Key Points:
Data on August 28 shows that daily retention of key holders on the platform exceeds 75% and weekly retention exceeds 50%, both of which have been declining since August 15. On August 28, key holders spent an average of 38 minutes on the platform, compared with 127 minutes on August 20.
Friend.tech is trying a new twist on the decentralized social network by allowing users to tokenize themselves and sell shares as “keys” to fans and followers. Those who buy these shares will then become shareholders and can interact directly with the creator.
Overall activity on the app running as an invite-only public beta since August 10 has plummeted as the total number of transactions on the app is down more than 90% from its peak of nearly 525,000 on August 10. August 21, with just under 50,000 transactions on August 28.
Besides, the app has also received a lot of criticism and caused its founder to apologize for issuing a warning to confiscate all points on the application if their users participate in copycat applications. This led the community to think that this was an unfair competitive action while friend.tech received comments that there were similarities with the DeSo BitCloud application in 2021.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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