The founder and CEO of AAVE, Stani Kulechov said the company is continuing to develop its decentralized social media platform, as he talked of a community centric approach to Web3. Stani also pointed out the manner in which Web3 is potentially changing the way people view ownership.
Speaking at the Collision conference Kulechov said Web3 is a buzzword frequently thrown around, which generally encompasses the next evolution of an internet based on blockchain technology.
Web3 could influence how people use social media in the same way as cryptocurrency evoked new perspectives on finance.
The Aave CEO further explained how developers had adapted protocols to handle custody, and the growth of nonfungible tokens, or NFTs, seemed to indicate a community-centered approach.
Kulechov said, “I think Web3 is quite a lot related to the concept of ownership.” He further added, “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?”
Additionally Kulechov revealed that Aave’s Lens Protocol was a move towards the expansion into Web3.
As a decentralized social media platform, Lens Protocol is a connection of “dynamic” NFTs acting as both users’ profiles and communications between members. He further said that there were more than 30 live projects built on the protocol.
When asked about the recent market slump, Kulechov seemed to be positive about the future of space. Nevertheless, he said perceptions of crypto in the current scenario could impact onboarding new users.
“It’s not the first time I’m building in a bear market,” said 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.”
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