Web3 Watch: X calls it quits on NFT profile pics

Plus, a bitcoin moon delivery may not make it

article-image

Thomas Dutour/Shutterstock and Adobe modified by Blockworks

share

X discontinued support for NFT profile pictures this week after first launching the feature in January 2022. 

Under the direction of crypto-friendly CEO Elon Musk, the profile pictures became a paid feature, though Musk has seemingly soured on the concept. 

Users of the feature opened the app Wednesday to find their formerly-hexagonal profile pictures to be circular once again. 

Read more: X reportedly no longer supports NFT profile pictures

Neither Musk nor X have publicly commented on the reasoning behind the change. 

Ironically, Musk — who became a public voice in the crypto world during the last bull run — inherited the NFT project and saw it killed under his tenure. For crypto-interested X users, hopeful Musk-led crypto integrations have largely not come to pass. 

Read more: Twitter ‘X’ rebrand spurs hype around potential crypto integration — again

PFP NFTs, or digital art projects meant to be used as social media profile pictures, became a popular use case for collections like Bored Apes and CryptoPunks during NFTs’ 2021 ascension. 

Social media companies hopped on the trend, though with the general decline in interest in NFTs, the tech giants followed suit. The end of X’s NFT road follows a similar decision from Meta last year. Elsewhere, Amazon’s reported NFT platform has been slow to develop. 

Bitcoin almost goes to the moon

A group including derivatives exchange BitMEX tried to send a private key containing one bitcoin on a NASA-led trip to the moon this week, Macauley Peterson reported. 

Unfortunately, the bitcoin may never make it there.

The rocket reached space, but a lander built by Astrobotic experienced a fuel leak, making the payload’s landing on the moon unlikely. 

Astrobotic said Friday that it had stemmed the leak quicker than first predicted, and “there is growing optimism that [the spacecraft] could survive much longer than the current estimate.” 

Read more: A bitcoin headed for the moon may be lost in space

For what it’s worth, bitcoin may not be figuratively moon-bound, either, at least in the near-term. The currency had a sluggish second day of spot ETF trading, sliding 11% from its Thursday high.

One interesting stat:

  • Despite all the excitement about spot bitcoin ETF approval, sales volume on Bitcoin digital art inscriptions fell by over 20% this week, according to CryptoSlam.

Also of note:


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings

article-image

This week’s biggest funding round saw Jump Trading, JPMorgan contribute to the round

article-image

Plus, a layer-1 for intellectual property is launching and Farcaster users peaked

article-image

Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud

article-image

Plus, publicly traded crypto companies had a pretty eventful news week

article-image

Committee members directed more questions to Christy Goldsmith Romero, who could soon be leading one of the more troubled federal agencies