Ever since Web3 technology found its way from theory to practice, its benefits have been nothing short of breathtaking. With newer use cases finding their place in the Web3 space, people can easily replace every Web2 component they use with one from Web3. This includes social media and a Web3 social app like Friend.Tech could tantalize the evolving space with its unique propositions and promising future. Join us as we explain more about how decentralized social media app development could be your next business option that could go on for years to come. Here is what Amy Jo Martin, Founder, and CEO of Digital Royalty, has to say about social media in general that could extend to its Web3 version.
“Social media is the ultimate equaliser. It gives a voice and a platform to anyone willing to engage.”
Decentralized Social Media App Development: Where Does It Stand Today?
At the time of writing this blog, decentralized social media app development is still considered a nascent domain. It is mainly because of the trust crypto-savvy people and businesses place on existing social networking platforms like Twitter and Discord. Still, there have been a handful of apps like Friend.Tech that strive to change this narrative.
We must also say this use case has not gained much traction when compared to profile picture (PFP) NFTs or Play-to-Earn (P2E) games for random reasons. Still, the future is promising for these types of applications as awareness of data security and privacy increase.
Friend.Tech: A Revolutionary Web3 Social Interaction App
Launched earlier this month, Friend.Tech is a Web3 social media app, or “the marketplace for your friends,” that lets users trade shares of themselves and their friends. The social app functions on Base, the Ethereum Layer-2 network built by Coinbase. By purchasing “shares” of other users on the application, users on the platform can converse with them privately.
This application comes in handy for individuals with high follower counts, such as celebrities and influencers on other social networks. Followers purchasing these individuals’ shares can interact with them privately, which might not be possible in other apps as such people would usually lock their chats.
Why is there a Big Craze about Friend.Tech?
Since its inception, Friend.Tech has seen tremendous growth in user adoption and trade volumes. According to a Dune dashboard, nearly 70,000 people have been involved in purchasing friend shares through over 1.12 million transactions. The dashboard also mentions the current all-time volume to be around 31,000 ETH, a significant figure recorded within a matter of days.
The main reason for such high levels of buzz for Friend.Tech has been adoption among Web3 influencers who love the idea of monetizing their social profile in exchange for private interaction. Such a proposition looks similar to Cameo, a Web2 app where users can get customized messages from their favorite celebrities for a fee.
Explore the Decentralized Social Realm with a Web3 Socializing App Like Friend.Tech!
Is Launching a Web3 Social App Like Friend.Tech a Good Idea?
If you are a Web3 business enthusiast looking for a new-age business option that promises viability and longevity, launching a Web3 social app like Friend.Tech could be the perfect deal. Although the prevalent app makes the task challenging for new businesses, offering unique solutions can drive users toward your platform.
The app’s working model of selling shares with set trading fees and profiting from the gap between buy and sell spreads appeals to businesses and users alike. Also, since such an app thrives on selling shares of user profiles in other networks (Twitter in this case), businesses find it easy to create a working infrastructure.
Benefits of a Web3 Social Interaction Platform
- A Web3 social app thrives on Decentralization as it uses blockchain technology, letting data and control be distributed across a public network rather than centralized servers.
- A Web3-based social network offers users Ownership and Control over the data they create, hence finding ways to legally monetize their information using crypto tokens (cryptocurrencies and NFTs).
- Socializing platforms based on Web3 can work with Reduced Intermediaries, as smart contracts and decentralized systems take care of the platform operations.
- Community Governance in Web3 social networks plays an important role in emphasizing the need for user-driven decision-making inside applications.
How to Build a Friend.Tech-Like Web3 Socializing Platform?
- Conceptualize and define your Web3 social app’s requirements.
- Choose the technology stack to be utilized in the development process.
- Design the user experience (UX) and user interface (UI) of the decentralized social media app.
- Develop smart contracts for the Web3 social app like Friend.Tech for various functions.
- Integrate the software created with the blockchain you had chosen earlier.
- Build the application’s front-end and back-end for optimal functionality.
- Implement tokenomics and monetization policies for the platform.
- Conduct extensive security audits to find and resolve possible defects.
- Launch the Web3 social platform after extensively promoting it across platforms.
- Implement relevant provisions for governance and legal compliance.
- Maintain and upgrade the platform periodically for optimal performance.
Thoughts to Consider While Developing a Web3 Social App
- As far as building a Web3 social app is concerned, Ethical Considerations are a must, as it is essential to ensure the platform is not misused.
- The platform should also focus on Long-Term Sustainability in order to succeed as a business and Web3 brand.
- The social network should emphasize Community Engagement in numerous ways to keep its users entertained.
- The application should prioritize User Experience (UX) and User Interface (UI) to increase user adoption levels.
- Offline and P2P Functionalities should be provided to ensure operations at low network connectivity and private conversations to create a safe social ecosystem.
Cost to Launch a Web3 Social Media App Like Friend.Tech
When it comes to deciding the cost to launch a Web3 social media app like Friend.Tech, numerous factors are involved. The main factor will be the features integrated into the platform, such as token creation and trading, apart from the regular social media elements.
The expenses also depend on the technological stacks used and the personnel involved in the development campaigns. The processes of native token launch and listing alongside promotional efforts incur considerable costs to the campaign. It also depends on whether the platform is built from scratch or using a pre-built solution that can be customized to business needs.
Conclusion
Hence, we have seen all about building a Web3 social app like Friend.Tech. With traction around this platform increasing with every passing minute, creating a similar app now could be the perfect business option. If you are interested in doing so, it is likely you will require professional assistance from our experienced team at Blockchain App Factory. We have extensive experience developing numerous novel business applications, and our excellence in conducting seamless decentralized social media app development campaigns is second to none. Contact us today by filling out the below form to gain insights about your new decentralized social app!
