The interest in Non-Fungible Tokens (NFTs) peaked at the end of 2021, which led to increased corporate attention. However, recent developments suggest companies are now distancing themselves from NFTs. A significant move has been made by a company, referred to here as “X,” which announced a shift in focus towards peer-to-peer payments and AI-powered tools for 2024.
X has removed a feature for paid subscribers, who will no longer be able to use an NFT as their profile picture. This decision reverses the previous management’s policy from January 2022, which allowed Twitter Blue subscribers to set NFTs minted on Ethereum (ERC-721 or ERC-1155 tokens) as their profile images.
All mentions of the NFT profile picture feature have been erased from X’s Premium support page. Previously, the page stated that Premium subscribers could display their NFTs in a hexagonal profile picture, signifying ownership. Despite the removal of this information, profiles that had already set an NFT as their avatar still show the hexagonal shape, leaving uncertainty about their future.
X is not the first company to cease supporting NFTs. This move did not come as a surprise, as Instagram and Facebook had previously explored NFT features in 2022, but parent company Meta discontinued these trials in March 2023.
The trend indicates a broader industry pullback from NFTs, as companies reassess their strategies and focus on other technological advancements, moving away from the once-hyped digital asset phenomenon.