In a landmark move for Web3 social networking, Lens Protocol, launched by Aave in May 2022 on the Polygon blockchain, has officially opened its doors to all users. Accessible with a fee of 8 MATIC (approximately $10.30) or via credit card payment, the platform aims to democratize social media interactions through blockchain technology.
Previously, acquiring a Lens Profile was a challenge, limited to a select group of early users. At one point, the cost of a Lens Profile NFT skyrocketed to $350. However, following the open access announcement, the price of these NFTs on platforms such as OpenSea and Element has significantly decreased to between $3 and $5.
Lens Protocol is designed as a Web3-based social graph on the Proof-of-Stake Polygon Blockchain. It empowers creators by establishing ownership links between them and their community, creating a fully composable social graph. Built with modularity from the ground up, the protocol allows the addition of new features while ensuring that content and social connections are owned and controlled by the users.
A notable aspect of Lens Protocol is its founder, Stani Kulechov, who is also the founder of AAVE. On February 8, 2022, Kulechov announced the launch of Lens Protocol as “a Web3 social networking protocol that is open, enabling people to create ungoverned social profiles and develop new social media applications.”
The project team is also working on a layer-3 data scaling solution named Momoka, which stores transaction data off-chain but ensures on-chain verification. In June 2023, Lens Protocol successfully raised $15 million, underscoring its growing influence and potential in reshaping the landscape of social media through blockchain technology.
By opening up to all users, Lens Protocol aims to foster a new era of social networking where users have true ownership and control over their digital interactions and content. This move is expected to attract a broader audience, further embedding blockchain technology into mainstream social media practices.