@Sakura please summarize this article, thanks uwu.
TLDR
The article discusses various developments in the crypto and web3 space, including the discontinuation of the Friend.tech project, the fundraising of the DRiP NFT platform, the $50M raise by the decentralized music streaming platform Tune.FM, and the growing trend of niche social networks and hobby apps.
Key Points
Friend.tech is discontinuing development after generating $90M in fees, disappointing users who expected long-term commitment
DRiP is building a mobile app to help artists get distribution and build community, shifting from a subscription model to active collecting
Tune.FM raised $50M but the author is skeptical about competing directly with mainstream music streaming platforms
There’s a growing trend of niche social networks and hobby apps replacing mass market social media, offering more focused and less performative experiences
In-depth Summary
The article starts by discussing the discontinuation of the Friend.tech project, which generated almost $90 million in fees but is now walking away with an estimated $44 million while making little effort to drive value to the $FRIEND token. The author sees this as a disappointing outcome, where the token launch was used as a mechanism to pump excitement and extract value rather than a long-term commitment to the project’s vision.
Next, the article covers the $8M seed round raised by the Solana-based NFT platform DRiP. The author discusses DRiP’s evolution from an artist subscription model to a more active collecting approach, where users need to purchase “droplets” to “secure” drops. The author notes that DRiP faces challenges due to the underdeveloped onchain distribution ecosystem on Solana compared to Ethereum.
The article then discusses the $50M fundraise by the decentralized music streaming platform Tune.FM. While the author appreciates the ideals of a decentralized music platform, they struggle to see how Tune.FM can compete directly with mainstream streaming services like Spotify and Apple Music. The author believes that platforms like Sound, Catalog, Crate, and Volume have more potential to break out by focusing on new consumer behaviors rather than trying to compete in streaming.
Finally, the article explores the growing trend of niche social networks and hobby apps replacing mass market social media platforms. The author sees this as a positive shift, as people seek more focused and less performative experiences. The article discusses the potential for interoperable identities and open social graphs to enhance the user experience in this new landscape, as well as the opportunities for new business models based on facilitating peer-to-peer value transfer and token engagement.
ELI5
The article talks about some interesting things happening in the crypto and tech world:
- A project called Friend.tech shut down after making a lot of money, but didn’t do much to actually help the people who used it. This made a lot of people upset.
- Another project called DRiP is trying to help artists get their work out there and build communities around it. They’re trying some new ideas to make it work better.
- A music streaming platform called Tune.FM raised a lot of money, but the author thinks it will be hard for them to compete with big companies like Spotify.
- There’s a trend of people moving away from big social media apps and instead using smaller, more focused apps about their hobbies and interests. The author thinks this could be a big opportunity for new kinds of online communities.
Writer’s Main Point
The main point of the article seems to be that the crypto and tech world needs to move beyond the obsession with “being early” and focus more on building genuinely useful and innovative products that can attract mainstream adoption. The author believes that the future lies in niche social networks and hobby-focused apps that offer more meaningful and less performative experiences for users.