{"id":68665,"date":"2024-01-10T15:37:39","date_gmt":"2024-01-10T19:37:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=68665"},"modified":"2024-01-10T15:37:41","modified_gmt":"2024-01-10T19:37:41","slug":"x-ditches-nft-support-following-elon-musks-vision","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/x-ditches-nft-support-following-elon-musks-vision\/","title":{"rendered":"X Ditches NFT Support, Following Elon Musk\u2019s Vision"},"content":{"rendered":"\n

X, the social media platform formerly known as Twitter<\/a>, has ditched features supporting non-fungible tokens (NFTs). The move follows the vision of its owner, Elon Musk, who prioritizes user experience and platform stability over digital collectibles.<\/p>\n\n\n\n

\"X<\/figure>\n\n\n\n

X has removed features supporting NFTs,<\/a> the unique digital assets that have gained popularity in the crypto space. The features, introduced in\u00a0January 2022\u00a0when the platform was still called Twitter, allowed Twitter Blue subscribers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to set NFTs as their profile pictures. <\/p>\n\n\n\n

These NFT-based avatars were displayed in a unique hexagonal shape, distinguishing them from regular images. The features also supported digital collectibles minted under the ERC-721 and ERC-1155 token standards on Ethereum\u2019s blockchain. They also offered users additional information about the NFTs, such as the contract address and the collection to which they belonged.<\/p>\n\n\n\n

However, Elon Musk,<\/a> who acquired the company for $44 billion<\/strong> in October of the same year, was critical of these features. Musk emphasized prioritizing addressing the platform\u2019s bot issues over integrating NFTs. Despite his criticism, the issue of bots persists under his leadership.<\/p>\n\n\n\n

The removal of NFT features marks a significant shift in X\u2019s strategy. This decision aligns with Musk\u2019s vision for the platform and reflects his previously stated views on using engineering resources. Users who previously used NFTs for their profile pictures will be affected, although it remains unclear if X will completely disable these NFT-based avatars. <\/p>\n\n\n\n

The change also signifies a cooling-off in expectations for potential NFT trading features on X, which had been hinted at by developers following Musk\u2019s takeover.<\/p>\n\n\n\n

X is not the only social media platform that has reevaluated its stance on NFTs. At the same time, Meta-owned Facebook and Instagram added NFT functionalities. Meta also stopped supporting NFTs<\/use><\/svg><\/span><\/a> in March 2023. These platform-wide developments necessitate reassessing NFTs\u2019 social media worth. User experience enhancements and platform reliability may take precedence over NFT integration as platforms reassess their objectives and budget allocation.<\/p>\n\n\n\n

NFTs, which have been touted as a new form of digital art and ownership, have faced challenges in gaining mainstream adoption. Some of the challenges include high transaction fees, environmental concerns, regulatory uncertainty, and security risks. NFTs have also been subject to market volatility, hype cycles, and scams. As social media platforms reconsider their role in promoting and facilitating NFTs, the future of NFTs remains uncertain.<\/p>\n","protected":false},"excerpt":{"rendered":"

X, the social media platform formerly known as Twitter, has ditched features supporting non-fungible tokens (NFTs). The move follows the vision of its owner, Elon Musk, who prioritizes user experience and platform stability over digital collectibles. X has removed features supporting NFTs, the unique digital assets that have gained popularity in the crypto space. The […]<\/p>\n","protected":false},"author":44,"featured_media":68668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[223,470,17822],"class_list":["post-68665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-elon-musk","tag-nfts","tag-x-twitter-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/X-app.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=68665"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/68668"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=68665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=68665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=68665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}