Lens Protocol is one of the pioneering on-chain social graph projects that exist in Web3 today. Their Lens Protocol Profile NFT also saw the highest volume on 27 March with more than 123 ETH in volume and an average sale price of 0.127 ETH, signaling the market’s anticipation for a major announcement such as a potential airdrop for existing Lens Profile NFT holders.
The protocol was incubated and developed by the Aave team and has an entire suite of ecosystem Dapps built on top of the protocol, including Lenster, Lenstube, Orb, Memester, Phaver, Phi, Greenhouse, and many more, each helping to build out a decentralized social graph that could potentially rival the likes of traditional social media such as Twitter, Instagram, and Facebook.
While the team is no longer accepting new mints for Lens Protocol Profiles, users are eager to get hold of one themselves to interact with the dapps existing on the protocol. With a Lens Protocol Profile NFT, such as a johndoe.lens handle, users will be able to interact on Dapps such as Lenster (a decentralized Twitter equivalent) that allows them to “Like, Mirror, Reply, or Collect” a specific post.
What is the point of a decentralized social graph? Done right, it will create better systems and a more sustainable business model that does not work against users. For example, users could decide to specifically opt-in to advertising, allowing them to keep the majority of ad revenue and even turn a profit on their own data while the platform earns a small percentage. This is just one example, but it represents a huge opportunity for user-generated content to thrive without the limitations of traditional social platforms that restrict or censor certain people.
Engagement levels and monthly active lens profiles hit an all-time high in March as well, signaling the stickiness of the platform or the anticipation from Lens Profile NFT holders of a potential LENS airdrop that spurred activities to surge.
If you are interested in learning more about the protocol, be sure to check out our podcast here. If you are curious about how the Dapps on Lens Protocol work but have yet to own a Lens Profile NFT, you can purchase one from OpenSea (Polygon) here.
