TL;DR
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Lens protocol just raised $15M to continue building out the future of Web3 social.
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Web3 social platforms can look/feel/operate just like their Web2 equivalents. The big changes come under the hood.
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On Web3 social platforms, your username, photos, videos, text posts, messages, followings, and data is not only owned outright by you – but it’s all transferrable between apps.
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The catch? If you want to use a social platform built on Lens, you need to pay a tiny fee for each post you make.
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For context, 5 posts per day will cost you roughly $2.50 per year.
Full Story
Alright, let’s dial things back and get excited about some positive forward momentum.
Lens protocol just raised $15M to continue building out the future of Web3 social.
If you’re wondering how Web3 social is different to Web2 platforms like Instagram, TikTok, Twitter etc. – it’s not.
…at least, not on the surface.
Web3 social platforms can look/feel/operate just like their Web2 equivalents. The big changes come under the hood.
Basically, Web3 social platforms that are built on a shared protocol (or ‘rule set’) like Lens have a one very alluring feature:
Your username, photos, videos, text posts, messages, followings, and data is not only owned outright by you – but it’s all transferrable between apps.
Imagine if IG, TikTok, YouTube, and Snapchat each had to pay you, in order to access your data.
(And if at any point you didn’t like what they were doing, you could just up and leave with all of your followers and content!)
Now…here’s the catch:
The economic models of Web3 social are yet to be perfected.
Right now, if you want to use a social platform built on Lens, you need to pay a tiny fee for each post you make.
Convincing folks to switch to a paid version of something that’s usually free?
Good luck!
Here’s our guess out how Web3 social will evolve:
To scale up, these platforms will need to have both free and paid options.
(For context, 5 posts per day will cost you roughly $2.50 per year).
Either way, very exciting to see this concept get funded!
