Friend.tech, an innovative new platform built on Coinbase’s layer-2 network, BASE, has taken the crypto community by storm. It allows users to tokenize X (formerly known as Twitter) accounts. Other users can then purchase “shares” of these accounts, which also grants them a private chat with the account holders.
Influencers, especially those in the crypto industry, are rushing to Friend.tech, believing it to be the next step in social media. Hence, if users want to be a part of the new platform, here’s what they will need to do.
Also Read: Friend.tech Earns $1.42 Million Fee: Beats Bitcoin, MetaMask, Solana
To get started, users will need to have a Web3 wallet like MetaMask or Coinbase Wallet. It should be noted that users will need to add the BASE network to use the platform. Once the wallet is ready, users will need to transfer some Ethereum (ETH) from their main network to the BASE address.
Once the ETH has been transferred, they can head over to Friend.tech and begin setting up your account. After your account is ready, deposit the ETH from your BASE address to the new account. Another important point to note is that the application can only be installed on a mobile phone.
How to earn money from Friend.tech?
There are two primary ways to make money on the platform. Firstly, there is the fee received when others buy shares of your account. The second is to purchase shares of accounts at lower prices and sell them at higher costs. It is basically the same as buying and selling stocks in a company.
Also Read: BASE Absorbs Friend.tech Hype, But For How Long?
Nonetheless, there are a few taxes that users should be aware of. For each transaction, 5% goes to the Friend.tech treasury, while another 5% is collected by the account holder. The more ‘share’ holders an account has, the more those shares are worth. More holders also mean more volume and more fees.
