Social Media Adoptions Incoming

Meta Is Bringing More Than Just NFT’s To Platforms

Meta CEO Mark Zuckerberg confirmed last week that their social media platforms: Instagram and Facebook will soon support NFTs amongst other potential crypto features. The NFT features are being tested amongst a select group of creators before a larger rollout of the features. Spotify was rolling out similar features to select users to test their upcoming NFT promotional features.

Meta submitted trademark applications for a service titled “Meta Pay.” With this, many are speculating a possible crypto exchange, unless it’s part of their Lightspark project utilizing the Bitcoin Lightning network. The filing includes wording such as “providing secure commercial transactions and payment options” and “providing a financial exchange for the trading for digital currency, cryptocurrency, digital and blockchain assets, …”

Aave’s Lens Protocol

Lens Protocol is an open sourced, Web3 smart contracts-based platform to assist with the creation of social networking dApps (decentralized applications) onto the Polygon blockchain. To promote the creation of apps on Lens, Aave created a $250,000 grant program to encourage and fund developers. The protocols key features revolve around owning social media actions/links:

Profile NFTs will have more of a use case with this protocol, going beyond profile pictures. These dynamic NFTs will be composable, non-custodial, and permission-less. They will also contain the entire history of all posts, comments, and other content generated by the protocol. Profile NFTs can also be owned/operated by a DAO.
Follow NFTs will be granted when you follow someone. This could be useful to limit voting features to loyal fans/users in governance snapshots.
The Publication feature is equivalent to publishing a post. Users can “like” a post through the Collect feature, or share someone else’s publication through the Mirror feature.
A Lens Profile will grant you access to all available dApps on the platform.