K33 DeFi analyst David Zimmerman had recently reported on a SocialFi game, Fantasy Top, that operates on the Ethereum layer-2 network Blast. The unique selling point of the platform was emphasized by Zimmerman, by means of which the users had possibility to trade virtual trading cards associated with X accounts of crypto, and compete in tournaments to win rewards.

Zimmerman pointed that currently, a pack of trading cards at Fantasy costs approximately 0.39 ETH and the equivalent of $1,200 on the prevailing rate. This highlights the high investment potential within the platform.

Over the course of the day, though, Zimmerman also warned of the dangers within the SocialFi space, with the main issue being the cash grabs and influencers pushing platforms for their own personal gain.

Influencers are paid to push the platform earning a 1. 5% fee of the trading volume for their card on top of 10% of the pack sales,” Zimmerman specified, revealing the convoluted dynamics behind these platforms.

Blast: Holding Relevancy Amidst Ethereum Layer-2 Launches

Despite the big influx of other layer-2 networks on Ethereum, Blast has remained relevant, mainly due to the aggressive airdrop program, as Zimmerman said.

“When Ether (ETH) price fell for 17% in April, Blast’s Total Value Locked (TVL) remains high in USD terms,” Zimmerman reflected, highlighting the strength of the platform during market swings.

Friend.tech’s Airdrop Fiasco and the Fallout

The air-drop that everybody was anticipating from Friend. Tech on May 3 got bad rap due to technical hitches that left many users frustrated as they could not access or dispose of their tokens fast.

“The outcry of criticism was aggravated by large accounts that dumped considerable amounts of the FRIEND token before its availability to many users,” Zimmerman stated adding that the price of the token fell from an impressive $28 down to a mere $1.90 as of the time of publication.

The Emergence of Sanko GameCorp

Outside the territories of Pal. Amongst the crypto-native users, Sanko GameCorp with its gaming and streaming platforms is catching up to Tech and Fantasy Top. Zimmerman views Sanko GameCorp’s fair launch approach as an idea with potential and expects it to become a meme-coin playground of anti-VC fervor.

Consequently, with Sanko GameCorp about to launch its own L3 since it is a social gambling platform about to enter SocialFi scene, it could become a major player in the emerging SocialFi landscape, Zimmerman concluded.

The post The Rise of SocialFi: Exploring Fantasy Top, Blast, and Sanko GameCorp appeared first on Coin Engineer.

The 2nd launch of Friend.Tech introduces new features including the Money Club, which aims to encourage financial discussions and networking. Despite promising updates, the token’s value has experienced extreme fluctuations, reflecting market returns and liquidity challenges.

The platform’s outlook for a 100% token airdrop created expectations among users. However, some airdrops have encountered difficulties and many have expressed disappointment in the process. Additionally, concerns about the airdrop’s issues have also been raised; Reports indicate that prominent creators were paid a disproportionately large amount against their retail sales.

DYOR founder Hitesh Malviya attributed the token’s price drop to liquidity issues similar to what happened with Renzo’s token last week. It was highlighted that leading creators had largely acquired the supply, concentrating significantly less money than expected at retail.

Despite the difficulties and conflicts surrounding the launch of the token, Friend.Tech did not make a statement about these issues at the time of its release.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post FRIEND Suffers Decline Following Its Release appeared first on Coin Engineer.

Launched just days ago, FRIEND initially soared to a high of $169 on decentralized exchanges before plummeting to $3.26.

Airdrop Recipient Triggers Sell-Off

A key factor in the token’s decline is believed to be the actions of the largest airdrop recipient, who cashed out their holdings within hours of receiving them. This triggered a wave of investor panic, leading to a further drop in FRIEND’s price to $1.32.

Community Concerns Mount

Crypto enthusiasts have taken to social media to criticize Friend.tech’s team for failing to provide adequate liquidity for the project. The lack of liquidity, they argue, has made it easy for large holders to manipulate the price, leading to the current downward spiral.

The post Airdropped Crypto Crashes: Friend.tech’s FRIEND Token Takes a Nosedive appeared first on Coin Engineer.