Onlyfans is interested in the crypto world. This was a bet that the owners of the social network had been making for a while, but it has now come to light after an over-successful (and declining) social experiment. We talk about Friend.tech about how influencers are always on the lookout for new ways of monetization and how Onlyfans takes all this well.

Friend.tech boom. Despite being less than three weeks ago, Friend.tech has managed to attract hundreds of thousands of users. And the most striking thing is that the network has basically been taken over by the most popular Onlyfans accounts.

This is an app not directly related to Onlyfans, allowing Twitter accounts to access private chat. That is, influencers sign up and users buy tokens to access a chat linked to that person. It is based on Ethereum and the creators of the app receive a 5% commission.

Over $4 million in one week. According to data from DefiLlama, Friend.tech has raked in about $3.82 million in the last seven days. This is more than what OpenSea, the world’s largest NTF platform, has achieved. Right now this is a new platform and it seems clear that it’s a boom, but it’s a huge number that raises a lot of expectations. The first week was $7 million.

Not only chat, but also photos. Onlyfans influencers saw the potential of Friend.tech when was it announced You could send photos in these private chats. This is the moment when they take the opportunity to sign up and try to replicate their game on Onlyfans with this new crypto app.

While Friend.tech was initially dominated by crypto influencers, a few Onlyfans accounts quickly climbed to the top.

Like Onlyfans but on auction. Friend.tech’s idea is very similar to Onlyfans’ idea. Get paid for access to exclusive content. The difference is the way to make money. An example: impressive JenfoxxUwU. Your monthly subscription costs $3.75 at Onlyfans, while at Friend.tech it’s based on the price.

It was trading at 0.87 ETH, or around $1.4 this weekend. It is currently lower, but it is not unreasonable to think that this price would have been higher had the implementation been successful. An auction, as is usual in crypto applications of this style.

After the initial excitement comes disaster. The problem with everything crypto is volatility, and Friend.tech is a perfect example of this. After the initial boom, investors don’t care that much anymore and everything hits bottom. After a few weeks of success, their commissions dropped by 90%. So much so that investors like Lisandro Rodriguez, Coinbase’s chief risk officer, declared Coinbase dead.

We don’t know if Friend.tech will rise again or if it will pass as another crypto app that achieved timely glory.

Onlyfans’ bet on Ethereum. And back to Onlyfans again. A recent financial filing confirmed that Onlyfans’ parent company, Fenix ​​International, has purchased approximately $19.9 million worth of ETH. At the end of 2022, they were already around 11 million.

Onlyfans executives have flirted with NFTs and are interested in seeing how they can implement tokenization on their platform. The reaction Friend.tech has received and how many phenomena have started to tokenize their accounts could be a preview of what Onlyfans might consider implementing.

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