GM DOers! 😎
Our frens at Lens announced a big upgrade on Monday – Lens V2. 🚀
The main takeaway: every application can turn on web3 social features by building with Lens. Even those which aren't web3-native. 🤯
However, after reading the Lens V2 press release, we were left slightly confused as to how any application can build on top of Lens to allow web3 social features. 🥴
And I’m suspecting that a lot of our DOers were left slightly confused too. 🤔
We therefore did some more digging and we’re here to tell you all about the benefits of Lens V2 in Layman’s terms. 🫡
Our philosophy is all about helping you decipher the complexities of web3 so you can build & invest successfully. 😎
So let’s do that by explaining the 8 new features of Lens V2:
Open actions 💥
Collective value share 💰
ERC-6551 profiles 🪪
Profiles as core ID 👤
Profile manager 🔐
Quoted publications 💭
Onchain blocking 🚫
Open namespaces 🎭
Disclosure: Lens is a long-time friend and sponsor of Web3 Academy. But honestly, we would have written this newsletter even if they weren’t.
We believe they will play a vital role as we migrate from the online world to onchain. 🌊
Let’s dig in. 👇
👉 Lens Protocol: The Future of Social Media
Decentralized social media finally allows creators to own their content, data and followers. That’s why we choose to build part of our media platform on Lens Protocol.
Open Actions 💥
Lens V2 has brought with it Open Actions, a feature that lets you execute external smart contract actions right on a Lens post.
This means that any external action that can be driven by a smart contract, such as minting an NFT or joining a DAO, can now be directly integrated into a Lens post. 😳
Think of this like adding plugins to a browser, enhancing your online interactions to new heights.
It's no longer about merely posting and commenting; for example, you now can directly mint NFTs from posts via an OpenSea contract.
This would theoretically allow Elon & Zuck to sell NFT tickets to their cage fight in the Colosseum by putting ‘em up for sale through a Lens post. 👀
Think about it like this: Open Actions take the idea of interactivity on social platforms from 2D to 3D. 🖼️
The range of interaction possibilities just went up BIG time. And we’re finally smelling how the web3 social benefits overtake its web2 counterparts. 🚀
Collective Value Share 💰
The introduction of Collective Value Share in Lens V2 has set a new norm for revenue-sharing opportunities. 💸
It's like preparing a grand feast where everyone contributes an ingredient and everyone gets to eat. 🍻
Users, algorithms, curators, and apps can all share revenue, strengthening the ecosystem's ties.
This is similar to what Twitter’s doing with sharing their ads revenue. Only here, Lens’ business model isn’t to run ads.
It’s to create an environment where anyone that builds can make and share revenue, creating a two-way street between the platform and its users (creators).
ERC-6551 Powered Profiles 🪪
With the advent of ERC-6551 powered profiles, 'mints' and 'collects' can accrue value directly to profiles instead of their owner's address.
If you don’t know what ERC-6551 is, read our newsletter here.
To remind you, ERC-6551 basically allows any NFT to hold other NFTs or fungible tokens. Essentially, your main NFT starts acting like a wallet.
With this feature added to Lens, your .lens profile becomes a virtual pet that has its own social relationships, voice, and opportunities to earn.
Because your .lens profile is an NFT, it can hold other NFTs. Therefore, all of the mints, collects & money raised goes to the profile’s wallet.
It's as if your CryptoKitty or digital artwork isn't just a possession anymore, but a social butterfly mingling in the web3 world.
This provides a much better UX and a more personal touch. And this brings us to our next point:
Profiles as Core Identity for all Actions 👤
When using web3 social today, you interact with another profile with your wallet. That’s not ideal.
With Lens V2, the 'follow' relationship is now between profiles and not between a profile and a wallet.
It's like moving from writing letters to instant messaging – it's faster, more personal, and directly linked to you.
This change ensures that all the social interactions occur between identities, not cold, impersonal addresses. 🥶
Web3 Academy 2.0.
Did you think that only Lens can upgrade? Think again. Web3 Academy is revamping but the goal stays the same: Help you build and invest successfully in web3. 😎
Here’s our 2-month Roadmap 🗺️:
Over the next couple of months, we’re going to go through 7 phases that will enhance the way we do things. Our content will remain the same, but its value will 10x. 🚀
Phase 1 was completed Yesterday! We got ourselves a fresh look. 💈
Here’s the reasoning behind our brand-new logo:
Web3 Academy 💜
Show us that you're an early Web3 Academy supporter by:
Adding 🟣 to your Twitter display name
Minting our free Web3 Academy 2.0. NFT
P.S. - More onchain mints are coming over the coming weeks. You never know what collecting them all might unlock 🙈
Back to Lens V2 👇
Quoted Publications 💬
Just like retweets spark conversations and interactions on Twitter, Quoted Publications introduced in V2 aims to boost engagement in a similar fashion.
This feature enables you to start a conversation based on what someone else said, and it’s something every social media app should have!
Onchain Blocking 🚫
Lens V2 comes with onchain blocking, allowing users to block actions on their profiles.
It's akin to having a personalized, on-demand security guard ensuring no unwanted guest enters your party, enhancing trust and control on Lens. 💂
Open Namespaces 🎭
With Lens V2, your ochain identity isn't set in stone. It’s as flexible as an actor taking on different roles.
Profiles can be minted without a handle, attached to multiple handles, or have their handles changed, giving you more freedom and flexibility in how you present your onchain identity.
Profile Manager 🔐
Lastly, the Profile Manager in Lens V2 is probably the most exciting feature for us at Web3 Academy.
This allows us to delegate access to our profile, allowing more than 1 person to contribute to our content on Lens. 🤩
Not only that, it’s also allowing us to store our profile in a high-security vault – like a hardware wallet – while sharing access to the wallets we use daily.
This is a huge improvement in security and flexibility for users and there’s a specific reason we’re excited about this feature:
📢 Breaking news: Our Lens handle was stolen 😭
Yes, we’ve been victims of a phishing attack and our Lens handle (with 60k+ followers) is gone forever.
If @web3academy DMs you on Lens, just know it’s not us!!!
Follow our new Lens profile @web3academy_ here
The profile manager feature on Lens will help every user avoid this scenario. But we don’t want to stop there. We want to enhance security for our users even more.
After falling victim to this attack, we partnered with Whag to bring verified links to the wide web3 space.
On Monday at 12PM EST, we’re hosting a Twitter Space with Whag & Lens about how we can prevent scams and phishing attacks.
P.S- We’re also going to host a Space on Buttrfly (an app on Lens Protocol) on Thursday at 12PM EST. More info on that will be shared on our Twitter. Follow us!
Now… When will Lens open to the public and how can you capitalize? Keep scrolling 👇
🤝 Thanks to our trusted partner, Whag.
Web3 users lose billions of dollars every year due to phishing attacks. Luckily, Whag uses verifiable links so you can rest easy, knowing that every link you click on is safe.
Just click below to see for yourself. The first 1000 users that sign up and use the code “free1000” get free access FOR LIFE.
When Will Lens Open To The Public? 👀
This is still unknown! 🤷
Currently, Lens is focusing on 3 things:
1. Onboarding developers to build apps and tools for the ecosystem. ⚒️
To accomplish this, Lens has generously provided grants to various projects, encouraging them to establish their innovations atop the Lens Protocol.
As a result, users can now explore an array of new applications and blockchain-based experiences.
2. Preparing the base-layer for mass adoption by improving scalability. 🌊
The recent launch of Momoka has significantly improved the scalability of Lens, taking it one step closer to being ready for mass adoption.
Momoka is a layer 3 optimistic scaling solution that allows Lens Protocol to scale content storage without surrendering ownership, control, or portability.
3. Decentralizing the protocol to empower the community to have a greater say. 🌐
Through the introduction of Lens Improvement Proposals (LIPs), Lens is carving a pathway towards a decentralized governance model.
Under this model, anyone can propose ideas which are then subject to the community's vote.
Lens places a high value on the insights, creativity, participation, and collaborative spirit of the community. 💪
Now… Let’s talk about how you, as a creator, brand, builder or investor, can capitalize on the opportunity.
The following section is exclusive to PROs. Enjoy 👇
PRO Advice for Creators, Brands, Builders, and Investors
Creators & Brands
Jump into web3 social via Lens, the ideal platform favoring creators who enrich its ecosystem. Utilize platforms like:
Lenster: Twitter-like
LensTube: YouTube-like
Buttrfly: A mobile app that’s akin to Twitter and lets you attend & do Spaces.
The first-mover advantage is huge in new social media platforms or social graphs. Look at TikTok, where creators like Charli D'amelio or Addison Rae became huge stars overnight.
Starting to engage and post content early on is HUGE for creators.
Lastly, Lens allows you to monetize your creations in a peer-to-peer manner. We wrote a full PRO report about how that’s done on Lens and who makes most money out of it. Check that out here.
For Builders
Lens is a prime platform to add a social graph to your product with its native web3 user base.
Developers and builders can promote products, ideate based on community needs, and even access grants for innovative projects.
To check out Lens’ grants 👉 click here.
To start building on Lens 👉 click here.
For investors
There’s not much you can do right now, because Lens does not have a token, despite scam claims.
We will be the first to inform you if Lens ever launches a token. However, they recently raised $15M and hence have no immediate need for more capital – which is typically raised through a token sale.
They’re also backed by Aave, which is very well-funded. So, if a token is ever launched, it would be to further decentralize the platform, not to raise funds.
When that’ll happen, we’ll let you know. In the meantime, please don’t get caught up in scams and hype cycles.
Focus on investing in legit tokens with sustainable business models backing them. That’s how you invest successfully in web3.
Thanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤️
See you soon. ✌️
Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.
