In this week’s newsletter, discover the community’s response to X (formerly Twitter) discontinuing support for NFT profile pictures, as well as the news of gaming retailer GameStop closing its NFT marketplace. Additionally, learn about the potential resurgence of NFTs following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, and how BRC-20 tokens and Bitcoin Ordinals played a significant role in Bitcoin’s narrative in 2023.
X Removes NFT Profile Pictures: Implications for Crypto Art
After nearly a year since its launch, social media platform X has decided to remove support for NFTs. This decision has sparked various reactions from the community, questioning the impact it will have on the NFT space. Many community members have expressed concerns regarding fake accounts and scams on X, disagreeing with this move. One user described the removal of NFT profile pictures as another setback for the space.
GameStop to Close NFT Marketplace Due to Regulatory Uncertainty
GameStop, the popular video game retailer, has announced that it will be shutting down its NFT marketplace on February 2, 2024. After this date, users will no longer be able to buy, sell, or create NFTs on their platform. However, GameStop has assured users that the NFTs will still be accessible and tradable on other NFT platforms, as they will remain on the blockchain. The decision to close the marketplace is primarily due to the lack of regulation in the crypto space, which has led to uncertainty for the retailer.
NFTs Poised for a Comeback Following Approval of Spot Bitcoin ETFs
The recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) has sparked discussions about its impact on the declining NFT market. Bill Qian, chairman of Cypher Capital, believes that NFTs could indirectly benefit from this approval, as the understanding and acceptance of Bitcoin is likely to spill over. Oscar Franklin Tan, executive at Atlas Development (Enjin), also suggests that NFTs will be influenced by this development, given that Bitcoin has its own NFT ecosystem powered by Bitcoin Ordinals.
BRC-20 Tokens’ Growth an Important Narrative for Bitcoin in 2023
A report published by Binance Research emphasizes the significance of the growth of BRC-20 tokens, which utilize the Bitcoin Ordinals protocol for their token standard, in Bitcoin’s narrative. While there have been debates about the role of NFTs in the Bitcoin ecosystem, a spokesperson from Binance Research highlights that Bitcoin is a decentralized technology that can be utilized as the community sees fit. It is not the role of any individual or group to dictate its purpose.
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Thank you for reading our recap of the week’s noteworthy events in the NFT space. Join us again next Wednesday for more reports and insights into this rapidly evolving field.