X (previously known as Twitter), now under the ownership of Elon Musk, has phased out a functionality that allowed premium users to utilize non-fungible token (NFT) images as their profile pictures.
Initially introduced in January two years ago, the feature targeted Twitter Blue subscribers, providing them with the capability to showcase a verifiable NFT as their profile image.
This move was considered groundbreaking in the realm of social media, affirming the legitimacy of NFTs at a time when prominent platforms like Facebook and Instagram, owned by Meta, had yet to incorporate such technology.
However, recent developments suggest that the option to enable this feature through the iPhone version of the Twitter app is no longer present. The omission in the current iteration of the app hints at a strategic shift orchestrated by Elon Musk, although X has not officially communicated any statements regarding this decision.
What Was Twitter’s NFT Profile Picture Feature
The NFT profile picture feature enabled users to leverage Ethereum blockchain technology for validating NFT ownership, resulting in a distinctive hexagonal image that set it apart from conventional circular profile pictures.
The fate of this verification mechanism and the hexagonal profile picture format remains uncertain, particularly for users who currently sport an NFT-enhanced profile picture.
This decision unfolds against a backdrop of shifting perspectives on NFTs and blockchain technology within the social media landscape. Notably, Meta recently revealed a reduced emphasis on NFTs on Instagram, redirecting focus towards AI advancements and their expansive metaverse vision.
The choice to eliminate the NFT profile picture feature comes in the wake of a sequence of cryptocurrency-related incidents on Twitter.
In a significant occurrence, the official account of the United States Securities and Exchange Commission (SEC) on X fell victim to a security breach, resulting in a misleading declaration about the approval of Bitcoin exchange-traded funds (ETFs).
The compromise was linked to the absence of two-factor authorization and unauthorized access to a connected phone number.
Subsequently, the SEC has engaged the FBI to probe into this cybersecurity breach.
Despite Elon Musk’s decision, NFT Trading Volume Continues to Increase
In October, the trading volume of NFTs experienced a substantial surge, increasing by $99 million and reaching $405 million. This level of sales marked a significant upswing, reminiscent of figures not witnessed since August.
Similarly, NFT transactions on the Bitcoin (BTC) network achieved a historic milestone in December 2023, surpassing an unprecedented $881 million for the first time.
The NFT sales on the Bitcoin blockchain totaled $881,223,753.92 last month, establishing a new record for the highest single-month sales to date. This encompassed 111,713 buyer addresses and 98,744 seller addresses, both setting new records for the highest number in a single month.
Ethereum, the second-largest blockchain, lagged behind with NFT sales amounting to $364.79 million.
In December, NFT sales centered around Bitcoin (BTC) outperformed those of Ethereum by a substantial margin, being 2.34 times higher.
Solana secured the third position, recording approximately $325.14 million in NFT sales, marking a remarkable 312% increase from the preceding month.
Subsequent to the top three, Polygon and Arbitrum emerged as the next prominent blockchains in the realm of NFT sales.
