Unraveling the mysteries behind the burgeoning Friend Tech, co-founded by 0xRacerAlt and Shrimppepe, reveals an alleged connection to the defunct NFT project, Kosetto. Friend Tech, which launched on August 10th, has been the talk of the crypto community for the past fortnight, given its swift user base growth. However, recent developments have stirred up some curiosity about this fresh protocol team, leaving users contemplating the potential implications.
Understanding the Ascension and Descent of Kosetto
Kosetto, a once-hopeful NFT wearables venture, was launched amid much pomp and circumstance last December on the Ethereum platform. The project, which boasted a collection of 1,689 items, quickly became a hot topic. However, following the launch of a Chrome extension in January, the project abruptly went silent in February, leading to rampant speculation about its sudden decline. Presently, the once coveted NFTs have seen a steep drop in value, with the most recent sale recorded in February. Justin Kalland from Horizen Labs Ventures commented on the project’s sudden termination, stating, “The entire thing just disappeared, last update was in January that a Chrome extension was available. No communication or warning to users.”
Decoding the Ties
The ever-watchful crypto community began piecing together the links between the Friend Tech founders and the failed Kosetto. Evidence points to 0xRacerAlt having removed several tweets associating them with the NFT project. Furthermore, both founders were discovered to be active participants in Kosetto’s Discord community. Justin Kalland further illuminated the connection, revealing, “The most compelling evidence is their reuse of the Kosetto[.com] domain for the FT API. The original use of this website can be verified through various sources.”
Friend Tech’s Rapid Advancement Amid Controversy
Despite the controversy, Friend Tech has been making a splash in the crypto community. This decentralized social platform, which launched on Aug. 10, has been stealing the limelight on crypto Twitter, fueled by the buzz created by some of the most influential profiles in the space. Friend Tech offers influential profiles the opportunity to issue shares of their social media account, thereby granting their followers access to exclusive content and chat groups. As a result, crypto Twitter influencers have been embracing this new protocol as a way to monetize their audiences.
Yearn Finance developer Banteg highlighted that over 100,000 people have visited the platform since its launch. Moreover, Friend Tech has generated notable transaction fees, competing with titans like Ethereum. As the platform continues to expand, it recently announced a distribution of 100 million points to its users during a six-month beta period.
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