According to Blockworks, Friend.tech, a SocialFi app, has experienced a plateau in dollar inflows and a significant slowdown in new users. Despite this, existing users remain optimistic as they await a monetization route for airdropped Friend.tech points. Cumulative dollar inflows for the platform have plateaued at around $35 million, with fewer than 400 users signing up daily this week, as reported by DeFiLlama. This is a significant drop from the more than 5,000 users added daily throughout much of October.
In other news, gaming NFT rental platform LootRush has released a listing mechanism allowing users to rent out their gaming NFTs. NFT owners can connect their wallets to the platform and receive payment when users play games with the rented NFTs for limited periods. LootRush CEO Anderson Ferminiano expects the platform's annualized rental volume to reach $6 million by the end of 2023, making Web3 gaming more accessible.
Lastly, NFT volumes have risen for a fifth consecutive week, according to CryptoSlam!, but remain significantly below early 2023 levels. Roblox CEO David Baszucki expressed hopes that objects from the popular online game could eventually become NFTs, while Bored Ape Yacht Club's ApeFest saw several attendees suffer eye injuries due to bright lights at the event.
