Friend Tech is a social application that once became popular during this bear market. When the project was launched, it attracted a large number of users with the support of heavyweight venture capital Paradigm and the participation of numerous KOLs.

The main gameplay of this project is to tokenize the personal value of KOLs and allow users to interact with KOLs through paid group access. During this interaction, users gain value from KOLs, and KOLs receive corresponding rewards.

Regarding this project, I remember expressing the following views in articles or online discussions:

Similar ideas were previously implemented in projects during the ICO boom in 2017, but ultimately failed. The main reason was that KOLs whose personal value was tokenized could not fulfill their promises, making it difficult to provide real services and value to paying users.

In addition, the monetization of KOL value already has mature models in the mobile internet applications. Although the platform's commission is high in the internet model, I always feel that this may not necessarily require the use of blockchain technology.

For these reasons, I have never participated in Friend Tech.

When Friend Tech was first launched, many articles discussed the project's economic model in detail, analyzing how users could profit from trading tokens in the project from an economic model perspective.

This is a trend in many cryptocurrency projects today, but I have always believed that a truly popular cryptocurrency project certainly needs a good economic model, but it is definitely not the most crucial part. The most crucial part must meet certain essential needs in the ecosystem or solve certain stubborn problems in the ecosystem.

Excessive emphasis on the economic model attracts mostly speculative demand rather than genuine user demand. Speculative demand in the cryptocurrency ecosystem is generally closely related to the price of project tokens. And most tokens in the current cryptocurrency ecosystem do not have profit empowerment, so their prices are often driven by emotions. Emotions come and go quickly, and once they cannot be sustained, they may collapse instantly.

I think this is also an important reason why many projects (including Friend Tech) ultimately cannot continue.

As the social field where Friend Tech is located has always been a highly concerned track, the changes in Friend Tech have also sparked reflections on the social track.

In an online discussion last weekend, I also shared some views on Web 3 social:

I still have some doubts as to whether the Web 3 social we expect is a false demand? Or is the real Web 3 social fundamentally a model that we cannot currently imagine?

Following this line of thought, the reason why Facaster was so popular a few months ago was not because of its special model, but because a small group of celebrities in the cryptocurrency ecosystem formed a circle effect.

If this small group of celebrities did not use Facaster but instead used a traditional mobile internet app, I believe that app could also become popular in the cryptocurrency ecosystem.

So, does Facaster really need blockchain?

I hope my thoughts are wrong.

According to relevant information, the Friend Tech team has made a total profit of approximately $40 million in this project. I do not know the actual number of team members and the monthly expenses. But based on the general situation of cryptocurrency projects, starting from the launch last year, if they are not spending money recklessly, $40 million should be enough to support the project for a while.

For a team truly committed to building in this ecosystem, I believe the team can definitely make another attempt and try other paths.

There was news some time ago that the project team was preparing to build a social chain. Although I am cautious about this idea, at least it is an attempt and effort, which is better than giving up and leaving.

Even though this project has only been online for about a year, there are many projects in the cryptocurrency ecosystem that are in more difficult situations and have been around for a longer time, but they are still persevering and enduring.

Many times, as long as a project can hold on until the end and survive, the hope of victory is much greater, and the chances of success are also much greater.

From the past glory to the current decline of Friend Tech, there are many aspects worth observing and reflecting on. Although this process is regrettable, it is also an indispensable and normal phenomenon in ecosystem development.

We do not need to be pessimistic about the future of the ecosystem because of this.

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