Aave ( AAVE), founder and CEO Stanikulechov, said that the company was still developing its social media platform. Web3 could change the way many people view ownership.
Kulechov spoke to Cointelegraph on Thursday at the Collision conference, Toronto. Web3 is a term that refers to the next generation of the internet built on blockchain technology. It could have a similar impact on how people use social networks, much like cryptocurrency has changed the perceptions about finance. Aave’s CEO commented on how developers have adapted custody protocols. The rise in NFTs (nonfungible tokens) seems to indicate a community-centered approach.
Kulechov stated that Web3 has a lot to do with the idea of ownership. “As we own […] financial protocol and communities, creators and communities, what if we can also have ownership over our presence on social media — our profiles and social identities?”
Kulechov said that Aave’s Lens Protocol was part the firm’s expansion into Web3. It is a decentralized, social media platform where a network of NFTs acts as both users’ profiles as well as communications between followers. According to Aave’s CEO, there are more than 30 active projects built on the protocol.
Related: What is Web3?
Kulechov appeared optimistic about the future of crypto despite the market slump. He said that crypto perceptions in the current climate could impact onboarding new users.
Kulechov stated that “it’s not the only time I’m building during a bear market.” Web3 and crypto are very market-driven, so there will be ups and downs. We always consider the long-term when we build. We build something that brings utility to the entire community, regardless of market conditions.”