Investment-backed web3 solution Lens.xyz aims to help creators take ownership of their content

Lens.xyz – GoDaddy customer – (United Kingdom)

With a growing focus on eco-friendly solutions, innovative blockchain-focused developers are leveraging the Polygon network and .xyz domains to build sustainable and efficient platforms. NFT platform Fair.xyz is aimed at creating a more efficient and fair NFT launch process, with a focus on reducing obstacles like gas wars and failed transactions. Music technology company Formless.xyz is aimed at changing the way music and other digital content is valued and distributed. Payments processing company Paper.xyz is helping non-crypto natives to create wallets through their email addresses and purchase NFTs with credit cards across the Polygon, Ethereum, Solana, and Avalanche blockchain networks. In this week’s #BlockchainThursday, we’ll introduce you to a Polygon-based web3 solution designed to empower creators to own and monetize their content: Lens.xyz.

Lens Protocol: A decentralized solution on an eco-friendly blockchain

Lens.xyz is the online home of Lens Protocol, an open-source social graph based on web3 and built on the Polygon blockchain. A social graph based on web3 is a decentralized network of people and groups connected through their interactions on a blockchain-powered social media platform. With Lens Protocol, creators can launch their own web3 social media platforms and profiles, granting them control over their links with their communities and ownership over their content. The protocol is built on the Polygon blockchain, which is known for its low-cost, fast transactions, and eco-friendly design. As stated on Lens.xyz, “Polygon’s eco-friendly blockchain allows each publication on Lens Protocol to have a low carbon footprint while being on a low-cost, secure blockchain.” Founder Stani Kulechov is also the founder and CEO of AAVE, an open source and non-custodial liquidity protocol. In November 2022, Lens Protocol received an undisclosed investment from FTX Ventures, the venture capital arm of crypto exchange FTX¹.

^{(source: https://boxmining.com/lens-protocol-token-airdrop/)}

Lens.xyz and the power of the Profile NFT

To begin their journey in Lens Protocol, users must create a Profile NFT. Ownership of this NFT helps users to add content, link and communicate with others, and take control of their data. Specifically, the Profile NFT stores the history of all the user’s publications, reposts (also called “mirrors”), comments, and other generated content. It’s critical to own the Profile NFT in Lens Protocol because it grants control over an individual’s content. A single address can own multiple Profile NFTs, and they contain a record of all posts, comments, and other content. Lens Profile NFT stands out from other on-chain identities because it permits the posting of Publications. The FollowModule in the Profile NFT helps others to issue Follow NFTs and establish an on-chain relationship with the main profile. New users may wish to visit the FAQs page for help navigating their journey.

Web3 functionalities of Lens Protocol

Lens Protocol offers similar features to web2 platforms, with some additional functionalities.

• Publications – Publications help users to create and engage with content, including commenting and mirroring.
• Collect – The collect feature enables monetization of content, with parameters such as the period of collection and maximum number of collections. Users can also sell NFTs.
• Governance – The governance feature helps followers to participate in key decision-making processes, providing a more democratic social media experience.

Learn more about Lens.xyz

We are inspired by Stani’s interest in revolutionizing digital publishing with an eco-friendly blockchain and secure platform. We look forward to the continued growth and developments.

You can learn more by following the digital publishing platform on Twitter, joining the Discord, and by visiting Lens.xyz.

^{1. https://fortune.com/2022/11/03/exclusive-ftx-ventures-bets-on-web3-social-media-with-investment-in-aaves-lens-protocol/}