Social media giant Twitter has introduced a new NFT feature, and Elon Musk believes it is annoying.
Tesla CEO and Dogecoin supporter Elon Musk has termed Twitter's new nonfungible token (NFT) feature as annoying. The feature allows users to showcase NFTs as their profile pictures. Musk said;
"Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?"
This is annoying pic.twitter.com/KAkDl29CTX
— Elon Musk (@elonmusk) January 21, 2022
NFTs have become popular, with the adoption rate currently on the rise. Over the past few months, numerous celebrities, including Neymar Jr., DJ Khaled, Eminem and others, have acquired the Bored Ape Yacht (BAYC) NFT.
In 2021, the NFT trading volume surpassed $25 billion, an increase of more than 43,000% from the previous year. The NFT space is expected to gain further adoption over the coming months and years.
Elon Musk is one of the most vocal voices in the cryptocurrency space. He has always shown his admiration for Dogecoin, one of the leading meme coins in the world. Dogecoin and the broader cryptocurrency market have recorded massive losses over the past few weeks.
In the last seven days, DOGE has lost more than 23% of its value and is currently trading at $0.1395 per coin.
The broader cryptocurrency market lost more than $300 billion over the past week, with Bitcoin and other leading coins currently underperforming. Bitcoin lost its support level above the $40k mark and is currently trading around $35k per coin.
The total cryptocurrency market cap now stands at $1.6 trillion, down from the all-time high of $3 trillion recorded in November 2021.
Despite the ongoing bearish trend, some market experts are still optimistic that cryptocurrencies will rally before the end of the year. Analysts expect Bitcoin to touch the $70k level before the end of 2022.