"What if we really tin person ownership connected our ain beingness successful societal media — our profiles, our societal identities?” asked Stani Kulechov.
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Speaking to Cointelegraph astatine the Collision league successful Toronto connected Thursday, Kulechov said Web3 — a buzzword often thrown around, which mostly describes the adjacent improvement of an net based connected blockchain technology — could interaction however radical usage societal media successful overmuch the aforesaid mode cryptocurrency changed perceptions connected finance. The Aave CEO remarked however developers had adapted protocols to grip custody, and the emergence successful nonfungible tokens, oregon NFTs, seemed to constituent to a community-centered approach.
“I deliberation Web3 is rather a batch related to the conception of ownership,” said Kulechov. “As we person ownership of [...] fiscal protocols and communities and creators, what if we really tin person ownership connected our ain beingness successful societal media — our profiles, our societal identities?”
Kulechov added that Aave’s Lens Protocol was portion of the firm’s enlargement into Web3, arsenic a decentralized societal media platform successful which fundamentally a web of “dynamic” NFTs acted arsenic some users’ profiles and communications betwixt followers. The Aave CEO said that determination were much than 30 unrecorded projects built connected the protocol.
Related: What the hellhole is Web3 anyway?
Despite the caller marketplace downturn, Kulechov seemed to beryllium hopeful astir the aboriginal of the space. However, helium said perceptions of crypto successful the existent clime could impact onboarding caller users.
“It’s not the archetypal clip I’m gathering successful a carnivore market,” said Kulechov. “Web3 and crypto successful wide is precise marketplace driven, truthful you person highs and downs. When we build, we ever are considering the agelong game. Regardless of marketplace conditions, we’re gathering thing that is bringing inferior for the full community.”