FTX Ventures Bets Big On Web3 Social Media With Investment in Lens Protocol

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 FTX Ventures is a $2 Billion venture fund set up by FTX in Jan. 2022 that is now expanding operations to cover the Lens Protocol, a blockchain-based social media platform.

The official Lens Protocol website describes the platform as “a composable and decentralized social graph, ready for you to build on so you can focus on creating a great experience, not scaling your users.”

Officially launched on May 18, 2022, Lens Protocol aims to give users more control and ownership over their data and the content they create by operating as a base layer for other social media applications.

This means that instead of creating multiple profiles on different social media sites, your unique digital profile can be used across many different web3 social media experiences.

As it stands today, social media platforms like Instagram and Twitter maintain complete control over a user’s data; however, Lens Protocol also allows users to mint profiles as NFTs and follow others, and create content on the blockchain.... Read more

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