Aave (AAVE) founder and CEO Stani Kulekhov said the firm continues to develop its decentralized social media platform and Web3 will potentially change the way many people think about ownership.

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Speaking to Cryptooshala at the Collision conference in Toronto on Thursday, Kulekhov said that Web3 — a frequently used buzzword that typically describes the next evolution of the Internet based on blockchain technology — could affect how people use social media in much the same way how cryptocurrencies have changed. ideas about finance. The CEO of Aave noted how developers have adapted protocols for managing custody, and the rise of non-fungible tokens, or NFTs, seems to point to a community-driven approach.

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“I think Web3 has a lot to do with the concept of ownership,” Kulekhov said. “Because we own […] financial protocols, communities and creators, what if we could actually own our social media presence — our profiles, our social identity?”

Stani Kulekhov speaks with Cryptooshala’s Sam Burgee at the Collision Conference in Toronto, Canada.
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Kulekhov added that Lens Protocol Aave was part of the firm’s expansion into Web3 as a decentralized social networking platform in which, in effect, a network of “dynamic” NFTs acted both as user profiles and as a means of communication between subscribers. Aave’s CEO said that more than 30 live projects have been built based on the protocol.

What the hell is Web3?

Despite the recent downturn in the market, Kulekhov seemed hopeful for the future of space. However, he said that the perception of cryptocurrency in the current environment could affect the attraction of new users.

“This is not the first time I have built in a bear market,” Kulekhov said. “Web3 and crypto in general are highly market driven so you have ups and downs. When we build, we always think about the long term. Regardless of market conditions, we create something that benefits the entire community.”