New Social Media Platform Turns to NFTs for Digital Ownership

Lens Protocol launches after Aave founder Stani Kulechov’s public push to decentralize social media


Stani Kulechov, Founder and CEO of AAVE | Blockworks exclusive art by Axel Rangel


key takeaways

  • Aave introduced a new protocol as an alternative to traditional social media platforms
  • The Lens Protocol, built on the Polygon blockchain, is powered by NFTs

The team behind DeFi liquidity protocol Aave is unveiling a new way for social media users to own and control their content.

The Lens Protocol is “a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy,” according to a tweet Monday by Lens Protocol.

The protocol features traditional social media functions, including profiles, comments and sharing posts. Here’s the twist: it is powered by NFTs that allow users to own their content, according to an Aave blog post Monday. The Lens Protocol will be built on the Polygon blockchain.

Baked into the NFTs are a user’s social media history, including posts and comments. Following someone triggers a corresponding NFT to be minted.

A user can also create photos and music through a publication feature, as well as collect publications from accounts they follow.

Stani Kulechov, founder and CEO of Aave, has over the past year hinted at an offering that decentralizes social media.

In a Feb. 5 tweet, he predicted that Web3-native social media will “kill” Twitter.

An open letter drumming up support for Web3-driven social media came out before that, when people were encouraged to cryptographically sign the letter with their wallet.

“We spend time building unique selfhood across these Web2 media platforms, even though we know they are antiquated, centralized systems,” the letter stated. “Web3 brings forth a renewed hope for what social media can be. It offers the ability for us to control how our content is used.”

The Lens Protocol Twitter account went live last month, and Kulechov teased the protocol at the time.

Loading Tweet..

The Aave team also revealed in the Monday blog post a $250,000 grant program to accelerate the growth of Lens Protocol. 

The post did not specify a mainnet launch date. An Aave spokesperson did not immediately return a request for comment.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit