New Social Media Platform Powered By NFTs to Allow Users Own Their Content

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The NFTs market grew by 21,350% in 2021 - All you need to know

As NFT adoption continues to increase, new social media platform sees it as an opportunity for digital ownership. The team behind DeFi liquidity protocol Aave is introducing a new way for social media users to own and control their content.

The Lens Protocol Team to Launch a New Social Media Platform Powered By NFTs

According to an Aave blog post on February 8, The Lens protocol team to launch a new social media platform to be powered by NFTs, which allow users to own their content. The Lens protocol is built on the Polygon blockchain. The protocol offers traditional social media features, including profiles, comments, and post sharing

A tweet in the early hours of Tuesday described the Lens protocol as a permissionless, composable, and decentralized social graph that makes it easy to build Web3 social platforms.

The NFT is burned into the user’s social media history, including posts and comments. Following someone triggers the minting of the corresponding NFT. Users can also create photos and music through the post feature, as well as collect posts from accounts they follow.

Web3-native Social Media to “kill” Twitter

Aave founder and CEO Stani Kulechov last year hinted at a product that would decentralize social media. In a Feb. 5 tweet, he predicted that Web3-native social media would “kill” Twitter.

This was preceded by an open letter calling for support for Web3-based social media as people were encouraged to cryptographically sign the letter with their wallets.

“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 when Kulechov poked fun at the protocol.

The Aave team also unveiled a $250,000 grant program to accelerate the development of the Lens protocol in a blog post on Monday. The post did not specify a start date for the mainnet. A spokesman for Aave did not immediately respond to a request for comment.