Crypto Roundup: X Drops NFT Pics, GameStop Closes Marketplace, and Potential Revival of NFTs
Summary:
This newsletter covers several significant events in the crypto industry, including X's decision to stop NFT profile picture support and community responses, GameStop's upcoming closure of its NFT marketplace due to regulatory uncertainty, the potential for NFT revival following spot Bitcoin ETF approval in the US, and the growing importance of BRC-20 tokens and Bitcoin Ordinals for Bitcoin's development in 2023.
Check out our weekly newsletter for the latest buzz regarding X's (previously known as Twitter) decision to discontinue supporting NFT profile pictures and its implications on the crypto art market. We also bring you news about the imminent closure of GameStop's NFT marketplace. We further delve into how NFTs could stage a comeback following the US approval of spot Bitcoin (BTC) exchange-traded funds (ETFs). We also evaluate the significance of BRC-20 tokens and Bitcoin Ordinals for Bitcoin in the year 2023.
X discontinues NFT profile pictures; crypto art future in question: The social media platform X has taken down support for NFTs roughly a year after introduction. This move stirred reactions amongst the community members, prompting discussions about the future of NFTs. A significant number of users expressed concern towards the proliferation of fake accounts and con schemes on X, arguing against the decision. One user labeled the move as another setback for the NFT sector.
GameStop intends to close NFT marketplace in the face of regulatory uncertainty: GameStop, a leading video game retailer, has declared the discontinuation of its NFT marketplace on February 2, 2024. Post this date, users won't be able to buy, sell, or mint NFTs on their platform. However, purchased NFTs will remain on the blockchain and can be transacted in other NFT platforms. GameStop cited an unclear regulatory environment as the reason behind this move back from the crypto sector.
Potential NFT revival led by spot Bitcoin ETF approval: The endorsement of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) has prompted speculations about its potential positive impact on the struggling NFT market. Bill Qian, the chairman of Cypher Capital, believes that the increased understanding and acceptance of Bitcoin could indirectly benefit NFTs. Meanwhile, Oscar Franklin Tan, an executive from Atlas Development (Enjin), asserts that Bitcoin's own NFT ecosystem, powered by Bitcoin Ordinals, can have implications on NFTs.
Bitcoin in 2023 – An "important narrative" for BRC-20's growth; says Binance Report: Binance Research's recent report highlights the potential influence of the growth of BRC-20 tokens, built on Bitcoin Ordinals protocol's notes, on Bitcoin. Despite the ongoing debate about NFTs' role within the Bitcoin network, a Binance Research spokesperson stated that Bitcoin's decentralized nature allows the community to utilize it as they see fit, without any individual or entity imposing limitations on its application.
Remember to stay tuned for COINTELEGRAPH’S NFT STEEZ PODCAST for more interesting discussions. Check back here next Wednesday for our next digest on the consistently changing NFT landscape.
Published At
1/17/2024 11:00:00 PM
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