Social Media Platform X Ends Support for NFTs Amid Falling Market Interest
Summary:
The social media platform X, previously known as Twitter, has ended support for nonfungible tokens (NFTs) on its premium subscription page, marking a shift from January 1, when it allowed personalization of profiles with NFTs. This follows the trend of Meta detracting NFT support from Facebook and Instagram, aiming to focus on other business support avenues. These changes have occurred in the context of a declining NFT market since the start of the crypto bear market.
X, the company previously known as Twitter, has discontinued its support for nonfungible tokens (NFTs) on its premium subscription page. As recently as the first day of January, X was still providing profile picture support for NFTs. The support page stated, "Being a Premium member, offers you the ability to personalize your profile and boast your NFT ownership by using them in your unique, hexagon-shaped profile picture." After allowing a brief access to your crypto wallet to set your NFT as your profile picture, the digital asset appears as a special hexagonal icon that signifies you as the NFT's proprietor. However, at the time of reporting, X's premium page no longer features support for NFTs.
On the 20th of January, 2022, Twitter formally introduced NFT profile pictures with a verification protocol. Paying subscribers who utilized NFTs as their profile picture received a distinctive hexagonal border around their avatar. In a parallel action on the 15th of March, 2023, Meta withdrew its support for NFT profile pictures on Facebook and Instagram, barely ten months after they announced the integration. Stephane Kasriel, Meta's Chief of Commerce and Financial Technologies, gave no particular reasons for the termination but mentioned it was to shift their focus on other avenues to back creators, individuals, and businesses.
NFT trading volumes started to fall dramatically after the beginning of the crypto bear market, plummeting over 98% by September 2022. At that point, NFTs were being sold at an average price of just $285, a stark contrast to the average of almost $2,000 during early January 2022. X has removed the feature to give your NFT a hexagonal shape, this signals a potential end for NFTs.
Also noteworthy is Meta's decision to terminate NFT support across Facebook and Instagram.
Published At
1/10/2024 8:40:00 PM
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