The world of Web3 is continuously evolving, and one of the most exciting developments in recent times is the Lens Protocol. This protocol is a Web3 social graph on the Polygon blockchain, designed to empower creators to own the links between themselves and their community, forming a fully composable, user-owned social graph.
Recently, there was a significant drop in Lens handles' price, from 200USD to 30USD. Surprisingly, this price decrease must be seen as positive in the blockchain market for the first time, and here's why.
What's Lens Protocol?
Lens Protocol seeks to solve major issues in existing social media networks. In traditional Web2 networks, your profile, friends, and content are locked to a specific network and owned by the network operator. This causes each network to fight a zero-sum game for your attention. Lens Protocol corrects this by being a user-owned, open social graph that any application can plug into. Since users own their data, they can bring it to any application built on top of Lens Protocol. As the true owners of their content, creators no longer need to worry about losing their content, audience, and livelihood based on the whims of an individual platform's algorithms and policies.
Lens Protocol V2
Recently, the details of Lens Protocol V2 were unveiled, bringing us closer to the vision of an open and decentralized social layer for the web. The V2 update resulted in greater composability, value share opportunities, increased configurability, added trust and safety standards, and enhanced profile security.
The entire Lens V2 codebase was rewritten, refactored, and optimized for readability, open-source contributions, and developer experience. The upgrade makes it easy to add web3 actions to any application – whether a web3-native experience or a consumer-facing experience. With Lens V2, every application can turn on web3 social features.
Lens Invites
In an exciting development, Lens is now testing a new invite system, allowing selected users to bring their connections into the Lens community. If you’re a selected Lens user, you now have the opportunity to invite your connections to experience the unique features and benefits of web3 social. This test phase has the potential to broaden the rollout of this invite system to the Lens community.
Impact on Lens Handle Prices
This new feature has had a significant impact on the cost of Lens handles. Previously, Lens handles were priced at around 200 dollars. However, with the introduction of the invite system, the price has dropped to 30 dollars at the moment. This represents an 85% decrease in price, making it much more affordable for new users to join the platform.
This price drop, for the first time in the crypto market, cannot be seen as negative, but otherwise, it is excellent news for the adoption of the platform. It's about time that people who want to join Lens can buy it cheap or just receive an invite from their friends. We want more and more people using Lenster, and this new pricing makes it much more accessible. The cheaper entry point and the ability to earn invites and send them to friends will undoubtedly lead to a surge in the number of users on the platform, which is beneficial for the entire DESO web3 community.
Conclusion
In conclusion, the Lens Protocol is making significant strides in making web3 social networks more accessible and affordable. The introduction of Lens Protocol V2 and the new invite system are exciting developments that will undoubtedly lead to increased adoption and use of the platform. The future of social media is here, and it's decentralized.
At PERCS, we are thrilled by the innovation Lens Protocol is bringing to the web3 space. We are fully onboard with this revolution, and you can find us on Lens @percs.lens, along with our team members @zomroo.lens, @callmejojo.lens, and more.
As a token gating company and web3 builders, we are always open to new partnerships and collaborations. If you are a brand looking to connect, or a builder seeking a partnership, we would be delighted to help you enable incredible web3 campaigns. Join us as we journey into the future of decentralized social media with Lens Protocol.
