Making money on social networks is no longer strange to everyone with the most popular money-making platforms today such as Youtube, Facebook, Tiktok,… In this article Weakhand will bring giving everyone 3 ways to make money on Friend.tech, this is a web3 social network built on the Layer 2 Base network.
Some other projects where people can also make money by hunting retroactive and waiting for future airdrops:
- Retroactive DeBank Hunting Guide
- Retroactive LayerZero Hunting Guide
- Retroactive Linea Network Mainnet Hunting Guide
- Retroactive Hunting Guide Project zkSync Era
Overview of Friend.tech
Friend.tech is a decentralized social network application built on Layer 2 Base and uses a user database taken from X (Twitter). So when a new user joins Friend.tech there will be no need to reset all information from scratch.
Friend.tech social network has received enthusiastic support from Layer 2 Base itself when it is constantly mentioned in tweets. Plus, some information about the project that Paradigm investment fund contributed capital to at Seed Round has made the community much more excited.
3 Ways to Make Money on Friend.tech
With the Friend.tech social network, we will have 3 ways to make money from this platform as follows:
- Trade for profit.
- Become a celebrity.
- Opportunities from future airdrops.
Trade to profit from Friend.tech
Because Friend.tech is a platform that allows users to trade celebrity “share” tokens (KOL) to be able to gain access to a private chat channel and talk to them. Therefore, we can find investment opportunities by buying token shares of large KOLs early and then selling them when the price increases.
At present, Friend.tech’s user base is growing very strongly, however compared to other web 3 social networking platforms, this number of users is still quite small. So our opportunity is still huge because the more big KOLs participate in using this product, the more users will use this product.
Compare the number of users of Friend.tech and other web 3 social networks:
- Lens Protocol: 121K
- CyberConnect: 1.5M
- Friend.tech: 65K
The biggest drawback of the social network Friend.tech at the present time is that the transaction fees of this platform are quite high, users have to pay up to 10% for each buy or sell order. Therefore, to optimize profits as much as possible, we must carefully calculate each transaction and avoid losses.
Become a celebrity on Friend.tech
In addition to the opportunity to make money from trading shares, there is a less financially risky opportunity: becoming a celebrity. Because Friend.tech uses user data taken directly from Twitter, we need to build a strong Twitter channel first.
To have a strong Twitter channel, the most important thing is that people need to maintain a steady level of interaction and have quality content to bring to readers and listeners. After building a strong Twitter channel, people can pull users through Friend.tech and give them benefits that a regular follower does not have.
Additionally, a strong Twitter channel will also help people through achieving platform requirements and enabling monetization. However, to enable the monetization function on Twitter, people also need to meet certain conditions as follows:
- Twitter account must have a green check mark.
- Have at least 500 or more followers.
- Account must be active within the last 30 days.
- The account owner must be 18 years of age or older.
- The total number of views on the Twitter account reached 5 million views.
It can be said that the disadvantage of traders on this platform is an advantage for famous people because with a 10% transaction fee on each purchase transaction, up to 5% is divided back to KOLs. As more people trade their shares, more transaction fees will be paid directly to the wallet.
Opportunity from Friend.tech’s airdrop
The Friend.tech project has confirmed airdrop points to users using its platform every Friday. In total, up to 100 million points will be used to distribute to users during the 6 months of testing the product, so the sooner we use the product, the more points we will have.
At the present time, points are being stored off-chain and the project does not have any information about the main use of the points. However, we can be quite sure that this will be the criterion to carry out a token airdrop of the project in the future.
To earn weekly points, people need to do one of the following two tasks:
- The first is that people use the 3 invitation codes provided each week to invite new friends to join the platform. Once an invitation code is used, it will no longer be valid.
- Next, people need to increase their activity level on the platform. The higher the number of transactions and volume, the more points they will receive on this platform.
The points earned from inviting friends will not be too much when compared to buying, selling and trading on the platform. So people can use a few tips like buying shares from everyone who has just registered an account at a very cheap price and selling as soon as the price goes up.
Summary
Above are 3 ways to make money through the Friend.tech platform from Weakhand. Hopefully, through this article, people will find opportunities to make money from this emerging web3 social networking platform. If you cannot register an account because you do not have an invitation code, you can join the Gem Research chat channel to receive information from community members.
