- Lens Protocol Profiles NFTs experience significant decline of over 60%.
- Introduction of Lens’ test invitation system potentially causes price drop.
- NFT market sees overall decline of approximately 20% in past 24 hours.
Renowned Chinese crypto journalist Colin Wu has recently unveiled a noteworthy decline in the floor price of Lens Protocol Profiles NFTs on OpenSea, the widely recognized marketplace for non-fungible tokens (NFTs).
In a recent tweet, Wu disclosed that the digital collectibles’ valuation had experienced a significant decline of more than 60% within the last week, stabilizing at approximately $50 USDC. It is worth mentioning that the floor price represents the minimum value at which an NFT within a collection is presently available for purchase.
As per insights from the Chinese reporter, the unanticipated price drop could be ascribed to the recent introduction of Lens’ test invitation system on July 13. Furthermore, it is speculated that certain market participants, potentially apprehensive about the implications of this novel feature, have opted to divest their holdings, thereby exerting downward pressure on the price.
Alternatively, the NFT market may have experienced a downturn in recent weeks. Notably, data from a reputable crypto market tracker reveals a decline of approximately 20% in the NFT market within the past 24 hours.
In light of Wu’s tweet, a commentator astutely observed that the prevailing circumstances offer a propitious moment to procure these NFTs at a reduced cost. Sharing a personal perspective, the Twitter user opined, “In my professional opinion, now is an opportune time to acquire a handle.”
A noteworthy observation was made in the discussion, adding a subtle touch of irony. It drew attention to the current price of Lens Protocol Profiles NFTs and compared it to the cost of an app called Dot Net during its Kickstarter campaign.
Nevertheless, not all individuals are encountering seamless encounters with these NFT transactions. One user expressed their exasperation, lamenting, “Regrettably, I cannot procure the desired item for $100 as the transaction is consistently reverting.”
