Initially, Good friend.tech attracted crypto and non-crypto influencers, together with Faze Banks and Pussy Riot. Now, simply three weeks since its launch, the platform has seen a big decline in exercise, inflows and buying and selling volumes. In actual fact, CoinTelegraph reported that inflows dropped by almost 90.5%, from $16.8 million on August 21 to $1.6 million on August 27.
Moreover, it’s not simply cash that’s taking place. The variety of consumers, sellers and transactions on the platform has additionally dropped considerably, casting doubt on its sustainability. Moreover, considerations over privateness insurance policies and regulatory points have dogged Good friend.tech, fueling doubts about its true nature.
So whereas the platform obtained widespread consideration and engagement when it first launched, its fast decline has raised questions on its future trajectory and whether or not this can be a true case of innovation or simply one other instance of a short-term pursuit of fast income. If Good friend.tech can rise to those challenges, will probably be essential to handle the problems, regain consumer belief, and redefine its worth proposition to keep away from falling into the pitfalls of beforehand hyped platforms.
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