OpenSea Lens Protocol Profiles NFTs Witness Steep Price Decline to $50

The floor price of Lens Protocol Profiles NFTs on OpenSea, the popular marketplace for non-fungible tokens (NFTs), has witnessed a significant drop, as revealed by prominent Chinese crypto reporter Colin Wu.

In a recent tweet, Wu shared that the value of these digital collectibles has plummeted by over 60% in the past week, currently resting at around $50 USDC. Notably, the floor price is the lowest price that an NFT in a collection is currently listed for sale.

According to the Chinese reporter, this unexpected decline in price may be attributed to the recent launch of Lens’ test invitation system on July 13. He also theorized that some individuals, possibly concerned about the impact of this new feature, have chosen to offload their holdings, contributing to the price decrease.

Meanwhile, another possibility is that the overall market for NFTs has been declining in recent weeks. According to data from the well-known crypto market tracker, the NFT market is down by nearly 20% in the last 24 hours.

In response to Wu’s tweet, one commentator remarked that the current situation presents a favorable opportunity to acquire these NFTs at a discounted price. Expressing a personal opinion, the Twitter user stated, “Good time to pick up a handle, IMO.”

Another comment added a touch of irony to the discussion, highlighting a comparison between the present Lens Protocol Profiles NFT price and the cost of an app called Dot Net during its Kickstarter campaign.

However, not everyone appears to have a smooth experience with these NFT transactions. A user expressed frustration, stating, “But I’m not able to buy for $100. The transaction is reverting back.”