Friend.Tech, the Web3 social network that allowed users to trade Token to buy “keys” to access influencers’ content, appears to have officially shut down just a year after its successful launch.
On September 8, the Friend.Tech development team triggered a function on the platform's smart contracts that transferred control to an Ethereum null address. This prevented any future modifications or updates to the feature, leading many to believe that this was the end of the platform.
“Currently, no fees from the smart contract or [the website] are being transferred to the Friend.Tech development team’s multisig,” the development team explained in a post on X.
After this information, the platform's FRIEND Token price also plummeted 30% and showed no signs of recovery.
Friend.tech is a project built on Base , combining with Twitter to create a platform that allows users to invest in influential individuals.
These investments create a social community and provide exclusive access to conversations moderated by these influencers.
Also Read: What is friend.tech? What is special about the attraction of the SocialFi project?
However, Ethereum co-founder Vitalik Buterin has previously criticized FT's model, arguing that it is quite dangerous to interact on social networks through financial speculation activities.
And in May 2024, friend.tech Token Issuance and Airdrop to users using the platform. However, when it was first Airdrop, FRIEND Token could only be traded on the BunnySwap DEX exchange through the project's application.
