Aave, a decentralized finance (DeFi) lending platform, has unveiled its new decentralized Web3 social media ecosystem called Lens Protocol featuring NFTs. The protocol shall allow users to build decentralized social media applications and create non-custodial social media profiles.
Alternative to centralized social media networks
The Lens Protocol aims at providing an alternative to centralized social media networks. Its users will have control of data and information although the experience will be similar to that of traditional social media networks. The only difference is that be that the Lens Protocol will allow users to own their content as non-fungible tokens (NFTs).
For example, users can hold multiple NFTs profiles in crypto wallets, hold NFTs that represent their followers, and even use the NFTs representing their followers to manage DAO. In addition, users can also create different types of publications including comments and posts, or even create mirror content similar to retweeting on Twitter.
Besides storing publication data on-chain, the Lens Protocol will as well support the storage of large files like music, videos, and images using IPFS hosting off-chain storage.
On Monday, the Aave team revealed that they will offer a grant program amounting to $250,000 towards building the Lens Protocol. They, however, did not specify the date they will be launching the protocol’s mainnet.