Friend.Tech, a Web3 social network known for allowing users to trade tokens for access to influential individuals' feeds, faced a major setback. On September 8, the platform's developers transferred ownership of its smart contracts to Ethereum’s null address.
Revocation of Control
Friend.Tech’s decision to revoke ownership of its smart contracts has generated significant confusion and concern within the community. According to an announcement on X (formerly Twitter), no fees from either the smart contracts or the website will be directed to the Friend.Tech development team’s multisig wallet. This step was taken to “prevent any changes to their fees or functionality in the future.” While the web client at Friend.Tech will continue to operate as usual, the implementation of new features or updates is highly unlikely.
Platform Performance and Market Reaction
Friend.Tech, built on Ethereum’s layer-2 Base, initially garnered significant attention for its innovative approach to monetizing content through tokenized shares or “keys.” However, despite its early success, the platform struggled with various issues. User dissatisfaction increased following problems with the FRIEND airdrop in May, and trading volume has also seen a substantial decline. The platform’s token, FRIEND, has experienced a dramatic decrease in value.
Confusion Over Future Developments
Friend.Tech had previously announced plans to develop its own blockchain, “Friendchain,” adding another layer of uncertainty about its future. However, this announcement was later deleted from the platform’s X account, further compounding the confusion. The revocation of control comes amid a broader trend of declining user engagement on decentralized social media platforms, such as Farcaster and Lens Protocol.
The overall trend of declining interest in decentralized social networks highlights the need to rethink approaches to their development. Leading members of the blockchain community argue that the key to the success of such platforms lies in providing unique enhancements in user experience and interface that significantly differentiate them from traditional Web2 social networks.
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