FTX Ventures bets on decentralized social media with Lens Investment

Over 88,000 wallets have a goal profile

Lens Protocol, which bills itself as a decentralized social graph, received an investment from FTX Ventures, the venture capital arm of crypto exchange FTX.

The news was first reported by Fortune and is the only public funding Lens has received, according to Crunchbase, which calls the raise a round. The amount Lens raised was not disclosed.

The basic function of Lens is to function as a base layer for social applications – user data, like followers, published content and messages would exist at the protocol level, instead of a specific platform like Twitter or Instagram retains fundamental control of this information.

The protocol uses NFTs that help establish ownership of a profile, piece of content, or followers.

Lens launched in May, after plans to launch the project were made public in February. The project adopted XMPT, an encrypted messaging service, earlier this week.

Stani Kulechov, the founder of DeFi lending protocol Aave, is one of the key figures in Lens – so far 88,101 wallets have a Lens profile, according to a Dune Analytics query.

Wallets with lens profiles

October marked an all-time high for the protocol in terms of active users, with just over 28% of Lens profile owners posting, commenting, or doing what’s called “mirroring,” which is similar to the retweet on Twitter.

FTX Ventures was founded in January this year and has made 49 investments so far, according to Crunchbase. Apart from the investment in Lens, the venture capital arm has invested in crypto information platform Messari and modular blockchain network Celestia.

Comments are closed.