- Friend.tech’s daily trading volume on Ethereum hit $12.3 million on September 9.
- Friend.tech received a record 4.06k ETH in a single day.
- The SEC is considering regulatory measures against NFTs, impacting market perceptions.
Galaxy Research has reported that on September 9, the daily trading volume of Friend.tech on Ethereum hit $12.3 million. This marks the third instance where the daily trading volume of Friend.tech has surpassed the trading volume of NFTs on Ethereum. On the same day, the trading volume of NFTs on Ethereum was recorded at $9.2 million.
Friend.tech experienced an influx of 4.06k ETH on an identical day, marking a new record for the highest amount received in a single day. The cumulative total value locked surpassed 11,000 ETH, and fees generated amounted to $1.2 million.
On August 20, the daily trading volume of Friend.tech reached $14.1 million, outpacing the NFT’s $12.4 million. The following day, August 21, Friend.tech again exceeded NFTs, recording a daily trading volume of $16.9 million compared to the NFT’s $11.2 million.
Friend.tech is a recent addition to the decentralized social network landscape and is quickly gaining traction in cryptocurrency. The platform allows users to buy “keys”, enabling them to gain entry into chat rooms of friends and influencers and access exclusive content.
It has been observed that the NFT market is encountering difficulties, with several NFT collectors reducing their collections to mitigate substantial losses. From January 2022 to July 2023, there was an over 81% decline in NFT trading volume and a 61% reduction in monthly sales.
The U.S. Securities and Exchange Commission (SEC) recently disclosed its inaugural regulatory measures against NFTs. As per the report, this development has impacted the market perceptions of NFTs.
On September 5, Laura Shin, the presenter of the Unchained Podcast, talked with J.W. Verret, a legal authority, and Jason Schwartz, a tax expert, about the potential classification of Friend.tech’s keys as a security. The focal point of the podcast episode was the applicability of the Howey Test to Friend.tech’s keys and the possibility of them being the next focus of the SEC.
