Summary: The Nifty Newsletter highlights the launch of decentralized social media platform Frend.tech with over 100,000 users, OpenSea disabling its on-chain royalty enforcement tool, Sotheby's and Yuga Labs facing a lawsuit from Bored Ape investors, a significant decline in Bitcoin Ordinals NFT trading volume, and the collapse of the "charitable" NFT project Orica.
The decentralized social network Friend.tech has experienced a significant decline in metrics such as activity, inflows, and volume, leading critics to declare it "dead" less than three weeks after its launch. The platform, which allows users to buy and sell "keys" for private messaging, has seen a drop in daily fees, transactions, buyers, sellers, and inflows, prompting concerns about its future.
Friend.tech, a decentralized social media app, has faced backlash for punishing users who use forks or copycat versions of its platform by forfeiting their existing points, leading to criticism from the crypto community. Additionally, the app has experienced a decline in key metrics following its public launch.
Activity on the Friend.tech app has rapidly declined, leading to concerns that it may become the latest crypto has-been, with users complaining about high fees and slow load times.
The price of the CYBER token, which is used for the CyberConnect social media network, has increased by 250% in the past week due to significant interest from traders, despite the overall bearish sentiment in the crypto market. The network has experienced a surge in trading volume and market capitalization, reaching $144 million and $898 million, respectively, and has seen trading volumes of up to $10.8 billion in the past 24 hours. However, there are concerns about whether this surge in value can be sustained, as other similar platforms have previously experienced a decline in popularity shortly after their launch.
Twitter is plagued by scam bots that impersonate users and offer fraudulent support for cryptocurrency and NFT services, highlighting the platform's lack of effective moderation and the growing problem of crypto scams.
The decentralized social media platform friend.tech has experienced a significant resurgence in user activity, with its total value locked doubling to over $20 million in the last four days and daily trading volume reaching $12.3 million on September 9th, surpassing that of OpenSea by $3 million. The reasons behind this surge in activity may include the perception of friend.tech chats as yield farms, the addition of non-crypto influencers to the platform, and recent updates that have improved user experience and functionality.
The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.
Alpha, a new social token network built on top of the Bitcoin blockchain, has emerged as a rival to the popular Ethereum-based platform Friend.tech, allowing users to monetize their online persona and content creation via social tokens but with a different makeup and architecture using the Bitcoin blockchain for finality and the Polygon blockchain for data storage.
