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

article-image

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

share

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

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 Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member