Bringing Social Media to the Blockchain

Customers connecting with the dapp up 80% previously week

Lens Protocol is constructing infrastructure that might change the face of social media within the age of Web3. The platform will give customers and creators possession over their on-line presence. With that in thoughts, Lens Protocol’s newest transfer is step one in giving folks management over their digital id. And it led to an enormous leap of their on-chain metrics.

Highlights

Distinctive energetic wallets connecting to Lens Protocol are up 79.69% during the last seven days. In the identical interval, transactions are up 81.68percentLens Protocol is a protocol, not an software. Lens is constructing the platforms and infrastructure on which creators can put their content material. Which means that customers can transfer throughout numerous functions with the identical on-line id. The thought is to advertise belief and the significance of a very good status.  Lens Protocol handles have been trending on OpenSea as customers attempt to safe one of the best names for his or her Profiles.

What’s Lens Protocol?

Lens Protocol is a decentralized social graph that gives the infrastructure for Web3 social media platforms. One among their objectives is to offer customers a single, blockchain-secured id throughout all digital platforms. As a substitute of logging into separate “antiquated, centralized programs”, Lens goals to leverage NFT expertise so customers can transfer seamlessly throughout the social metaverse.

Lens Protocol’s goals transcend possession and id. Their mission can also be to assist alleviate among the points we see on in the present day’s social media platforms. Anger, outrage and confrontation are all favored by the algorithms of Twitter, Meta and TikTok. Content material that performs on these feelings will get clicks, consideration and cash.

Over the previous 5 years or so, folks have realized that on-line antagonism has spilled over into the actual world. Content material prioritizing hostility over cooperation has contributed to a extra fractured and entrenched public discourse. Lens Protocol desires to assist diffuse this example by ‘empowering creators to personal the hyperlinks between themselves and their neighborhood’.

How will Lens Protocol work?

Lens Protocol will give customers entry to what’s often called the social graph. That is the community of connections that social media corporations use after they counsel a video, a bit of reports or an commercial to their customers. Utilizing algorithms, the likes of LinkedIn and Meta will put content material in entrance of customers relying on who else is of their social graph.

Lens desires to open up these instruments to let creators plug into them straight, as an alternative of hiding that information and monetizing it. Then, creators can precisely direct their content material in the direction of receptive audiences. The social graph may also be open to customers, to allow them to select what they wish to see.

This, Lens predicts, will cease centralized social media corporations from preventing for customers’ consideration by selling offended, hostile posts.

A brief story to point out how this works

A creator who publishes a Web3 weblog units up a Profile and publishes their articles. This content material is connected to a single Profile that may transfer and work throughout numerous functions.A person’s social graph exhibits they’ve an curiosity in Web3.Now, the creator can analyze the social graph and direct their content material in the direction of the person.The person can then comply with the creator’s Profile and interact with their content material. They will additionally see what different connections that Profile has of their social graph and begin participating with that neighborhood.If the creator produces good content material, they’ll begin to monetize it and construct up their status.

Moreover, customers may have full possession of their on-line identities and creators may have full possession over their content material. With no centralized social media platform having full management over their person base, they can not deplatform, cancel or silence folks.

This additionally means creators’ content material is safe as a result of it’s not on the mercy of an unknown algorithm. Their creations can’t be taken from them and so they can’t be shadow-banned based mostly on the whim of a moderator.

What does DappRadar information inform us about Lens Protocol?

Over the previous seven days, DappRadar’s information exhibits Lens Protocol and the platform’s on-chain metrics have been an attention-grabbing journey. Distinctive energetic wallets, a measure of what number of particular person Web3 wallets have linked with the dapp, are up 80% to 13,610.

The transaction rely, which exhibits what number of transactions have gone by way of the dapp’s good contracts, is up 82% and sits at 579,950 for the previous week. Each of those upticks coincide with an enormous growth on Lens Protocol.

Lens Protocol just lately began letting folks declare their Lens deal with. This might be linked to a person’s on-line id they use throughout all functions powered by Lens, in any other case often called a Profile.

The rationale that distinctive energetic wallets and transactions have gone by way of the roof is because of folks connecting to the protocol and claiming their deal with. Though it’s not the identical factor, it’s much like folks claiming ENS Domains giving folks an id on the Ethereum blockchain.

Lens Protocol trending on OpenSea

This week, Lens Protocol has additionally been trending on secondary market OpenSea. There are tens of 1000’s of handles on the market already and individuals are buying and selling them for various costs on the open market.

Customers can commerce their handles on the open market as a result of Lens is a Web3 firm. The rules of safe possession are central to what the corporate does. It is going to be attention-grabbing to see in future if customers are in a position to construct up a robust on-line status after which commerce that Profile for revenue. If they’ll, what we’ll see is folks with cash having the ability to purchase standing, as an alternative of incomes it.