There used to be a time when NFTs were so popular that you’d end up learning about them against your will. Everyone’s profile picture was an 8-bit guy or one of those weird monkeys, and bots and crypto bros filled Twitter mentions with tales of riches and investments which, predictably, never came to pass. The metaverse and AI have fundamentally shifted the creator economy, but NFTs…? Not so much.
Some things go out with a bang, but NFTs have gone out with more of a whimper, with various crypto tools and mechanisms being quietly sunsetted over the past few years. But one thing I didn’t expect was for X (aka Twitter) to remove support and functionality for NFT profile pictures.
For one, because the Venn diagram of crypto bros and Elon Musk fans is a circle, but more pointedly, because doing this actually has a substantial impact on those creators who do still use NFTs.
Twitter user Jesse Powell, for instance, describes it as a “step back for the industry.”
“Reduced utility is always a loss,” he wrote. “NFT PFPs weren’t widely used but it was an MVP and never got the treatment it deserved: communities, message signing and features built around proof of ownership.”
Knowing Elon, there’s every chance he will go back on this policy a week or so from now — but other platforms, like Meta, have also sunsetted their NFT functionalities this year. If the most popular social platforms in the world no longer supports NFTs, it’s another, rather decisive nail in the coffin for NFTs as a whole.
Are you a creator with mixed feelings about this move? Reach out to us at [email protected].