Head over to X, previously Twitter, and the primary publish you see will probably be about Good friend.tech, the newest gamified social media providing, backed by Coinbase and Paradigm.
The opinions and commentary on the app are huge of their method, with some touting the app as a paradigm shift, others unsure if they need to be part of, and others nonetheless, calling it out as the subsequent BitClout that’s doomed to fail.
Given the app’s early stage, every of those views carries weight and will mirror the true trajectory of the newest craze.
Paradigm Shift or Doomed to Fail?
With hype for the brand new social platform seemingly at an all-time excessive, there are undoubtedly early adopters and supporters who will revenue from the shares they’ve bought and bought. These identical people will even probably share testimonies of how nice and revolutionary the app is, in that it’s driving worth again to the neighborhood – with euphoria fueled by significant amounts of volume.
Completely insane.
FT has generated extra charges prior to now 24 hours than Tron, Uniswap, and BTC. It’s not far-off from Lido, which has 13.8B ETH staked!
Whereas the preliminary hype from the airdrop might fade, FT provides us a glimpse of what crypto mass adoption appears like. pic.twitter.com/PXKuuNARmk
— Ignas | DeFi Analysis (@DefiIgnas) August 20, 2023
Nevertheless, the underlying idea behind Good friend.tech isn’t totally new, actually, it very carefully resembles BitClout of 2021 and whereas that software will get a variety of flack now, it as soon as raised over $200 million USD at its peak and was championed by extremely regarded social influencers and celebrities.
X person Alex Valaitis, who shared he labored with DeSo, the challenge behind BitClout, expressed why he feels Good friend.tech received’t final. He largely assigned this to the platform’s bonding curve mechanic, which merely quickly accelerates value, nonetheless, Valaitis outlines that that is the place the “rug pull” comes from, as somebody early within the bond curve will money out, resulting in a cratering value.
Controversial Web3 persona beanie additional illustrates this, calling the platform a “excessive stakes sport of musical chairs” the place the one retailers that make it out with any acquire are the primary ones in which might be additionally the primary ones out. He additional shared that influencers, Coinbase and Paradigm will after all come out on prime and marks it as much as the character of the sport, stating “That is how issues are completed and there’s nothing new right here to see,” however that retail customers ought to proceed with “excessive warning.”
Uncertainty & Skeptism
The uncertainty round Good friend.tech lies in just a few completely different areas, specifically its privateness coverage or lack thereof, potential regulatory points, and the general public launch of information of 100,000 accounts that some shops reported as a leak.
Nevertheless, the latter has since been refuted by Good friend.tech, who stated that it was simply somebody scraping their public API and that “It’s like saying somebody hacked you by your public Twitter feed.” Moreover, data like pockets addresses are already publicly out there, as is the character of the blockchain.
The opposite considerations stay legitimate although, when navigating to the app’s privateness coverage, a pop-up window will seem that claims “coming quickly.” This has been understandably off-putting for quite a lot of customers, contemplating monetary methods are being linked to the app.
Moreover, stories of regulatory consideration have surfaced, following a weekend the place the app noticed over $1 million USD in charges generated over a 24-hour interval. Consideration is probably going a direct results of the expectation for revenue, as creators can share charges with their “shareholders.” Whereas these tokens have been initially known as shares, Good friend.tech has since changed the title of those tokens to Keys – prone to keep away from undesirable scrutiny.
We’ve renamed Shares to 𝗞𝗲𝘆𝘀. The unique title was a placeholder throughout growth and we expect Keys higher illustrates their function as in-app gadgets used to unlock your mates’ chatrooms pic.twitter.com/phkZky13VL
— pal.tech (@friendtech) August 21, 2023
Issues to Take into account
Whereas solely time can inform the end result of Good friend.tech, there are just a few chances and issues to remember. The primary is that it’s extra possible than not, that the platform will expertise the identical destiny as BitClout, that retail customers or “Key” buyers are undoubtedly within the riskiest place financially, and that creators who select to make use of this platform should resolve to offer unique worth to their holders or threat potential reputational injury.
An instance of the latter may be seen in fashionable X persona, Cozomo de’ Medici’s hesitation in becoming a member of the platform. When asking his followers if he ought to be part of, some stated why not whereas others like artist Bryan Brinkman expressed that it’d detract from the worth of Medici’s different initiatives. Nonetheless, Medici has shared that he’s “Attempting it out.”
Quite a few artists and distinguished neighborhood figures have voiced their reluctance to hitch Good friend.tech. The platform, regardless of its buzz, hasn’t managed to captivate the curiosity of those key gamers. Their hesitation raises questions concerning the platform’s potential for mainstream adoption or just feeling exhausted with the quantity of different decentralized platforms like BitClout, Mastodon, and Bluesky, which within the CT neighborhood have been short-lived.
Whereas it is a easy assertion, it is crucial that creators making an attempt the brand new platform clarify the expectations for his or her neighborhood and that the neighborhood proceeds with warning, as alongside the potential for acquire can be a possible for loss.
