Launched in August 2023, Friend.tech is a new social network in which, its developers promise, users can earn cryptocurrencies. To be more precise, the operation of this novel platform is very similar to Telegram channels, although in order to register on it you need an invitation code, since it is in beta phase.
Freind.tech is a new social network that promises its users to earn Ethereum.
With its slogan “the marketplace for your friends,” Friend.tech has managed to go viral in a very short time. In fact, according to leaks, by the end of August 2023 the platform already had more than 100,000 registered users, by invitation only.
Basically, Friend.tech is simplifying the way many influencers used to sell their memecoins in exchange for premium perks for their followers. However, as it usually happens with every project backed on the cryptomarket, the initiative has all the elements to become a paradise for scammers. So here we will tell you a little more about what this ecosystem is all about.
How Friend.tech works
As we mentioned at the beginning, this social network shares certain similarities with the option offered by Telegram to buy and sell Bitcoin. You see, after obtaining an invitation code from another user, Friend.tech assigns you your own private group chat.
In order to join your private group space, the other users will have to buy shares of your channel. Also, if they wish to leave the chat, members have the possibility to put their shares up for sale.
Like other cryptocurrency projects, Friend.tech works through a shared payment system, and also offers airdrops to attract new users. As can be deduced, on this platform, profits are received in Ethereum. A few days after its launch, several influencers have claimed to have generated considerable profits in this currency.
Is Friend.tech safe?
As has happened with other cryptocurrency apps, and even exchanges that at first seemed reliable, the main risk of trying your luck on platforms like Friend.tech is volatility. Beyond the above, in the specific case of this social network, there are a couple of key factors to understand that it may not be a good idea to invest in it.
First, using the Friend.tech app requires linking your Ethereum wallet to your X (formerly Twitter) profile. This, some users have discovered, allows Friend.tech to post and retweet on your behalf.
Moreover, the team operating this platform is completely anonymous. Even so, according to investigations, it has become known that several of the people involved in Friend.tech are those who were in charge of Kosetto. The latter, an app for the sale of NFT that in early 2023 stopped working without any explanation.
In conclusion, before trying your luck on Freind.tech we recommend you to take precautions. Primarily, we invite you to review all kinds of information regarding the platform, consult with experts and, of course, follow our tips for investing in cryptocurrencies.