Can Web3 save social media?
Join Our Telegram channel to stay up to date on breaking news coverage The venture arm of cryptocurrency behemoth FTX is funding something dubbed Lens Protocol, a new blockchain tool aimed at social media that allows users to endow an NFT with identity-related characteristics. The concept is that by using the NFT, you may maintain control over your privacy and data while hopping between several Web3 social networking platforms with a single identity. This is a popular concept in the world of cryptocurrency and it makes sense. There is a common perception that the current social media paradigm is flawed; right-wing partisans scream that awakened tech overlords are censoring them, while left-wingers worry that social media is fueling a wave of hate and conspiracy theories. Meanwhile, users on both sides are usually tired of Twitter’s daily dose of performative preening and dunks, as well as how Facebook has turned into a virtual Walmart. It makes sense that cryptocurrenc...