FOMO Will Drive FriendTech’s Success, Says Popular Analyst

• Analyst Ansem believes that the FOMO in FriendTech would drive more influencers to use the SocialFi app.
• Income Sharks calls FriendTech a Ponzi scheme and added that most people on the app would not make substantial earnings from it.
• FriendTech, the latest viral SocialFi app, has raked in $2.8 million in fees since its launch.

DeFi analyst Ansem has shared with his followers that even if they were bearish on the Social Fi app FriendTech, other influencers in the space would be tempted to start accounts on the app after watching Richard “FaZe Banks” of FaZe Clan make over 50k in a day. “Can reevaluate staying power in a couple of months but that is the first domino falling not last imo,” added the analyst.

Income Sharks, the crypto analysis channel, responded to Ansem’s claim stating that this was how apps like FriendTech got people to join and that not everyone who joined would make such a large figure from the app. “There’s only so much money to go around in this wonderful ponzi game,” said Income Sharks.

Though most of Ansem’s followers seemed to be suspicious of FriendTech, a few did see merit in the decentralized venture. “You’re not wrong,” said popular NFT account BenJammin.eth, “and identifying those accounts early is where the home runs will be.”

FriendTech, the latest viral sensation, is a SocialFi app built on Coinbase’s layer-2 blockchain Base. FriendTech allows users to tokenize their public image by selling shares of themselves to their followers. These shareholders can then message the influencers directly on the app. Though there is plenty of skepticism going around, FriendTech managed to generate a whopping $2.8 million in fees since its launch earlier this month. So far, 64,500 unique addresses have opened accounts on the app.

For the uninitiated, SocialFi is the latest addition to the decentralization space. It is a unique mix of social media and DeFi, where users have greater control over the content they upload. There are different earning models for content creators and FriendTech has utilized just one of many methods. Other prominent names in the space are Thinkin, Geojam, and LuxWorld.