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PLUS: GBTC discount to narrow

Alex M.
August 22, 2023

GM everyone. This is 2036, the crypto newsletter that pays you.

Here’s what we’re serving up today 🍲: the crypto world is going wild over a new social app that lets you own shares of your favorite creator. NBA players are joining in ⛹️ and early adopters are making a killing.

Let’s dig in.

🥔 Today’s meat and potatoes

Get smarter on crypto in 2 minutes

FriendTech is a new social app that lets you buy and sell shares in other people’s social media profiles.

Once you purchase a share of someone’s profile, you can send them a message only they can see. It’s kind of like OnlyFans but for crypto. You’re paying for access.

When you buy someone’s share, the price goes up 📈.

5% of the trading price goes to the app (FriendTech), and 5% goes to the creator whose share you just bought.

And all the transactions are made in Ether.

In just 12 days since its launch, users have invested over $60M into shares of other people’s profiles. In the process, the app has generated over $3M in revenue.

the FriendTech developers right now…

Three days ago, FriendTech announced they raised a seed round from Paradigm, one of the biggest investors in the crypto space.

This app is on fire 🔥

Okay - so why are people so excited?

1/ Speculators want to be early buyers of profiles they think will go up in value over time.

2/ Creators are making a killing. 5% of every transaction adds up quickly.

Some creators have made 5 figures just off of others buying the shares of their profiles.

3/ Non-crypto people are joining in.

Faze Banks (Youtuber), Gracie Hartie (OnlyFans creator), and Grayson Allen (NBA player) all entered the FriendTech leaderboard this week.

They could bring huge audiences to crypto and to the app. FriendTech is no longer limited to the fringe corners of the Internet.

4/ The AIRDROP.

We’ve talked about airdrops many times before. Protocols and projects can incentivize adoption by airdropping free tokens to early users.

Everyone expects the FriendTech airdrop to come eventually. And FriendTech is teasing an airdrop with its system of points.

Over the next 6 months, FriendTech will airdrop 100,000,000 points to early users every Friday.

By some estimates, points will end up being worth between $0.40-$1.20.

That means some creators already expect $500,000-$1M airdrops.

Crazy.

Now, not all is sunshine and roses in FriendTech-land.

FriendTech gets criticism for being an elaborate Ponzi scheme.

And trends move fast in crypto. The app might be dead in a month.

Here are some takes from crypto Twitter:

But at the end of the day, it is, like 99.9% of everything in crypto, all a speculative ponzi bubble and most everything will crash hard.
The question is, do things go up 8000% first or not? and that is why everyone is playing with fire to try and get rich without getting burned
— Zeneca 🔮 (@Zeneca)
11:27 PM • Aug 20, 2023

Every couple years in crypto somebody reintroduces an elaborate ponzi with a bonding curve. And there’s always some group of influencers that rave about it being “the new paradigm”. No pun intended. You’re already getting frontrun by bots making it -ev. This ends in mass carnage.
— Beanie (@beaniemaxi)
2:41 AM • Aug 21, 2023

As is usual in crypto, early movers make the most money.

And that money might already have been made.

But FriendTech shows us that:

social apps with innovative applications in crypto can take off like wildfire
ETH is likely to be the foundation for a lot of these apps.

FriendTech might not be the next killer social app. But it shows us a path of social ownership that might be integrated into whatever comes next.

"We will never see mania like the 2021 bull run ever again, it was a zero interest rate phenomenon"
Keep telling yourself that
People are spending millions of dollars to trade shares of anonymous twitter characters to earn imaginary points in an app
We haven't even begun
— davis 🐺🦊 (@basedkarbon)
9:41 PM • Aug 19, 2023

You can’t put the genie back in the bottle.