Summary:
X has discontinued support for NFT profile pictures, a feature that was launched in January 2022. Under the direction of CEO Elon Musk, the profile pictures became a paid feature, but Musk has now seemingly soured on the concept. Users of the feature discovered that their profile pictures had returned to being circular instead of hexagonal. The reasoning behind the change has not been publicly commented on by Musk or X. This development is ironic as Musk, who became a prominent figure in the crypto world, inherited the NFT project but saw it discontinued during his tenure. The end of X’s NFT road follows a similar decision made by Meta last year, and Amazon’s reported NFT platform has been slow to develop.
Key Points:
1. X has discontinued support for NFT profile pictures, a feature that was first launched in January 2022. The profile pictures became a paid feature under the direction of CEO Elon Musk, but Musk’s enthusiasm for the concept seems to have waned.
2. Users of the feature noticed that their profile pictures had reverted to being circular instead of hexagonal when they opened the app. Neither Musk nor X have publicly explained the reasoning behind this change.
3. This development is ironic as Musk, who gained prominence in the crypto world, inherited the NFT project but oversaw its discontinuation. Many crypto-interested X users had hoped for Musk-led crypto integrations that have not materialized.
4. PFP NFTs, which are digital art projects intended for use as social media profile pictures, were popular during the rise of NFTs in 2021. However, with the decline in interest in NFTs, social media companies and tech giants have followed suit in discontinuing support for such features. Meta made a similar decision last year, and Amazon’s reported NFT platform has been slow to develop.
5. A group, including derivatives exchange BitMEX, attempted to send a private key containing one bitcoin on a NASA-led trip to the moon. However, due to a fuel leak in the lander built by Astrobotic, the likelihood of the payload’s landing on the moon is uncertain.
6. Astrobotic has stated that it managed to stem the leak quicker than initially predicted, raising optimism about the spacecraft’s survival. However, the fate of the bitcoin remains uncertain.
7. In terms of the cryptocurrency market, bitcoin experienced a sluggish second day of spot ETF trading, declining by 11% from its Thursday high.
8. Despite the excitement surrounding spot bitcoin ETF approval, sales volume on Bitcoin digital art inscriptions fell by over 20% this week, according to CryptoSlam.