Friend.Tech, the once popular cryptocurrency social media platform, hinted at an important move this spring.
The platform, which allows users to buy and sell shares of their friends' social media profiles, recently tweeted that it was preparing for a “dangerous mission.” The tweet included an airdrop-themed image that hinted at a potential airdrop event.
This announcement comes at a time when Friend.Tech has seen a significant decline in trading volume and active investors. The platform recorded just $56,000 in trading volume and just 102 active traders as of February 20. This is in stark contrast to the platform's exploding popularity last summer.
But critics consider Friend.Tech a pyramid scheme that relies on speculative momentum to attract users. The majority of these users are primarily interested in making a quick profit, leading to concerns about the long-term viability of the platform.
Ethereum founder Vitalik Buterin also expressed his views on the subject. He criticized Friend.Tech for replacing social entertainment with financial speculation. In contrast, Buterin praised Farcaster and decentralized social media protocol Lens, which he believes are products that will stand the test of time.
*This is not investment advice.
