Summary
Friend.tech, a SocialFi app, is experiencing a slowdown in new users and plateauing dollar inflows. However, existing users remain optimistic and are waiting for a monetization route for airdropped Friend.tech “points.” The platform’s cumulative dollar inflows have plateaued at around $35 million, and it has seen a drop in new user sign-ups. Friend.tech has faced challenges in cloning its features on other chains. Meanwhile, LootRush, a gaming NFT rental platform, has introduced a listing mechanism for users to rent out their gaming NFTs. The platform expects its annualized rental volume to reach $6 million by the end of 2023.
Key Points
1. Friend.tech is experiencing a plateau in dollar inflows and a slowdown in new users, but existing users remain optimistic while waiting for a monetization route for Friend.tech “points.”
2. The number of new users signing up for Friend.tech has dropped significantly, with fewer than 400 users signing up daily this week, compared to over 5,000 daily sign-ups in October.
3. The gaming NFT rental platform LootRush has introduced a listing mechanism for users to rent out their gaming NFTs, aiming to make Web3 gaming more accessible and projecting a rental volume of $6 million by the end of 2023.