Lens Protocol Grapples with User Worries, Resulting in a Sharp 60% Decline in NFT Drops

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 Grapples with User Worries, Resulting in a Sharp 60% Decline in NFT Drops

Lens Protocol offers users the opportunity to create NFT-based profiles, connect with other users, and collect publications, thereby building their social presence. With the support of FTX Ventures, the project aims to empower users by providing them with greater control over their profiles and monetization options.

Currently, Lens Protocol is conducting tests on an invitation system within its ecosystem. Early participants have been granted the privilege to invite new users, and if the test results prove favorable, the invitation system will be expanded to allow more community members to bring in their friends. This approach seeks to stimulate community growth and engagement within the Lens social ecosystem.

In the past week, the floor price of Lens Protocol Profiles NFTs has experienced a significant decline of over 60%. This drop may be attributed to the recent introduction of the test invitation system. Some users might have chosen to sell their NFTs due to concerns or anticipation regarding potential changes in the ecosystem.

Meanwhile, Coinbase Wallet, a prominent self-custody crypto wallet, is also taking steps to enhance user interaction. It is launching a direct messaging feature that enables users to communicate with each other within 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.