Quick Take

Speaking at Breakpoint, in Lisbon, FTX CEO Sam Bankman-Fried highlighted blockchain-based social media as a big opportunity.

Bankman-Fried said that it would require an encrypted messaging protocol.

FTX CEO Sam Bankman-Fried thinks that applying blockchain technology to social media could be a big opportunity. 

Speaking at Breakpoint, in Lisbon, the crypto billionaire said, "I think social media on the blockchain — I continue to think this could be absolutely huge. I think it solves a lot of existing pain points, which are really coming to the forefront of society right now."

Bankman-Fried added that this would require a way to exchange messages in a secure and private way — one that could be accessible to multiple user-interfaces. He said this protocol would need to be composable and cross-platform.

As a big Solana-backer, it's no surprise that he pointed to Solana to tackle this objective. He claimed that Solana would be able to handle such a task, since it can process a significant amount of transactions (currently handling around 2,300 transactions per second).