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Head over to X, previously Twitter, and the primary publish you see will seemingly 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 a part of, and others nonetheless, calling it out as the following BitClout that’s doomed to fail.
Given the app’s early stage, every of those views carries weight and will replicate 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 similar people may also seemingly share testimonies of how nice and progressive the app is, in that it’s driving worth again to the neighborhood – with euphoria fueled by vital quantities of quantity.
Completely insane.
FT has generated extra charges up to now 24 hours than Tron, Uniswap, and BTC. It’s not distant from Lido, which has 13.8B ETH staked!
Whereas the preliminary hype from the airdrop might fade, FT offers us a glimpse of what crypto mass adoption appears like. pic.twitter.com/PXKuuNARmk
— Ignas | DeFi Analysis (@DefiIgnas) August 20, 2023
Nonetheless, the underlying idea behind Good friend.tech will not be totally new, actually, it very carefully resembles BitClout of 2021 and whereas that utility will get a whole lot 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 consumer Alex Valaitis, who shared he labored with DeSo, the venture 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, nevertheless, 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 achieve are the primary ones in which can be additionally the primary ones out. He additional shared that influencers, Coinbase and Paradigm will after all come out on high and marks it as much as the character of the sport, stating “That is how issues are executed 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 a couple of completely different areas, particularly its privateness coverage or lack thereof, potential regulatory points, and a latest API compromise that noticed knowledge of 100,000 accounts leaked.
Nonetheless, the latter has since been refuted by Good friend.tech, who mentioned that it was simply somebody scraping their public API and that “It’s like saying somebody hacked you by taking a look at your public Twitter feed.” Moreover, data like pockets addresses are already publicly accessible, as is the character of the blockchain.
The opposite issues 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 a wide range of customers, contemplating monetary methods are being linked to the app.
Moreover, reviews 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 had been initially known as shares, Good friend.tech has since modified the identify of those tokens to Keys – more likely to keep away from undesirable scrutiny.
We’ve renamed Shares to 𝗞𝗲𝘆𝘀. The unique identify was a placeholder throughout improvement and we predict Keys higher illustrates their goal as in-app objects used to unlock your mates’ chatrooms pic.twitter.com/phkZky13VL
— pal.tech (@friendtech) August 21, 2023
Issues to Contemplate
Whereas solely time can inform the result of Good friend.tech, there are a couple of possibilities and concerns 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 danger potential reputational injury.
An instance of the latter could 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 a part of, some mentioned 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 affix 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 had been short-lived.
Whereas it is a easy assertion, it is vital 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 achieve can be a possible for loss.
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