Aave (AAVE) has announced a new project called Lens Protocol, which aims to help developers build decentralized social networking applications (DApps) on the Polygon (MATIC) blockchain.
In addition to social media DApps, the creators of liquidity market protocols aim to use non-fungible token technology (NFT) with Lens’ open-source blockchain technology to allow developers to create markets, recommendation algorithms and other apps. According to Aave, this will allow users to fully own their own data and provide creators with new monetization opportunities.
The Lens protocol allows users to have a single Lens profile that can be used through various DApps within the Lens platform. With this, users able to create Lens NFT profiles will be able to access all 50 apps that will be released to Lens Protocol at launch. To help create more apps on Lens, Aave has also created a grant program worth $250,000 to fund developers who want to build apps on the platform.
Stani Kulechov, CEO and Founder of Aave Companies, believes people are ready for a new social media experience, as evidenced by reactions to Elon Musk’s bid on Twitter. Kulechov explained:
“The social media experience has remained relatively unchanged over the past decade, and a lot of that is due to your content being owned solely by one company, which locks your social network to one platform.”
The Aave CEO also noted that ownership of content created online is “long overdue”. Additionally, Sandeep Nailwal, the co-founder of Polygon, agreed with Kulechov’s idea and said that Polygon aligns with Lens’ goal of powering “secure content ownership.”
Related: Spotify would test NFT galleries on musician profiles
In April, Kulechov was banned from Twitter hours after he jokingly tweeted that he would be joining Twitter as interim CEO. The ban was lifted the following day as Kulechov tweeted another joke saying he was back as the company’s interim CEO.