The recently launched decentralized media platform Stealcam, which garnered attention when users auctioned off selfies and other single images for thousands of dollars apiece, announced a massive shift in its business model and rebranding to Friend.tech. The founders believe this new direction will engage a significantly larger audience, moving away from their “steal to reveal” mechanism that allowed users to steal NFT-based photos from one another at escalating prices.
The rebranded platform, Friend.tech, focuses on social tokens – cryptocurrencies launched on the Ethereum scaling network Arbitrum, designed to monetize fan communities. While the transition from an informal image-sharing marketplace to a social token launcher with liquidity pools and financial services may seem far-fetched, Stealcam’s creators are optimistic about the potential. They assert that the social capital aspect of discussing photo prices on Stealcam led to the idea for the social token launcher.
When Stealcam first launched, top creators like Shl0ms and D0unbug quickly earned thousands of dollars by posting a handful of images of themselves or their work. However, the initial speculative capital has since stagnated, with the incomes of top earners almost completely halted since early April. With Friend.tech focused on social tokens, the creators anticipate attracting a wider range of users intrigued by the possibility of profiting from their friends and favorite creators through customized cryptocurrencies.
The concept of social tokens as seen on other platforms, such as Roll and Rally, is not new. Despite brief spurts of interest and excitement, the idea has yet to truly take off in the crypto world. Some social token platforms, like Rally, have even shut down due to insufficient support. However, Friend.tech’s creators assert that they have learned from past mistakes and aim to prioritize safety and transparency. They have implemented measures such as linking all profiles to Twitter accounts and requiring consent before creating a token in the image of an individual.
Friend.tech’s founders hope that this new platform will revive the socially fueled speculative frenzy that characterized Stealcam’s early days, but on a larger and more sustainable scale. As the world of decentralized media progresses, the ultimate success of Friend.tech and social tokens remains to be seen. Will users embrace this new direction, or will the social token trend remain a niche within the blockchain realm? Only time will tell if Friend.tech can harness the disruptive power of social tokens and secure its place in the ever-evolving landscape of digital assets.
Source: Decrypt
