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- Lens Protocol Profiles NFTs witness a steep 60% value decline inside per week.
- Wu attributes the drop to the take a look at invitation system launched by Lens.
- Some buyers see the worth dip as a possibility to accumulate discounted NFTs.
The ground value of Lens Protocol Profiles NFTs on OpenSea, the favored market for non-fungible tokens (NFTs), has witnessed a big drop, as revealed by distinguished Chinese language crypto reporter Colin Wu.
In a latest tweet, Wu shared that the worth of those digital collectibles has plummeted by over 60% prior to now week, presently resting at round $50 USDC. Notably, the ground value is the bottom value that an NFT in a set is presently listed on the market.
In keeping with the Chinese language reporter, this surprising decline in value could also be attributed to the latest launch of Lens’ take a look at invitation system on July 13. He additionally theorized that some people, presumably involved in regards to the influence of this new characteristic, have chosen to dump their holdings, contributing to the worth lower.
In the meantime, one other chance is that the general marketplace for NFTs has been declining in latest weeks. In keeping with knowledge from the well-known crypto market tracker, the NFT market is down by practically 20% within the final 24 hours.
In response to Wu’s tweet, one commentator remarked that the present state of affairs presents a good alternative to accumulate these NFTs at a reduced value. Expressing a private opinion, the Twitter consumer acknowledged, “Good time to select up a deal with, IMO.”
One other remark added a contact of irony to the dialogue, highlighting a comparability between the current Lens Protocol Profiles NFT value and the price of an app referred to as Dot Web throughout its Kickstarter marketing campaign.
Nonetheless, not everybody seems to have a easy expertise with these NFT transactions. A consumer expressed frustration, stating, “However I’m not in a position to purchase for $100. The transaction is reverting again.”