Other forms: commodified; commodifying; commodifies
If your friend was charging you money to hang out with him, he would be trying to commodify your relationship, which means "turn into an opportunity to make money."
Commodify comes from commodity, which often means "an item that can be bought and sold for money," plus the suffix -ify which is usually used to mean "make or turn into." So this word means "to make or turn into something that can be bought and sold for money." This term is often used in a disapproving way to imply that whatever is being commodified shouldn't be, maybe because it's special or private.