If you think about it differently, friend.tech may be a community artifact for NFT artists.

Author: William Murphy Compiler: Odaily Planet Daily How is the husband?

Recently, the discussion on friend.tech has returned with a vengeance. There are different opinions on its future development. Some people are firmly optimistic about it, while more people think it is a flash in the pan.

However, according to DefiLlama data on September 15: friend.tech’s 24-hour protocol revenue reached US$2.27 million, surpassing Lido and ranking second, second only to Ethereum.

Protocol income seems beautiful, but what is the real role of friend.tech? What kind of gas is filled in the foam to slow down its collapse? William Murphy of Bankless provides a new idea: friend.tech can form a novel NFT sales solution.

Odaily Planet Daily now compiles the highlights of its articles as follows.

Imagine a world where artists can monetize their work, build a loyal following, or even start a community through their existing X (Twitter) followers. Then friend.tech would be a good choice.

friend.tech creates tradable keys for individuals, thereby introducing the following features:

● Social Token with built-in liquidity. 90% of each Key sale is used for built-in liquidity, locked in smart contracts, ensuring people can sell at any time. The remaining 10% is divided equally between friend.tech and users who are selling Keys.

● Gated Chat Room, you can share text and images with your "Key holders".

● Each “Key” has a self-regulating market, with pricing following an incremental curve that increases as more people buy and decreases as more people sell. Due to this mechanism, you do not need to set separate pricing for Key.

● Integrated with X, allowing users to easily find you and purchase one or more Keys to access your content. This enables seamless import of existing X followers into friend.tech.

Each of the above-mentioned functions has its own use, which will be discussed further below: When an NFT market faces liquidity problems and artists find it difficult to realize their works, friend.tech subversively provides an alternative path to mint and sell works.

NFT current issues

Currently, the NFT market faces significant challenges, especially in the art sector. As liquidity decreases, fewer and fewer collectors want to acquire editions or 1/1 works, and the budgets of those who are still buying are gradually shrinking.

Crypto art collectors fall into two broad categories: those who collect purely to appreciate a particular piece of art, and those who see a potential investment opportunity. With the secondary market almost at a standstill, those in the latter category have mostly looked elsewhere for yield. Although artists have different views on the exit of these revenue-seeking collectors from the market, it is clear that the reduction in financial inflows is hurting the crypto art community.

As the chart below shows, Foundation's sales are decreasing each month:

By analyzing SuperRare’s data, we can see similar trends, as shown in the figure below:

With these challenges facing the crypto art market in mind, let’s explore how friend.tech could be a viable solution for artists selling NFTs, or at least a valuable addition to the way they currently market and sell their work.

Use cases for friend.tech

friend.tech offers a novel alternative that avoids selling artwork directly as NFTs. One of the main advantages is the built-in liquidity pool that pools 90% of each Key's sales. This ensures that anyone who buys a Key can usually get at least some of their money back, unless the value of the Key drops to zero.

In contrast, 1/1 NFT artwork or releases lack this liquidity. NFT sellers will either have to be patient and wait for the right buyer, or significantly lower their prices, effectively creating a digital flea market for the artist’s work. This situation is detrimental to both artists and collectors. It undermines the perception of the value of an artist’s work, forcing collectors to accept lower resale prices.

The strength of friend.tech as a platform is its flexibility. Anyone who shares content with an online audience can make full use of friend.tech, not just in the artistic field. For example, experienced traders can share their insights on the market. and views on current deals, musicians can share early links to unreleased music, and product founders can share updates with their most loyal users.

I think the best way to understand friend.tech is to think of it as a tokenized Patreon* (Odaily Planet Daily Note: an overseas platform that helps creators crowdfund and support digital content sales)*, users Memberships can be bought and sold and are guaranteed liquidity when they wish to sell. As an artist, you can raffle 1/1 of your artwork, create token-gated versions for your Key holders, share previews of art, talk about new projects you’re working on, share behind-the-scenes content, and more.

Personally, I joined the app early on and have so far generated close to 0.1 ETH in transaction fees from people entering and exiting my chat room. The price of my last 1/1 NFT sale was also in this range, so since the income has reached a financially reasonable point, I raffled off a 1/1 piece for my Key holders. Beyond that, I share my life and behind-the-scenes content when I'm out taking photos, and chatting with Key holders throughout the day.

While a 5% share from Key sales will likely generate less revenue than traditional NFT 1/1 and print sales, diversifying revenue streams is especially important in tough times. Any experienced artist understands the need for financial resilience when one source of income dwindles. I believe that when value is provided to Key holders in good faith, friend.tech can serve as a relatively stable source of income, rather than relying solely on direct art sales.

How to play friend.tech

friend.tech is a Progressive Web App (PWA). The process of joining is very simple and intuitive.

Here are the guidelines for joining friend.tech:

1 Add App: Since friend.tech is a PWA, the registration process is different from downloading regular apps from the app store. Instead, open your mobile browser, navigate to friend.tech, and follow the instructions on the website to add the site to your home screen. This will make the website appear as a functional app on your mobile device like any other app.

2 Register using mobile phone or email: After adding and opening the app, you will be prompted to register an account using email or mobile phone number.

3 Get friend.tech invitation code: Currently, friend.tech is technically in beta and invite-only, so you need an access code. You have a few options here:

● Get invitation codes from friends on

● Search on X: If you don't want to post such a post, you can use X's search function to find the person who posted the invitation code. I just searched the term "friendtech invitation code" and found a lot of results.

4 Link your X account: friend.tech's username system is powered by X, so you need to link your X account before you can start using your account. To do this, you need to give friend.tech some permissions on your X account, which you can choose to revoke later.

5 Transfer ETH to your friend.Tech wallet: As mentioned above, in order to trade on friend.tech, you need to have some ETH on the BASE network and then send them to your new friend.tech wallet , the Ethereum address associated with your new account.

6 Purchase your first Key: First, you must purchase at least one Key of your own; the first Key only requires a small Gas Fee. After completing this transaction, people will be able to buy and sell your Key to gain access to your chat room.

7 Start the experience: After your ETH is transferred and the first Key is purchased, you can start trading and making new friends. You are now a member of the friend.tech community!

The future of art is fluid and social

At a time when crypto art faces liquidity issues and artists grapple with existential challenges, friend.tech offers a novel alternative to minting and selling works directly. **friend.tech is not just a platform, but a complex composed of community, market and social network. **With built-in liquidity and a self-regulating Key market, friend.tech provides an optimized marketplace for artists and collectors, providing a greater degree of stability in the volatile, illiquid world of crypto art Feelings of sex and regularity.

In addition to revenue, friend.tech is also a stage for creativity. Whether you are an artist, musician or experienced trader, the platform allows you to share your work and ideas with like-minded people. This is a space to not only sell art, but also to interact with your audience in a more intimate and meaningful way, in any way you see fit.

As someone who has explored this platform in depth, I can attest to its potential as a steady source of income. While a 5% share from Key sales may not replace revenue from traditional art sales, it provides a level of stability that is hard to come by in the volatile crypto market.

So if you're an artist looking for a new way to showcase your work, build a community, and make some money, friend.tech is worth learning more about.

**The future of art is not just digital, but also social, fun and fluid, and this future may be unfolding on friend.tech. **