Aave founder and CEO Stani Kulechov said the company is continuing to develop its decentralized social media platform, with Web3 possibly changing the way many properties look.
Speaking to Cointelegraph at the Collision conference in Toronto on Thursday, Kulechov said that Web3 – a buzzword that is often thrown around that generally describes the next evolution of an Internet based on blockchain technology – could affect how people use social media in much the same way cryptocurrency changed perceptions on finances. The CEO of Aave noted how developers had adapted protocols to handle custody, and the emergence of non-fungal tokens, like NFTs, seemed to point to a community-centric approach.
“I think Web3 is very much related to the concept of ownership,” Kulechov said. “If we own […] financial protocols and communities and creators, what if we could actually take ownership of our own social media presence – our profiles, our social identities? ”
Kulechov added that Aave’s Lens Protocol was part of the firm’s expansion in Web3, as a decentralized social media platform in which essentially a network of “dynamic” NFTs functioned as both user profiles and communication between followers. The CEO of Aave said that there were more than 30 live projects built on the protocol.
Related: What is Web3 anyway?
Despite the recent market decline, Kulechov seemed to be hopeful about the future of space. However, he said that perceptions of crypto in the current climate could affect it on board new users.
“It’s not the first time I’ve built in a bear market,” Kulechov said. “Web3 and crypto in general are very market driven, so you have ups and downs. When we build, we always consider the long game. Despite the market conditions, we build something that benefits the whole community.”