X Discontinues NFT Profile Pictures
Elon Musk’s X (formerly Twitter) has decided to discontinue the feature that allowed premium users to use non-fungible token (NFT) images as their profile pictures. This feature was introduced two years ago for Twitter Blue subscribers, providing them with the ability to display a verifiable NFT as their profile picture. It was considered a groundbreaking move in the social media industry, as other platforms like Facebook and Instagram had yet to integrate NFT technology. However, the option to activate this feature on the iPhone version of the Twitter app is no longer available, indicating a strategic pivot by Elon Musk.
What Was Twitter’s NFT Profile Picture Feature
The NFT profile picture feature allowed users to verify the ownership of their NFT using Ethereum blockchain technology. The verified NFT appeared as a hexagonal image, distinguishing it from standard circular profile pictures. The future of this verification method and the hexagonal format is uncertain for users who still have an NFT-equipped profile picture. This decision by X comes amid changing attitudes towards NFTs and blockchain technology in the social media industry. Meta, for example, has recently shifted its focus away from NFTs on Instagram and towards AI development and its broader metaverse vision.
Despite Elon Musk’s Decision, NFT Trading Volume Continues to Increase
In October, NFT trading volume surged by $99 million, reaching $405 million, marking a level of sales not seen since August. Additionally, sales of NFTs on the Bitcoin network exceeded $881 million in December 2023 for the first time ever. Bitcoin-focused NFT sales outperformed Ethereum’s by a significant margin in December. Solana also experienced a remarkable 312% increase in NFT sales from the previous month. Despite Elon Musk’s decision to discontinue NFT profile pictures on X, the trading volume of NFTs continues to rise.
Hot Take: Elon Musk’s Shift Away from NFTs
Elon Musk’s decision to sideline Ethereum integration and discontinue the use of NFT profile pictures on X reflects a changing landscape in the social media industry. As major platforms like Meta shift their focus away from NFTs, it raises questions about the future of these digital assets. However, despite this shift, the trading volume of NFTs continues to grow, demonstrating the ongoing popularity and demand for these unique digital collectibles.
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