Lens Protocol Raises $15 mn To Expand Social Media
Decentralized finance leader Aave has raised $15 million to fund Lens, its NFT-powered protocol for decentralized social media platforms, the company announced Thursday.
Lens is a protocol built atop Polygon, the Ethereum scaling solution. Social media platforms built on Lens can use smart contracts and NFTs to tokenize social data—making a user’s posts, preferences, and network both proprietary to that user, and transferable to any other social network built on Lens.
Lens aims to onboard a mass usership, allowing users of traditional social media platforms to exercise ownership over their creative labor.
With funds including General Catalyst, Variant, Blockchain Capital, and Palm Tree as well as DAOs like Flamingo DAO, Punk DAO, and DAOJones participating, IDEO CoLab Ventures spearheaded the funding round. Entrepreneur for Web3 Balaji Srinivasan, co-founder of Polygon Sandeep Nailwal, CEO of Uniswap Hayden Adams, and co-founder of The Sandbox Sebastien Borget are among the angel investors that took part in the financing.
(With inputs from Shikha Singh)
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