Aave (AAVE) Founder and CEO Stani Kulechov said the company continues to develop its decentralized social media platform, Web3 with the potential to change the way many view ownership.

Speaking to Cointelegraph at the Collision conference in Toronto on Thursday, Kulechov said Web3 – an oft-thrown buzzword that usually describes the next evolution of an internet based on blockchain technology – could impact the how people use social media the same way cryptocurrency has changed. perceptions of finance. The CEO of Aave noted that the developers had adapted protocols to handle custody, and the increase in non-fungible tokens, or NFTs, seemed to indicate a community-centric approach.

“I think Web3 is very much about the concept of ownership,” Kulechov said. “As we own […] financial protocols and communities and creators, what if we could actually have ownership of our own social media presence – our profiles, our social identities? »

Stani Kulechov speaking to Cointelegraph’s Sam Bourgi at the Collision conference in Toronto, Canada

Kulechov added that Aave’s Lens protocol was part of the company’s expansion into Web3, as a decentralized social media platform in which essentially a network of “dynamic” NFTs acted as both users and communications between subscribers. Aave’s CEO said there are more than 30 live projects built on the protocol.

Related: What is Web3 anyway?

Despite the recent market downturn, Kulechov seemed optimistic about the future of space. However, he said perceptions of crypto in the current climate could affect the onboarding of new users.

“It’s not the first time I’ve built in a bear market,” Kulechov said. “Web3 and crypto in general is very market driven, so you have ups and downs. When we build, we always consider the long term. Regardless of market conditions, we build something that brings utility to the whole community. »