Aave (AAVE) founder and CEO Stani Kulechov mentioned the agency was persevering with to develop its decentralized social media platform, with Web3 doubtlessly altering the way in which many view possession.
Chatting with Cointelegraph on the Collision convention in Toronto on Thursday, Kulechov mentioned Web3 — a buzzword typically thrown round, which typically describes the subsequent evolution of an web based mostly on blockchain know-how — might affect how folks use social media in a lot the identical means cryptocurrency modified perceptions on finance. The Aave CEO remarked how builders had tailored protocols to deal with custody, and the rise in nonfungible tokens, or NFTs, appeared to level to a community-centered strategy.
#CollisionConf 2022: Cointelegraph’s @forgeforth_ steps on the stage to average a panel on “The metaverse: Hype or the longer term?“ at @CollisionHQ 2022, together with @amypeckxr & @dburgar. pic.twitter.com/n0Z1dCpMHF
— Cointelegraph (@Cointelegraph) June 23, 2022
“I feel Web3 is rather a lot associated to the idea of possession,” mentioned Kulechov. “As we’ve possession of […] monetary protocols and communities and creators, what if we really can have possession on our personal presence in social media — our profiles, our social identities?”
Kulechov added that Aave’s Lens Protocol was a part of the agency’s enlargement into Web3, as a decentralized social media platform by which basically a community of “dynamic” NFTs acted as each customers’ profiles and communications between followers. The Aave CEO mentioned that there have been greater than 30 reside tasks constructed on the protocol.
Associated: What the hell is Web3 anyway?
Regardless of the current market downturn, Kulechov appeared to be hopeful about the way forward for the area. Nonetheless, he mentioned perceptions of crypto within the present local weather might have an effect on onboarding new customers.
“It’s not the primary time I’m constructing in a bear market,” mentioned Kulechov. “Web3 and crypto on the whole could be very market pushed, so you have got highs and downs. After we construct, we at all times are contemplating the lengthy sport. No matter market circumstances, we’re constructing one thing that’s bringing utility for the entire group.”
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.