How to become a millionaire on FriendTech
Once in a while there is a new crypto project that takes the market by storm, this is the case of Friend.tech. This is a progress report from my previous blog post: How to make $5M on Friend.tech. After 41 days (August 10, 2023), it has reached 214,791 users even though it is invite-only in private beta.
Even though the mobile application is very limited and feels like it was launched too soon, it is generating massive revenues from such an early project. It had 7,850 ETH in volume yesterday, and since the protocol is collecting 5% in fees for themselves, they have made nearly $644K in revenues in the last day, which is equivalent to Uniswap revenues (one of the largest revenue generating protocols on the market). Overall, the FriendTech company earned $12.8M thus far, in 41 days… if this trend continues this value them as a Unicorn (company valued above a $1B in market capitalization), after only 41 days…, did I say only 41 days???
Let me put it in perspective, their worst day in terms of revenue still made $24K… this can cover a significant burn rate to operate, so I don’t see them going away anytime soon despite all the flaws.
While the risks are great since the team is anonymous, and for many other reasons. I still feel the project could become a major success as long as they clean the UI and UX and reach full launch. One of the reasons for this, is that social media is one of the most used categories of applications in the world. In fact, 1.3 billion users spend on average 5 hours a day on social media. The cost of developing such an application is massively cheaper than building a AAA game to attract the same amount of users.
Many will think the growth will soon collapse on itself, and while the economics may not be perfect, many users are generating insane returns. Greed is a powerful incentive, and the crypto industry is known to attract the most “degens” of users. Therefore, I believe that as long as a fraction of the users (traders and some content creators) make high enough profits, then they will continue to participate and grow the application until critical mass is reached. After all, this is exactly like the stock market, but instead of investing in companies, users invest in individuals. As well, unlike a publicly traded company that starts being traded at relatively their fair value, these content creators start being traded at the very bottom, so early investors can ride the growth the entire way. So, joining early will pay off the most as long as the project survives.
It is important to note that FriendTech with 200K users can still grow to 10M users, possibly even 100M users by the next bull run, so you are certainly not too late.
My experience so far
I was able to join the application a month ago, and in the first 30 days I was able to generate 56% of return on my investment.
So far, I found myself addicted and looking to capitalize on the trend. I only invested $94 since I found the risk of failure really high.
From my calculations, if 56% ROI per month remains true, even with a starting capital of only $94, it would take 1 year and 9 months to reach $1M of capital. This would be absolutely insane, but such is exponential growth. Obviously, there will be maturation at some point, but we are still in the beta phase, and we haven’t factored in the upcoming airdrop.
Even my girlfriend, who’s been learning how to trade crypto recently, got hooked on FriendTech (Don’t be shy to go search for her profile).
Note, that my first day, my ROI was 42%, but then I got taken advantage of by bots, and my investment strategy had to be modified, now I take a more long term approach.
Tips and Tricks
From what I can see, the UI/UX is so limited that only the top 50 creators are easy to find, however their share price is a lot higher, in some case even 7 ETH, and since the application doesn’t allow to invest fractional shares, this mean it cost about $11,500 to invest in the top creator. There are several strategy other users have adopted: 1) buy a lot of your own keys and tell other users you will continue buying your own keys, but this is prone to rug pull, so this is a practice that is now frowned upon, 2) participate in (3,3) which is to buy everyone key that buy yours, which require trust and it’s like playing a game of chicken with other users, yet it is still the most effective at the moment given the upcoming airdrop, 3) join twitter space about FriendTech and attempt to find creators that are undervalued and ride the growth, 4) invest in “funds” such as TheCreatorFund.
I tried to pick creators using the name search and ideally look at their twitter profile to pick those with as large following as possible and decent activity related to the crypto industry. The reason to pick crypto-friendly creators is that currently FriendTech is only available on the Base chain. Which is the newly launched blockchain of Coinbase.
Protect yourself
I am in no way recommending betting the farm on this project. You should do your own research to decide if it’s worth the risk. However, even starting with a limited amount of capital can still lead to massive gains given the exponential growth currently observed.
Conclusion
Be careful, if you choose to get on FriendTech, make sure to only allocate capital you can afford to lose. Otherwise, if you need a referral code to join, feel free to reach out to me on twitter (x.com/Crypto_Rookies)
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