How to Earn Passively on Web3 Social Media Platform Friend.tech
One of the Web3 projects that has been making headlines over the last few weeks is Friend.tech. The decentralized social media platform lets users tokenize their accounts. This is undeniably a great concept, but at the moment, most people only want to know how they can make money on Friend.tech. Well, stay tuned. This article teaches you how to set up a Friend.tech account and the various ways to earn passively on the platform.
How to Earn Income on Friend.tech
On Friend.tech, every user account is regarded as a social token, letting other users invest in it. Here is an example to help you understand better: Let’s say your friend Anthony has a Friend.tech account that he uses to post content you enjoy. You can buy shares, also known as keys, of his account. As more users acquire Anthony’s account shares, their price increases, giving you an opportunity to make profits by selling your shares.
Moreover, if you open a Friend.tech account and manage to gain a large following, you can earn passively by imposing a fee on other users who trade your account shares.
Another way to earn on Friend.tech is through airdrops. The Web3 social media platform is currently on an invite-only version, and all participating users are eligible for future token airdrops as long as they collect the required points.
How to Set Up a Friend.tech Account
The first step of making money on Friend.tech is to create an account. The platform can run on a desktop or a smartphone. We will teach you how to use it on the latter.
How Access Friend.tech on Mobile
It’s important to mention that Friend.tech is only accessible via the Mobile Safari browser as of August 2023. Therefore, you need to have this browser installed on your phone first. After doing so, type “friend.tech” on the URL box and search. Once the social media platform opens, tap the “Add to Home Screen” button, and a shortcut-like icon for Friend.tech will appear. Tap it, then type your valid email.
As we mentioned earlier, Friend.tech is available as an invite-only platform for now. Therefore, you will need an invite code to continue the registration process. Enter any of these two: ft-4rrbbn4f or ft-4n05k2hh. Next, complete the account setup by connecting it with your X account. Now it is time to add funds to your Friend.tech wallet to start buying shares of other accounts.
How to Deposit Funds in a Friend.tech Wallet
There are a few aspects to take into consideration when depositing money into your Friend.tech wallet. Firstly, the decentralized social media platform only accepts ETH. The minimum amount you can deposit is 0.01 ETH. Secondly, Friend.tech operates on the Ethereum scaling solution, Base. Therefore, only send ETH through this network.
If you’re holding ETH tokens on the Ethereum blockchain in your MetaMask, then you must first bridge them to Base. To do so, follow these simple steps.
Step 1: Select a bridging platform. In our case, we opt for Orbiter Finance.
Step 2: Go to orbiter.finance and click “L2 Bridge” on the homepage.
Step 3: Connect Your MetaMask Wallet.
Step 4: On the “Token” box, choose ETH, and on the “From” and “To” boxes, select Ethereum and Base, respectively. Now enter the amount of ETH to bridge to your Base address and tap “Send.” Orbiter Finance will display a preview of the transaction. If you find the details okay, press “Confirm and Send.” Your base-compatible ETH should reach your MetaMask in under a minute.
How to Transfer ETH to Your Friend.tech Wallet
Follow these steps to deposit funds to your Friend.tech wallet:
Step 1: In your MetaMask wallet, switch the network from the Ethereum mainnet to Base.
Step 2: Go to your Friend.tech wallet and copy the base address for depositing ETH.
Step 3: Paste that address on your MetaMask wallet and enter the amount of ETH to be transferred. Next, preview the transaction and hit “Send.”
The funds should reflect in your Friend.tech wallet in under 10 minutes.
How to Withdraw Funds From Friend.tech
Assuming you bought some account shares whose prices skyrocketed, thus helping you to realize profits, here is how you can withdraw your earnings.
Step 1: Go to Friend.tech’s “Withdraw” tab.
Step 2: Enter the amount of ETH to be withdrawn and the Base address to which the funds will be sent. You can copy this address from your MetaMask wallet.
Step 3: Preview the transaction and press “Transfer.”
That’s it. You’ve successfully withdrawn your earnings.
Final Thoughts
Friend.tech provides unique ways for people to earn passive income in the Web3 space. However, it is worth noting that the shares you buy on this decentralized platform could lose value anytime. Therefore, invest what you’re willing to lose.
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