TL;DR
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Lens protocol just raised $15 million to continue building the future of Web3 social.
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Web3 social platforms can look/feel/work 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 messages, messages, followers and data are not only your property, but it is all transferable between apps.
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The catch? If you want to use a social platform built on Lens, you have to pay a small fee for every post you make.
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For context, 5 posts per day will cost you about $2.50 per year.
Full story
Okay, let’s turn things around and get excited about positive forward momentum.
Lens protocol just raised $15 million to continue building the future of Web3 social.
If you are wondering how Web3 social differs from Web2 platforms like Instagram, TikTok, Twitter etc. – it is not.
…at least, not on the surface.
Web3 social platforms can look/feel/work just like their Web2 equivalents. The big changes come under the hood.
Basically, Web3 social platforms built on a shared protocol (or “rule set”) like Lens have one terribly seductive feature:
Not only are your username, photos, videos, texts, messages, followers, and data completely owned by you, but it’s all transferable between apps.
Imagine if IG, TikTok, YouTube and Snapchat each had to pay you to access your data.
(And if at some point you didn’t like what they were doing, you could just get up and leave with all your followers and content!)
Now…here’s the catch:
Web3 social’s economic models have yet to be perfected.
Now if you want to use a social platform built on Lens, you have to pay a small fee for every post you make.
Convincing people to switch to a paid version of something that is usually free?
Good luck!
Here’s our guess at how Web3 social will evolve:
To scale up, these platforms must have both free and paid options.
(For context, 5 posts a day will cost you about $2.50 a year).
Anyway, very exciting to see this concept being funded!