The recently launched social NFT app Friendtech has seen tremendous growth in its first month according to a report by NFTgators. Within just 30 days, Friendtech facilitated over $128 million worth of Ethereum inflows across 3.7 million transactions.
This activity came from an already sizable user base of 211,000 buyers and sellers on the platform. NFTgators provided a breakdown showing 66,700 sellers and 144,300 buyers actively using Friendtech so far.
Data from blockchain analytics firm Dune highlighted the spike in inflows around August 22, when Friendtech saw its highest single-day activity surpassing 80,000 ETH.
In addition to the total inflows, NFTgators reported that Friendtech is averaging 113,000 transactions per day, generating 2,400 ETH ($3.8 million) in daily inflows. Each transaction nets approximately 0.02 ETH ($32) on average for the app.
Since launching on August 14, Friendtech has amassed 4,000 ETH ($6.4 million) in fees. This early growth shows the promise of Friendtech’s social NFT model. However, its rise has not come without challenges.
Amid the hype following its release, some users were scammed through a fake version of the Friendtech app, losing over $220,000 according to reports. While disheartening, this highlights the need for caution when hot new apps quickly gain popularity.
Overall, Friendtech’s impressive first-month performance demonstrates the potential for SocialFi platforms and engaged NFT communities. As it enhances security and onboarding, Friendtech appears poised for continued expansion and impact in the NFT space.
