Decentralized social media protocol Lens has released a new feature, "token-gated publications," for creators to monetize their content by providing access only to members who hold certain tokens in their crypto wallets.
The token gated content is available through Lens' application programming interface (API). It's powered by LIT Protocol — a crypto mechanism that lets authors and publishers securely encrypt their content and control access to it.
Posts within Lens' gated publication will be protected with encrypted metadata and are made accessible only to users who meet the access conditions. These conditions might include having a certain level of reputation, or holding a token.
Lens will use both ERC-20 tokens and Non Fungible Tokens (NFTs), meaning that only those with the necessary assets can access specific pieces of content. For example, holders of a certain token or NFT could be granted exclusive access to premium articles, videos, music, and other digital content. The offering would compete with similar content-focused projects like Mirror and Access Protocol.
Designed by the developers of lending protocol Aave, Lens Protocol is a social graph, offering a software stack to build decentralized competitors to social media giants like Twitter and Facebook. It went live on the Polygon blockchain in May 2022.
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