{"id":20626,"date":"2023-06-09T17:15:07","date_gmt":"2023-06-09T21:15:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/lens-protocol-raises-15-million-to-augment-decentralized-social-media-next-twitter-competitor\/"},"modified":"2023-06-09T17:15:08","modified_gmt":"2023-06-09T21:15:08","slug":"lens-protocol-raises-15-million-to-augment-decentralized-social-media-next-twitter-competitor","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20626","title":{"rendered":"Lens Protocol Raises $15 Million to Augment Decentralized Social Media \u2013\u00a0Next Twitter Competitor?"},"content":{"rendered":"
\n

Aave\u2019s Lens Protocol, a social layer for web3, has raised<\/u><\/a> $15 million in funding to develop decentralized blockchain-backed social media.\u00a0<\/p>\n

According to a June 8 blog post<\/u>, IDEO CoLab Ventures led the funding round alongside other VCs, such as General Catalyst, Variant, Blockchain Capital, and Palm Tree.\u00a0<\/p>\n

Other prominent venture capitals, including A. Capital, Seed Club Ventures, Robot Ventures, and DAOs like PUNK DAO and Flamingo DAO, participated in the fundraising.<\/p>\n

Prominent angel investors such as Hayden Adams (Uniswap CEO), OpenSea co-founder Alex Atallah, and former Coinbase CTO Balaji Srinivasa also funded the project.\u00a0<\/p>\n

Lens Is Launching a Social Media Where Everyone Builds Together<\/h2>\n

The past few months saw the advent of many decentralized solutions for social media, particularly amid challenges facing Twitter after Elon Musk’s takeover.\u00a0<\/p>\n

The Lens is the latest firm to introduce a decentralized solution for social media.<\/p>\n

The protocol will deploy the $15 million funds for the continued development of its ecosystem that benefits web3 users, creators, and builders.\u00a0<\/p>\n

The new app prioritizes decentralization, allowing users complete control of their profiles, connections, posts, and data.\u00a0<\/p>\n

Creators, users, and builders can easily switch to a new platform, taking their content and followers.<\/p>\n

\n

“Our Vision at Lens is to accelerate the adoption of the next-generation of internet powered by human connection\u2014the people-powered social layer,” Stani Kulechov, founder of Lens Protocol, said.\u00a0<\/p>\n<\/blockquote>\n

\n

“People are driven to connect and share with others, be it news, photos, entertainment, opinions, etcetera. Lens creates a more social, open, equitable, and democratic internet\u2014one secured by blockchain technology and governed by participants,” he added.<\/p>\n<\/blockquote>\n

According to Kulechov, Lens brings an innovative approach to boosting social experiences by preserving users\u2019 digital identity and enabling portability.\u00a0<\/p>\n

He noted that the new social media would revolutionize the internet landscape, introducing novel monetization models and profitable businesses that share revenue equitably with creators and users.<\/p>\n

Nick van Eck, a partner at General Catalyst, one of the participating VCs, noted that Lens’ efforts gears towards building a platform that empowers users, creators, and entrepreneurs.\u00a0<\/p>\n

Eck explained that Lens’ open-source technology, data, and algorithms could transform social networking by offering users and content creators more value.\u00a0<\/p>\n

Revolutionizing Social Networking<\/h2>\n

According to the blog post<\/u>, Lens envisions a web of social ecosystems of decentralized apps seamlessly accessible to users through a universal profile.\u00a0<\/p>\n

The protocol seeks to address the issue of users having to login into multiple sites by creating a social ecosystem where users can seamlessly move from one app to another, carrying their followers, content, and data with them.<\/p>\n

The co-founder and general partner at Variant, Li Jin, noted that Lens’ team is commissioning a publicly accessible social graph that unlocks a more user-centered social networking paradigm.<\/p>\n

Lens Launched as a technology stack without a front-end client and has grown its ecosystem into multiple third-party social networks with new clients and algorithms, such as OpenSea and Strive.\u00a0<\/p>\n

This development could mark a milestone in ushering in a new era of social networking.
\u00a0<\/p>\n<\/p><\/div>\n