- Lens Protocol Profiles The worth of NFT has dropped by a large 60% in per week.
- Wu attributes the drop to a pilot invitation system launched by Lens.
- Some buyers see the value drop as a possibility to purchase NFTs at a reduction.
Lens Protocol Profiles NFT worth low on OpenSea, the favored non-fungible token (NFT) market, has dropped sharply, as revealed by famend Chinese language crypto reporter Colin Wu.
In a current tweet, Wu shared that the worth of those digital collectibles has dropped over 60% previously week and is at the moment value round $50. Word that the bottom worth is the bottom worth that an NFT within the assortment is at the moment buying and selling for.
In accordance with a Chinese language journalist, this sudden worth drop will be attributed to the current July 13. Lens take a look at invitation system launched. He additionally mentioned that some people, maybe involved in regards to the affect of this new characteristic, determined to dump their holdings, contributing to decrease costs.
In the meantime, one other chance is that the general NFT market has been declining in current weeks. In accordance with a widely known cryptocurrency market tracker, the NFT market has fallen by nearly 20% within the final 24 hours.
In response to Wu’s tweet, one commenter famous that the present scenario is a good alternative to buy these NFTs at a reduction. Expressing his private opinion, a Twitter consumer said: “Good time to select up the deal with IMO.”
Yet another remark added the irony of the dialogue, highlighting the comparability between the present worth of Lens Protocol Profiles NFT and the value of a program known as Dot Internet in the course of the Kickstarter marketing campaign.
Nevertheless, evidently not everybody has a clean expertise with these NFT transactions. Person expressed frustration, stating, “However I can not purchase it for $100. The deal backfires.
