Is Friend Tech Solving NFT’s Drawbacks?

Fads and trends in Web3 ebb and flow like the changing seasons. However instead of just 4 per year, there’s more like 40 here as a conservative estimate. As memecoin season appears to be drawing to a close (yet again,) it’s left the way clear for “Socialfi” season to swoop in and fill the void left.

Friend Tech has been on the scene for a few weeks now, and during that time, it has garnered both its fair share of enthusiasts and its fair share of critics. Some hail it as the future of social networking, while others believe it’s just yet another ponzi that will solely benefit influencers with large followers.

I made an attempt to explore Friend Tech back in mid-August but found myself hampered by the initial hurdle of linking my social media profile. Indeed, I was temporarily defeated by something as simple as a button that wouldn’t work no matter how much I smashed it. Disheartened, I put the app aside for three weeks, a decision I now believe was a big mistake and a direct violation of one of my most important rules.

Perseverance pays off

I’ve long advocated two key principles to follow: “If something is challenging to use, and everyone’s buzzing about it, whether positively or negatively, it’s likely worth diving into.” The rationale behind this is that most people tend to give up when confronted with new opportunities that don’t immediately offer them riches on a silver platter. We’re all guilty of it; sometimes we just can’t be bothered.

For instance, if we were to make an educated guess, out of a group of 1,000 people who stumble upon a new trend that requires them to acquire new technical skills, or endure the rigmarole of bridging funds between chains, or tolerate buggy and awkward applications, perhaps only 100 will persevere and see it through. If this estimate holds true, and I believe that’s a generous estimate at that, those who persist are ahead of 90% of their counterparts who abandon the task and return to what they know, the easy and well-trodden path.

An example of this we can point to was with the emergence of Ordinals earlier this year. Those who adopted early and familiarized themselves with new and very primitive tech reaped the rewards once the tech improved and new money flowed in. They were already in the position to capitalize when it was frictionless enough for the non-die hard to enter the space.

Could a similar scenario be unfolding with Friend Tech?

Are NFTs On Life Support?

It’s no secret we are deep in the depths of a dark NFT bear market. A vast majority of NFT projects have failed to deliver real value to their holders. That said, we have quite the pickle where there’s no major incentive for projects to keep producing said value anymore. Royalties are all but a thing of the past thanks to the rise of Blur, with other marketplaces following in their footsteps, and so creators are missing that in-flow of cash to keep motivated.

Friend Tech, however, provides financial incentives for both projects and individuals to cater to their key holders. They receive a 5% share of every key transaction, with larger key values naturally yielding more substantial returns. Obviously, the higher the value of the key, the higher the kickback will be. This model encourages projects and individuals to build strong reputations for delivering value to their holders, thereby attracting new buyers and driving key prices higher.

Has Friend Tech found a solution to the royalty problem that has plagued the NFT world this year?

Not only that, but Friend Tech offers a simpler and more streamlined experience, particularly for content creators. Creating an NFT collection typically requires developers to create smart contracts, artists to design token visuals, and a team of moderators and marketers to manage the community. With a Friend Tech account, you simply set it up and get to work. Each account includes a chat room where the owner can interact with key holders. It’s remarkably straightforward, but simplicity isn’t necessarily a drawback with all this considered.

Final Thoughts

I can’t help but wonder how much of a dent Friend Tech will make in the NFT market share once it gains full traction. It could potentially pose a challenge to traditional NFTs if it continues to gather momentum and development accelerates. The backing it has received from high-profile individuals with a history of being on the right side of trends and trades over the years is also something to take notice of.

However, the question remains: does Friend Tech predominantly favor those with large accounts and wider reaches? Most certainly it does, it’s not a question! However, it also encourages smaller accounts to emulate their success, especially in a time when monetizing content creation has become increasingly challenging.