Solana network launches a FriendTech-like platform for communicating with celebrities

What’s new? An innovative Time. fun platform has been launched on the Solana blockchain, designed to communicate with influencers using a tokenization mechanism. The platform allows you to buy time to communicate with celebrities, the value of which is determined on the open market. The way Time. fun is similar to FriendTech, which gained popularity last year, except that the former is more focused on individual communication rather than group chats.

Material by The Block

What else is known? The founder of Time. fun under the nickname Kawz believes that the concept of tokenized time could be used more broadly than just for paying for replies to messages.

According to him, a key goal of the platform is to make tokenized time composite so that it can be used on other Time.fun-based platforms. As an example, he cited the possibility of creating a platform for hiring candidates on which to open short positions as insurance.

“Time.fun is just the first platform and we have to make it successful before we think about other use-cases. The really long term goal here is to create somewhat of a new asset class, where people can own other people’s time, trade it and use it on various products and services,” the developer said.

He also added that the team is considering releasing a native token in the future. So, if other platforms are created based on tokenized minutes, the native token will be able to unite them.

Time.fun will allow anyone to buy, sell, and exchange tokenized minutes. These assets are traded using a bonding curve mechanism — much like decentralized exchanges — and a 2% trading fee is split between the team, the creator, the recipient, and the prize pool. Funds from the prize pool will be distributed to active users of the platform every month.

It is also noted that individual tokenized minutes associated with a particular celebrity can be added to the Solana ecosystem’s leading decentralized exchange, Raydium, upon reaching a certain liquidity.

Time.fun also allows influencers to auction specific actions, such as a 30-minute phone call or a real-life encounter. The value of these auctions is listed in minutes, so someone who has a lot of minutes can use them to participate in the auction.

Late last year, the platform was already launched on the Ethereum blockchain-based Layer 2 (L2) Base network, where it was well received by users: there, the auction volume exceeded $2 million.