Good friend.tech created an enormous buzz up to now few weeks. Nevertheless, the decentralized social media platform has now seen a fast decline in exercise. So, what’s Good friend.tech, and is it useless? Let’s take a better look.
TL;DR:
Good friend.tech, a decentralized social platform, lets customers monetize communities utilizing blockchain. It provides “keys” tied to social accounts, granting entry to non-public chats and unique content material, sparking curiosity for Web3 adoption.
The platform’s fast decline in exercise, inflows, and quantity inside three weeks of launch is inflicting skepticism. Inflows plummeted by round 90.5%, whereas purchaser, vendor, and transaction numbers dropped. Privateness and regulatory issues add to doubts about sustainability.
Good friend.tech should regain belief, redefine worth, and differentiate from previous platforms. Overcoming skepticism hinges on addressing points transparently, clarifying intentions, and setting a novel course for achievement within the aggressive decentralized social panorama.
What’s Good friend.tech?
On August eleventh, Good friend.tech launched its beta model on Coinbase’s layer-2 platform ‘Base’. Good friend.tech is social token-driven platform. The platform leverages blockchain expertise to empower its customers. Due to this fact, via the platform, people, manufacturers, and companies can monetise their on-line communicates.
As such, Good friend.tech was seen as a significant catalyst for Web3 adoption. Content material creators already monetise their work via apps comparable to Patreon and paid newsletters. Nevertheless, with Good friend.tech, creators can now monetise their fan base by permitting customers to purchase and promote ‘keys’. These keys give entry to non-public chatrooms and unique content material straight linked to the creator’s social media accounts, like X (Twitter). So, creators can obtain non-public messages from followers who maintain ‘keys’. Good friend.tech can be invite-only, fuelling exclusivity and competitors.
Nevertheless, regardless of the preliminary pleasure, Good friend.tech is now below intense scrutiny. The platform has skilled a fast decline, and this decline fuels earlier issues concerning the platform’s viability and true intentions.
What Occurred to Good friend.tech?
Initially, Good friend.tech appealed to crypto and non-crypto influencers, together with Faze Banks and Pussy Riot. Now, in simply three weeks because the launch, the platform has seen a major drop in exercise, inflows, and quantity. Actually, CoinTelegraph reported a decline of almost 90.5% in inflows – from $16.8 million on August twenty first to $1.6 million on August twenty seventh.
Moreover, it isn’t solely the cash that has declined. The variety of consumers, sellers, and transactions on the platform has additionally plummeted, casting doubt on its sustainability. Furthermore, issues relating to privateness coverage and regulatory points have plagued Good friend.tech, including to the skepticism surrounding its true nature.
So, whereas the platform’s preliminary launch noticed substantial consideration and engagement, its fast decline raises questions on its future trajectory and whether or not it’s a case of real innovation or one other occasion of short-term greed for fast earnings. As Good friend.tech navigates these challenges, it turns into essential to deal with issues, regain person belief, and redefine its worth proposition to keep away from the pitfalls of earlier hyped platforms.
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