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We’ve been taking a look at some numbers to see how key holders are using friendtech.Let’s start with active users: about 20k key holders check rooms to read messages every day pic.twitter.com/1m6DrKV3rj
— friend.tech (@friendtech) August 29, 2023
Data on August 28 shows that daily retention of key holders on the platform exceeds 75% and weekly retention exceeds 50%, both of which have been declining since August 15. On August 28, key holders spent an average of 38 minutes on the platform, compared with 127 minutes on August 20.
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Time spent in the app is another great way to see how much users are enjoying themselves. The average active key holder spends over 30 minutes per day using friendtech pic.twitter.com/fFW72su3Kb— friend.tech (@friendtech) August 29, 2023
Friend.tech is trying a new twist on the decentralized social network by allowing users to tokenize themselves and sell shares as “keys” to fans and followers. Those who buy these shares will then become shareholders and can interact directly with the creator.
Overall activity on the app running as an invite-only public beta since August 10 has plummeted as the total number of transactions on the app is down more than 90% from its peak of nearly 525,000 on August 10. August 21, with just under 50,000 transactions on August 28.
Source: Dune
Besides, the app has also received a lot of criticism and caused its founder to apologize for issuing a warning to confiscate all points on the application if their users participate in copycat applications. This led the community to think that this was an unfair competitive action while friend.tech received comments that there were similarities with the DeSo BitCloud application in 2021.
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