Aave (AAVE) founder and CEO Stani Kulechov said the company was continuing to develop its Web 3.0 decentralized social media platform, which could change the way many view ownership.
Speaking to Cointelegraph at the Collision conference, held in Toronto on Thursday, Kulechov said that Web 3.0 – a buzzword often used to describe the next evolution of a Blockchain-based Internet – could influence the way people use social media in the same way that cryptocurrency has changed the financial perception. Aave’s CEO commented on how developers have adapted protocols to manage custody, and the rise of non-fungible tokens, or NFTs, seems to point to a community-centric approach.
“I think that Web 3.0 is quite related to the concept of ownership”, Kulechev said. “Just as we have the property of […] financial protocols and communities and creators, what if we can actually own our own social media presence – our profiles, our social identities?”
Kulechov added that Aave’s Lens Protocol was part of the firm’s expansion into Web3, as a decentralized social media platform in which essentially a network of “dynamic” NFTs acted both as user profiles and communications between followers. The CEO of Aave said that there were more than 30 live projects built on top of the protocol.
Despite the recent market downturn, Kulechov seemed hopeful about the future of the space. However, he said that the perception of cryptocurrencies in the current landscape could affect the incorporation of new users.
“It’s not the first time I’ve developed in a bear market,” Kulechev said. “Web 3.0 and cryptocurrencies in general are very market driven, so there are ups and downs. When we develop, we always keep the long-term game in mind. Regardless of market conditions, we are developing something that brings utility to the entire community”.
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