- Twitter removes NFT feature from premium subscription, ending hexagon-shaped profile images.
- Meta ends NFT profile picture support on Instagram and Facebook in March.
- NFT trade volume plummets over 98% following the cryptocurrency bear market.
The large social media platform X (Twitter) has removed the feature for NFTs from its premium subscription area. Previously, the support page indicated that Premium members could customize their profile images to showcase their owned NFTs in a hexagon-shaped profile picture.
Once the user sets up a temporary connection to their cryptocurrency wallet, they can use an NFT for their profile picture. After completion, the digital asset would be displayed in a distinctive hexagonal shape, signifying the user’s ownership.
At the time of publication, the premium support section of Twitter had removed the option for NFTs. On January 20, 2022, Twitter formally launched the feature of NFT profile pictures, which included a verification mechanism. Paid subscribers who chose to use NFTs for their profile images received a distinctive hexagonal outline around their avatars.
Meta’s Similar Strategic Action
On March 15, 2023, Meta discontinued the feature, allowing the use of NFT profile pictures on Instagram and Facebook, just ten months following the declaration of their incorporation.
Stephane Kasriel, who leads commerce and financial technologies at Meta, announced the discontinuation of NFT support in order to concentrate on different methods of assisting creators, individuals, and businesses. Nevertheless, a specific explanation for the decision to stop support was not given.
By September 2022, a handful of months subsequent to the onset of the cryptocurrency bear market, the volume of NFT trades had fallen drastically, exceeding a 98% decrease. The sharp fall in NFT transactions in 2023 was remarkable. Data from NonFungible.com shows that the number of sales reached a high of 18,939 on January 5, only to dive to 1,796 by December 20.
