Aave (AAVE) founder and CEO Stani Kulechov stated the agency was persevering with to develop its decentralized social media platform, with Web3 probably altering the best way many view possession.
Speaking to Cointelegraph on the Collision convention in Toronto on Thursday, Kulechov stated Web3 — a buzzword usually thrown round, which typically describes the subsequent evolution of an web primarily based on blockchain know-how — might influence how individuals 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 approach.
#CollisionConf 2022: Cointelegraph’s @forgeforth_ steps on the stage to reasonable a panel on “The metaverse: Hype or the long run?“ at @CollisionHQ 2022, together with @amypeckxr & @dburgar. pic.twitter.com/n0Z1dCpMHF
— Cointelegraph (@Cointelegraph) June 23, 2022
“I think Web3 is quite a lot related to the concept of ownership,” stated Kulechov. “As we have ownership of […] financial protocols and communities and creators, what if we actually can have ownership on our own 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 stated that there have been greater than 30 reside tasks constructed on the protocol.
Related: What the hell is Web3 anyway?
Despite the latest market downturn, Kulechov appeared to be hopeful about the way forward for the house. However, he stated perceptions of crypto within the present local weather might have an effect on onboarding new customers.
“It’s not the first time I’m building in a bear market,” stated Kulechov. “Web3 and crypto in general is very market driven, so you have highs and downs. When we build, we always are considering the long game. Regardless of market conditions, we’re building something that is bringing utility for the whole community.”