The emergence of decentralized solutions for social media has become more prominent in recent months, particularly in response to challenges faced by platforms like Twitter following Elon Musk‘s takeover. Among the latest to introduce a decentralized solution is Aave’s Lens Protocol, a social layer for web3 that has raised $15 million in funding for the development of blockchain-backed social media.
IDEO CoLab Ventures led the funding round, alongside other venture capitals such as General Catalyst, Variant, Blockchain Capital, and Palm Tree. Additionally, prominent angel investors such as Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, and former Coinbase CTO Balaji Srinivasa funded the project.
Lens Protocol aspires to build a decentralized social media platform where users, creators, and builders can work together. The funds raised will be used to further develop the ecosystem, which aims to benefit web3 users, creators, and builders. Unlike traditional platforms, Lens prioritizes decentralization by giving users complete control over their profiles, connections, posts, and data.
Founder of Lens Protocol Stani Kulechov envisions a “people-powered social layer” that not only preserves users’ digital identity but also enables seamless portability. The introduction of the new social media platform promises to revolutionize the internet landscape by presenting innovative monetization models and profitable businesses that share revenue equitably with creators and users.
Lens hopes to establish a web of interconnected social ecosystems composed of decentralized apps, which users can access through a universal profile. This would address the issue of logging into multiple sites, allowing users to move seamlessly between apps while taking their followers, content, and data with them.
Partner at General Catalyst, Nick van Eck, believes that Lens, with its open-source technology, data, and algorithms, has the potential to transform social networking by offering more value to users and content creators, empowering them to take ownership of their digital presence.
Co-founder and general partner at Variant, Li Jin, echoes this sentiment, stating that Lens’ team is establishing a publicly accessible social graph which aims to unlock a more user-centered social networking paradigm. With this development, Lens has evolved from a technology stack without a front-end client into multiple third-party social networks with new clients and algorithms, as seen in platforms like OpenSea and Strive.
As blockchain technology continues to pervade various industries, this achievement could signal the beginning of a new era of social networking driven by decentralization, empowering users and creators while fostering a more balanced and equitable internet environment.
Source: Cryptonews
