- January 13, 2024
- Posted by: [email protected]
- Category:
Elon Musk’s social media platform, X (formerly Twitter), has ceased offering a feature allowing premium users to utilize non-fungible token (NFT) images as their profile pictures. Introduced in January two years ago, the feature targeted Twitter Blue subscribers, enabling them to showcase a verifiable NFT as their profile image, marking a pioneering move in social media at a time when major platforms like Facebook and Instagram were yet to embrace NFT technology.
Recent developments indicate the removal of the option to activate this feature through the iPhone version of the Twitter app. Although no official statements have been released by X regarding this strategic pivot, the absence of the NFT profile picture feature suggests a shift in Elon Musk’s approach.
The feature allowed users to leverage Ethereum blockchain technology to validate NFT ownership, presenting the NFT as a hexagonal image, distinct from the typical circular profile picture. The fate of this verification method and the hexagonal profile picture format remains uncertain, especially for users with existing NFT-equipped profile pictures.
This move occurs against the backdrop of evolving attitudes toward NFTs and blockchain technology in the social media sector. Meta, for instance, has recently announced a reduced emphasis on NFTs on Instagram, redirecting focus toward AI development and its broader metaverse vision.
The decision to discontinue the NFT profile picture feature follows a series of crypto-related incidents on Twitter. Notably, the official account of the United States Securities and Exchange Commission (SEC) on X was compromised, leading to a false announcement about the approval of Bitcoin exchange-traded funds (ETFs). The cybersecurity lapse, attributed to the absence of two-factor authorization and unauthorized access to a linked phone number, prompted the SEC to involve the FBI in the investigation.
NFT trading volume increased significantly by $99 million in October, marking the highest sales levels since August. Additionally, NFT sales on the Bitcoin network reached a milestone in December 2023, surpassing $881 million for the first time. Ethereum trailed behind with $364.79 million in NFT sales, as BTC-focused NFT sales outperformed ETH’s by 2.34 times. Solana secured the third spot with approximately $325.14 million in NFT sales, experiencing a remarkable 312% increase from the previous month. Following the top three, Polygon and Arbitrum emerged as the subsequent leading blockchains in terms of NFT sales.
