FriendTech is popular because it cleverly bypasses these social product traps

This article comes from Twitter, the original author@theNextDAOcore contributor @_0x Sea_

FriendTech is still growing. In just two weeks, the protocol (project party) has captured a lot of value, and even the EMV robot on the chain has made a lot of money. Update some of my thoughts on this product:

In 2021, another friend and I are going to make a similar product, which is the direction of web3 social token. As PMs and entrepreneurs with two social backgrounds, our starting point is simple - everyone is unique (Non-Fungible People) and will create a lot of value for the entire society/community.

We all meet some noble people in our life, including your parents, your first teacher, a teacher who helps you establish the correct world/values, leaders in your career, investors and partners on the road to entrepreneurship. I appreciate it very much. Your friends who are talented in a certain area... If someone wants to issue their own life token, these noble people are your original shareholders. They should hold your life shares and enjoy your later success in reaching the peak of life and achieving greater things. The rewards of achievement, stock price going up. This fits well with my research and concerns about people.

Following this line of thought, I prepared a complete PRD. But there is a key question that has not been thought through clearly, that is, how to price everyones token? How to constrain the issuer to empower the token? How to let the token capture the social value that this person really created (similar to the problem RAW is facing now). Handled badly is a lot of price manipulation and rugs.

Humans are complex animals, and human nature cannot be challenged. We did not have a good solution to these problems, so the idea was shelved and not pushed forward.

Looking at FriendTech again, the project team is actually very clever to partially bypass these problems

1/ First of all, it does not really allow each KOL to issue its own token. All sales and purchases are priced in ETH, not platform coins or altcoins issued by KOLs. This greatly reduces the threshold for users to understand and recognize, there is no dazzling variety of tickers, and there is no need to deal with complicated market value management issues.

2/ Judging from the current product design, FriendTech does not really want to solve the social or community problems (pain points). As the previous tweet said, Friendtech has no social relationship accumulation, no content accumulation, and cannot support high-value discussions and exchanges. One of the confusing aspects of social products is that many people think that social networking is easy to do, but in fact social networking is one of the most difficult industries with the lowest success rate of entrepreneurship.

3/ Since the migration cost of social relationships is high enough, FriendTech itself is not yet an independent social product. The relationship between FriendTech and 𝕏 is close to the relationship between the function of trading slaves and the platform of Kaixin.com. FriendTech is just using the guise of social networking, using people as NFT hype vehicles, using the mentality that people are monkeys looking for social status, forming a communication chain based on the 𝕏 platform, and mobilizing points ➞ psychological expectations for airdrops.

4/ Your pricing and profit on FriendTech are based on the social capital (Social Capital) earned during your participation in this game. FriendTech makes you think that the value of your FriendTech room is the value of your relationships. This is a trap. Its not a social network. Regarding social status (Status) and social capital (Social Capital), I will share another article to analyze it. Those who are interested in social networks can read it carefully.

If FriendTech is successful, it lies in the fact that it has escaped the trap of social products and focused on transactions and hype. Based on its product positioning, it is also a kind of simple and crude beauty. Is it possible to seriously iterate this product and truly develop it into a social network? I think its very unlikely - human nature cannot be challenged. There is a high probability that there will be a chicken feather in the end.

Attached is the introduction to FriendTech written by @_0x Sea_

Since various JPEG NFT (things) can be speculated, can each unique person (Non-Fungible People) also have a price? This is what FriendTech is doing, pricing and transacting in a social way for everyone. Its gameplay is simple: everyone has the same initial price, and as more people buy (there is no upper limit on shares), the price will rise; conversely, if there are fewer holders (selling), the price will fall.

It is a bit similar to the buying and selling friends on Kaixin.com back then. When you and other people have bought a certain big V, the rest is a dynamic game process, and the value of the last person who sells will return to zero.

1/ The profit of the holder comes from buying low and selling high;

2/ KOLs profit comes from being divided into 5% of the handling fee during the trading process, similar to the royalty of the NFT project party;

3/ The profit of the friendtech platform also comes from the 5% handling fee in each transaction.

It can be concluded that the core gameplay of the product revolves around transactions, not social interaction. This product has a high content ratio, which can easily trigger FOMO and spread. Last week, the number of weekly active addresses reached 44k. Today, after promoting Paradigm investment, the data reached a new high. If we look at the architecture of typical social products, Friendtech has no social relationship accumulation, no content accumulation, and cannot support high-value discussions and exchanges.

After purchasing and unlocking a room, you actually cannot see the comments of other holders, but only the comments of KOL and yourself. This is similar to the logic of WeChat Moments. You cannot see the comments of non-friends.

Who is suitable for this game?

1/ I want to leave interaction records between the Base chain and Friendtech and try to get an airdrop - well, first use off-chain points to attract users to participate. Paradigm is familiar with this;

2/ Those who have a certain number of fans and want to cut them off - KOL can use a small account to buy multiple shares in advance. It has never been so easy for a mouse position;

3/ Those who have the vision to discover potential KOLs and buy into the car at the first time - scouts, someone has developed a bot to monitor the presence of big KOLs;

4/ I just like to socialize and experience various new apps - the products are still relatively rough.

Who is not suitable for this game?

1/ Those who want to be a serious fan community and bring value to fans - there are many more useful products to choose from;

2/ Those who want to join the big V community and communicate with others - As mentioned above, this place cannot support high-value exchanges. Currently, an invitation code is required to use it. You are welcome to reply with the invitation code in your hand below. It is said that the person invited The more points will be accumulated.