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At this stage, all we can disclose is...
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It’s time for another Friday Focus with yours truly, sponsored by @Meta_Winners. (https://t.co/rzxAOSJ1yV)
Let’s talk about the rise, fall and reanimation of social finance. With the launch of @fantasy_top_ and that 👀 ‘airdrop�� for @friendtech, this week it seemed only fitting to look at the bad, the worst and the hopeful future for this relatively new crypto phenomenon.
Friendtech launched quietly in August 2023. After an initial spike, interest dropped until September to October that year, when a significant boom of volume hit the platform. This volume boom is largely associated with an airdrop tease and FriendTech’s (FT) association and funding from @paradigm, an investment firm with historical success in the space. For those interested, @DappRadar provides a great overview of FT’s volumetric history. [1]
Even though the most successful platform on paper, FT is certainly not the first #SoFi application. Similar applications in Crypto can be dated back to at least as far as the emergence of @steemit, which launched in 2016. Steemit provided a token ($STEEM) to participants on their platform who published and curated content. [2] Countless other products launched between 2016 and 2023, tending to have similar initial spikes of interest, but dying out relatively quickly.
Attention dissipated from FT when a number of copycat rivals, including New Bitcoin City, Stars Arena, Tagtech and Tomo, launched on other blockchains. General interest in SoFi platforms died down in early 2024, as the wider crypto market experienced massive gains and speculative interest turned to meme coins, ordinals and points, points and more points.
However, we saw a recent revitalisation of SoFi on @Blast_L2 via @DistrictOneIO and @fantasy_top_ the latter of which launched this week. Fantasy Top offers a new experience compared to previous SoFi apps. Instead of buying access to your favourite influencer’s chat room via a key or similar, users can purchase packs of random cards based on people’s social profiles from a pool of 200 ‘Heroes’. From your card collection, you can build teams of 5 influencers and enter regular tournaments where each influencer is scored based on their social engagement stats.
Remind you of anything? ⚽
Following on from Fantasy Top, today finally marked a long-awaited moment: the @friendtech $FRIEND airdrop. Let’s not sugar coat it - it's been a disaster. Without any instruction (beyond a Tweet with a single full stop), V2 of the Friend Tech platform included a claim for historical users. [3] The initial claim was for 10% of your expected allocation, with the further 90% unlocking after you interacted with the new club’s feature. The problem, however, was that the page informing you about this stopped working - and then, for anyone outside the first small group of claimants, the club’s API stopped working too. So, the majority of users got to sit and watch the $FRIEND token price drop up to 99% in 24 hours. [4] Although the API issue has been resolved, what’s the long-term damage?
Whilst we look upon the ashes of 2023’s SoFi platforms, perhaps Fantasy Top has finally cracked the formula? A winning combination of card collection degeneracy with a @sorare style scoring system. We - the community - get to speculate and wonder if this circle of forced engagement is the future of online social interaction, at least in our little bubble.
[1] https://t.co/qr515mtfNK
[2] https://t.co/1o5rmZLmcQ
[3] https://t.co/QzyunRTJ2Q
[4] https://t.co/DQ38SEi94f
Big update for $QBX Founders Key holders! 🚀
Thanks to our recent partnership with ███████, a special 📦 airdrop will be coming your way! A huge shout-out to @redactedcoin for enriching our loyal community. Stay tuned for more details on when and how.
Loyalty will always be rewarded. 🔑
Stay loyal. Stay ███████. $QBX
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Thanks to the Mintify x @usecyan integration, NFT Orderbook users can execute BNPL purchases on collections for only a down payment.
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Solana: Accelerated Adoption
"Our view is that Solana's growth is likely to continue because it is well positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH)."
-Franklin Templeton