The social media platform X, formerly known as Twitter, has recently removed support for non-fungible tokens (NFTs) from its premium subscription offerings. Previously, the platform had offered unique profile picture support for NFT owners. Subscribers could link their crypto wallets temporarily to display their NFTs in a distinctive hexagonal profile picture, signaling ownership of the digital asset.
As of January 1, the feature was still available, with the support page detailing how premium subscribers could use this service to showcase their NFTs. The hexagonal profile picture was a marker of NFT ownership, setting these profiles apart from others on the platform.
However, this NFT support feature is no longer listed on X’s premium support page, indicating its removal. This change follows a trend set by other social media giants. For instance, Meta, the parent company of Facebook and Instagram, also withdrew support for NFT profile pictures on its platforms on March 15, 2023. This decision came just ten months after their initial announcement to integrate NFTs.
The removal of NFT support by Meta was not accompanied by a specific rationale, but Stephane Kasriel, Meta’s director of business and financial technology, mentioned a shift in focus to other methods of supporting creators, individuals, and businesses. This move suggested a reevaluation of the role of NFTs in their business model and user engagement strategies.
These decisions from major social media platforms coincide with a significant downturn in the NFT market. By September 2022, amid a broader cryptocurrency bear market, NFT trading volumes had plummeted by over 98%. The average sale price of an NFT also drastically reduced to about $285, a stark contrast to the roughly $2,000 average price in early January 2022, reflecting a marked decrease in market enthusiasm and value.
