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Social finance application Friendzone has unveiled a community-centered campaign designed to raise awareness ahead of its official launch. The Friend Farming campaign will reward engagement while helping users familiarize themselves with key features of the web3 app.
Designed to help web3 users make the most of their digital connections, Friendzone provides novel ways to monetize social networks. Developed by an experienced web3 team, including advisors from Synthetix and Immutable, Friendzone has generated strong interest ahead of its official launch. The Friend Farming campaign will accelerate this process while rewarding community members who participate.
Making Web3 Friendlier
Emerging web3 protocols are turning to ever more ingenious ways to fuel growth and onboard enough users to reach critical mass. This is particularly desirable when designing social networks, whose success is dependent upon reaching a minimum user threshold.
To achieve this goal, Friendzone has created a gamified system whereby users can earn airdrop points for inviting friends. The most active users will be given early access to the Friendzone platform, with the promise of future rewards and tokens in store as the app is rolled out.
With SocialFi apps going viral in 2023, the race is on to create the first web3-powered application that can achieve true crossover with web2 audiences. The case for using blockchain rails for social applications is a compelling one. It imbues human networks with a financial layer that can align incentives and create powerful communities cooperating to achieve shared goals.
A Fair Division of Labor
Friendzone co-founder and CEO Kevin Lu is naturally bullish on the app’s potential to be a catalyst for SocialFi and web3 in general. “Friendzone is poised to redefine and set the industry standard of the SocialFi landscape,” he predicts, “offering a space where every interaction has the potential to generate value.”
This, essentially, is the value proposition of SocialFi apps. They can ensure that users are remunerated commensurate with the value they add to the network. This stands in stark contrast to the current web2 model in which platforms claim the lion’s share of the profits and retain ownership of user-generated content.
One of the challenges when engineering web3 applications is ensuring that the bulk of the revenue isn’t soaked up by whales at the expense of ordinary users. The risk of monopolization increases when dealing with SocialFi apps in which influencers with a large network are able to reap the lion’s share of the rewards.
Friendzone has given careful consideration to these factors when designing its app. It incorporates a pricing curve that takes into account user reputation with built-in support for creators. As the project explains, “Friendzone prevents significant holders from monopolizing the market, allowing fair opportunities for all users who join and participate in a network or friendzone.”
Friend Farming is set to launch this month, giving users a chance to earn Airdrop Points before the app launches its incentivized beta in January.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.