Good friend.tech hype is skyrocketing, however will it really attain the celebs?

Since Good friend.tech opened its invite-only beta take a look at 11 days in the past, the decentralized social-focused app has shortly attracted loads of customers, even catching the eye of massive identify crypto influencers, NBA gamers and OnlyFans creators. However can it convert all of the early hype to significant, lasting traction?

The app, constructed on Coinbase’s layer-2 blockchain Base, permits customers to tokenize their likeness by promoting “shares” of themselves to their followers, who then turn out to be shareholders and might message the customers instantly. The app was shortly picked up and popularized by “Crypto Twitter” personalities like Frank DeGods and gainzy222, buying and selling influencer RookieXBT, and NBA participant Grayson Allen, to call a couple of.

Since its launch, Good friend.tech has seen complete quantity of 33,596 ether, or about $55.5 million, throughout 1.29 million transactions, in accordance with Dune analytics information from Michael Silberling, a knowledge analyst at OP Labs. (Disclosure: Silberling is a sibling of Amanda Silberling, a starcrypto reporter.)

Prior to now 24 hours, the platform has introduced in $1.42 million in charges and $709,839 in income, making it the third-largest charge and income generator within the entirety of crypto throughout that timeframe, solely trailing the Ethereum blockchain itself and staking service Lido, in accordance with DefiLlama information. The platform fees a complete of 10% in charges per transaction, with 5% going to Good friend.tech and the opposite 5% going to the account holder.

However regardless of the app’s vital early traction, many individuals are skeptical about its viability attributable to its lack of a privateness coverage, the requirement to deposit ether upon signing up, a reportedly laggy interface, and an unclear roadmap. Whereas the app does enable these taking advantage of the shares to money out, there’s little readability on the safety measures in place, the liquidity construction and different elements of its operations.

Good friend.tech can also be arguably a more moderen take of a barely extra controversial try by BitClout (later rebranded to DeSo). A crypto social community that permit individuals purchase and promote tokens primarily based on individuals’s reputations, DeSo launched in 2021 to a lot hype. However traction finally fizzled, and the app bought into authorized bother for preloading customers onto its platform with out their permission.