Friend.tech Overtakes OpenSea with Daily Trading Volume Exceeding $3 Million
In a remarkable turn of events, the social media platform Friend.tech is currently undergoing a significant revival following a period of stagnation. This resurgence is supported by impressive statistics documented by Dune Analytics.
Specifically, the Total Value Locked (TVL) on Friend.tech has more than doubled, surging beyond the $20 million mark in just the past four days. Transaction volume has also reached an astounding $12.3 million on September 9th, marking the third-highest volume ever recorded.
Daily trading volume on Friend.tech has even surpassed that of OpenSea, with over $3 million in transactions.
FriendTech trading volume was $12.3M yesterday.
Total NFT trading volume on ETH was just $9.15M. pic.twitter.com/CbqVYqP5PQ
— TylerD 🧙♂️ (@Tyler_Did_It) September 10, 2023
Furthermore, the platform’s revenue has achieved an impressive record, raking in $6.02 million on September 9th. One of the explanations for the “revival” of Friend.tech could be attributed to the influx of accounts from individuals unrelated to the cryptocurrency space in recent weeks.
As reported by Allinstation, creators on OnlyFans have begun migrating to Friend.tech after the platform introduced a feature for sending images.
Specifically, well-known OnlyFans accounts have become a trend on Friend.tech since August 25th.
Approximately four prominent OnlyFans accounts have made it into the top 50 accounts with the most valuable “keys” on Friend.tech. For instance, the account JenfoxxUwU sold a “key” for 0.87 ETH (equivalent to $1,450 USD), while the cost of subscribing to her OnlyFans account was only $3.75 USD.
This remarkable migration from OnlyFans to Friend.tech is a testament to the appeal of the new features offered by Friend.tech and the potential for content creators to expand their reach and earnings. The ability to monetize their content through the sale of “keys” on Friend.tech has opened up exciting possibilities for creators seeking to diversify their revenue streams.
It remains to be seen how this revitalization of Friend.tech will continue to evolve and whether it will maintain its upward trajectory. Nonetheless, the platform’s recent success clearly demonstrates the dynamic nature of the social media landscape and the capacity for platforms to adapt and thrive in response to changing user needs and trends. Friend.tech’s resurgence serves as a compelling case study in the ever-evolving world of online social networking.
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