The recently rising decentralized social media (DeSo) application named Friend.tech is witnessing a huge hype. However, prominent industry critics have cautioned the community, saying that the app’s hype would not sustain for much longer. The app has swiftly gained a significant status within the crypto world with more than 64,000 latest users.
Friend.tech’s Increasing Hype Places It at a Significant Position
In addition to this, Friend.tech has above 24,000 ETH tokens existing in its trading volume. This figure has been witnessed by the app since the 11th of August. On that day the beta version of the app went live. Several crypto giants within the crypto market have admired the app for increasing the number of on-chain people by thousands.
They have also praised it for getting sign-ups from several non-crypto figures. The respective parties take into account Faze Banks (a well-known gaming YouTuber) and Pussy Riot (a protest group in Russia). On the other hand, some stand on the other side and raise warnings in this respect. They are of the view that there remains a risk regarding the end of this hype.
Crypto Critics Raise Concerns about Friend.tech’s Potential End
Friend.tech, which is based on the famous crypto exchange Coinbase’s L2 network named Base. With this platform, consumers can buy shares of influencers and friends. As a result of this, they will have permission to access a private chat with the person who owns the respective shares. Yazan (a prominent crypto commentator) discussed this and pointed out several hindering aspects.
He thinks that, due to the respective aspects, the app can sustain the hype just for 6 to 8 weeks. After that, he expects it to see a nosedive in general activity and share prices of the app. A software engineer with the pseudonym Cygaar said that the app’s end is coming in the impending weeks or months.
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