• 15 June, 2024
News

X Sparks Controversy by Removing NFT Profile Pics:  Speculations Arise

Social Media platform X (formerly Twitter) has withdrawn support for nonfungible token (NFT) profile pictures. This has triggered discussions within the community regarding the potential implications for the NFT space.

On January 10, almost 2 years after its introduction, X ceased support for NFTs. The platform introduced this feature on January 20, 2022, enabling paid subscribers to link their NFTs to their Twitter profile pictures. This distinctive hexagonal transformation served as a verification mechanism, confirming the image’s authenticity as an NFT.

The removal of NFT profile pictures has elicited various responses within the community. Concerns have been raised about the increased difficulty in identifying fake accounts, with some suggesting potential motives, including a strategy to introduce exclusive X NFTs in the future.

On the X platform, an NFT holder expressed concerns regarding fraudulent accounts and scams within the Crypto Twitter world. This sentiment was echoed by another user who described the move as casting “another black eye” on the industry. The now-absent NFT profile pictures had served as a tool for users to verify the legitimacy of the individuals they engaged with, acting as a deterrent against potential traps.

Autism Capital, an X account, described the recent development as the “end of an era,” adding a touch of nostalgia to the discourse. Meanwhile, the community responded with memes to draw attention to the issue of scammers, emphasizing the importance of maintaining safeguards against fraudulent activities.

In parallel discussions, community members are actively speculating on Elon Musk’s potential plans. A Reddit user produced a theory that the removal might precede the introduction of exclusive X NFTs for sale on the platform. This speculation gained support, citing Reddit’s successful venture into the NFT space with digital collectibles that attracted 10 million users.

Elon Musk has been working on creating an all-in-one app that merges social media, messaging, and financial transactions. Given his interest in digital currencies, it’s not surprising that he might incorporate cryptocurrency functionalities into this app, which is currently known as “X”. 

Tesla, under Musk’s guidance, has invested in Bitcoin, and Musk has also shown his enthusiasm for Dogecoin in the past. He even replaced Twitter’s logo with the Dogecoin emblem, causing a brief but significant surge in its market value. This affinity for Dogecoin suggests that the app may also allow payments using DOGE.

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