X NFT Removes Profile Pictures, GameStop to Close NFT Marketplace: Nifty Newsletter
In this week's newsletter, get the community's reaction to how X (formerly Twitter) is removing support for NFT profile pictures and how game retailer GameStop is shutting down its Invincible Token (NFT) marketplace. In other news, learn how NFTs bounce back after spot bitcoin (BTC) exchange-traded funds (ETFs) were allowed in the United States, and how BRC-20 tokens and Bitcoin Ordinals were a “useful narrative” for Bitcoin. 2023.
X removes NFT profile pictures: what does this mean for crypto art?
Social media platform X has removed support for NFTs almost a year after its launch. The removal of NFTs has sparked reactions from community members about what it means for the NFT space.
Many community members expressed their disapproval of the move, pointing out fake accounts and scams on X. One X user described the removal of NFT's profile photos as “another black eye” for the site.
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GameStop to close NFT marketplace due to regulatory limbo
Video game retailer GameStop has announced that it will shut down its NFT marketplace on February 2, 2024. At that time, its users will no longer be able to buy, sell, or withdraw NFTs. However, the gaming retailer highlighted that NFTs remain on the blockchain and can be accessed and traded on other NFT platforms.
GameStop says lack of regulation is the reason it has slowed its crypto efforts. “Due to ongoing regulatory uncertainty in the crypto space, GameStop has decided to eliminate our NFT marketplace,” the retailer said on its website.
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Following the adoption of the Bitcoin ETF, NFTs are back in the spotlight
The US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs has sparked a lot of discussion, including its impact on the NFT space.
Bill Qian, chairman of Cipher Capital, said NFTs would indirectly benefit from the approvals because the understanding and acceptance of Bitcoin “could be disrupted.” Meanwhile, Atlas Development (Engine) CEO Oscar Franklin Tan said that Bitcoin will influence NFTs only because it has its own NFT ecosystem powered by Bitcoin Ordinals.
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BRC-20 Will Elevate “Important Narrative” for Bitcoin in 2023 – Binance Study
A recent report published by Binance Research highlighted the development of BRC-20 tokens, the Bitcoin Ordinals protocol to establish the token standard, as an important narrative for Bitcoin.
While many debate the place of NFTs in the Bitcoin ecosystem, a spokesperson for Binance Research told Cointelegraph that Bitcoin is decentralized and can be used as the community decides. The spokesperson said it is not for one person or group to say what the technology is.
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Check out the Cointelgraphs NFT SteEZ podcast
Thanks for reading this roundup of the week's most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing space.
