3LAU's Departure from Friend.tech Sparks Cryptocurrency Community Debate
Date: 2023-09-17 Author: Dima Zakharov Categories: IN WORLD
Renowned DJ and crypto investor, 3LAU, also known as Justin Blau, has made a surprising move by announcing his departure from the decentralized social media platform, Friend.tech. This decision has ignited a flurry of debates within the crypto community. The musician explained his actions by expressing concerns over potential regulatory risks that might soon come to the forefront in the platform's growing popularity.
However, the popular DJ expressed his admiration for the social platform. He stated that despite his fondness for this startup, he must avoid personal involvement in projects that exist beyond the regulatory boundaries. The primary concern for 3LAU is linked to the Automatic Market Maker (AMM) feature, which facilitates the trading of user keys.
He noted that he does not consider the risks to be excessively high. Nevertheless, the DJ does not want his brand to be associated with AMM in such a context. According to 3LAU, "this feature operates in a regulatory gray area, which could potentially lead to complications for users in the future."
3LAU's decision has sparked a fervent reaction on Twitter.
Users have shared various opinions on the matter. Some have accused the DJ of selling his shares to subscribers or using them as "exit liquidity." However, Blau has assured that he will reimburse any expenses incurred by those who purchased his keys on the platform.
The Friend.tech platform, launched in mid-August 2023, allows users to tokenize their presence on social media by buying and selling keys. 3LAU's departure highlights the complexities that arise when users no longer wish to be part of decentralized platforms of this kind. It's worth recalling that American DJ 3LAU became the world's first musician to sell an album using NFT tokens.
