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NFT

Lens Protocol Profiles NFT Drops Over 60% By Concerns Of Users

July 15, 2023 - Around 2 mins mins to read

Key Points:

  • Lens Protocol offers decentralized social media on the Polygon network, allowing users to control their content and monetization.
  • The protocol is testing an invitation system for community growth, enabling selected users to invite new members.
  • Coinbase Wallet introduces direct messaging, facilitating interaction within the platform and enhancing user convenience in the crypto ecosystem.
Lens Protocol, a composable and decentralized social graph built on the Polygon PoS network, is empowering users to create and control their own social media content.
Lens Protocol Profiles NFT Drops Over 60% By Concerns Of Users

By minting a profile in NFT form, following other users, and collecting publications, users can build their social presence. The project, funded by FTX Ventures, aims to provide users with greater control over their profiles and how they monetize them.

Lens Protocol is currently testing an invitation system within its ecosystem. Early joiners have been granted the right to invite new users, and if the test results are positive, the invitation system will be expanded to allow more community members to invite friends to join. This approach aims to foster community growth and engagement within the Lens social ecology.

In the past seven days, the floor price of Lens Protocol Profiles NFT has experienced a significant drop of over 60%, possibly due to the recent launch of the test invitation system. Some users may have sold their NFTs out of concern or anticipation of changes within the ecosystem.

Lens Protocol Profiles NFT Drops Over 60% By Concerns Of Users
Source: OpenSea

Coinbase Wallet, one of the leading self-custody crypto wallets, is also making strides in enhancing user interaction. It is launching a direct messaging feature that enables users to communicate with each other through the platform.

Initially, this messaging capability will be available to the Lens protocol community, and users can gain access through the QR codes of active users. Each inbox is linked to a single wallet address, allowing users with multiple crypto wallet addresses to have multiple inboxes on Coinbase Wallet.

The integration of direct messaging within crypto wallets holds great potential for the crypto ecosystem. It eliminates the need for third-party messaging platforms and streamlines communication between users. This development marks a significant step towards enhancing user experience and convenience within the crypto space.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Coinbase wallet

Lens Protocol

Lens Protocol Profiles NFT

OpenSea

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.