A lot has been said of the huge amounts of money raised by crypto platforms before they even have a working product, so sometimes it is refreshing to see a blockchain company with a working business model and operations, and the vision to bring something new to the table. This is the case for Friendz, a blockchain company that aims to leverage the immense possibilities of distributed ledger technology. With everything already in place, Friendz is holding its ICO in a few weeks.
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Friendz is aiming to change the way people use social media and interact with brands. They already have a functioning operation and revenue streams, and are integrating the functionality of blockchain into their offering.
The core of the Friendz’ business model pitch is that influencers on a local level (not necessarily celebrities) are the real drivers of value in the current social media landscape, and this is only increasing. However, without blockchain technology and decentralization it is extremely difficult to reward these influencers for the time they spend researching and sharing their views. For this reason, Friendz uses a token (FDZ) to reward the community for its online activities in support of the brands,
A working platform
Friendz is already fully up-and-running without the complete blockchain functionality, which is being rolled out as we speak. The fact they have working technology is an important measure of trust for investors: “Friendz has been actively present in the market since 2016. During this period, we have offered services to more than 200 brands. Our team is composed of 35 people, with different backgrounds and skills, operating in our offices in Switzerland, Italy and Spain. Friendz app boasts over 200,000 organic users who have published well over 3,000,000 pictures in the last two years.”
According to the platform they already provide the following services:
- Lead generation.
- Market research, surveys and reports.
- Content production: provision of the best licensed contents created by their community.
- Contests: creation of events on Facebook that require the participation of users who are rewarded for their activity when they win.
Foundations for growth
With their working platform and team of over 30, the Friendz platform looks ready for success. The ICO is currently underway, and the team is hoping that the current revenues of €1.2mln will be significantly increased by their blockchain dimension.