X/Twitter: Stayin’ alive with NFT, cryptocurrency, and “one app to rule them all” (A & B)
Publication Type
Case
Publication Date
1-2026
Abstract
New X CEO Elon Musk had been aggressively cutting costs since he acquired Twitter in October 2022. Meanwhile, his move to restore banned accounts had eliminated a host of key advertisers, causing its main source of revenue – advertising earnings – to plummet as they suspended their advertising activities on the platform.
X had tried various ways and means to augment its revenue, and had begun backing all things related to cryptocurrencies, as well as providing support for non-fungible tokens (NFTs).
Musk subsequently hired former NBCUniversal global advertising and partnerships chairman Linda Yaccarino to take over as X CEO. X further resorted to filing lawsuits against advertisers that had halted advertising on the platform to compel them to continue advertising.
Meanwhile, Musk was determined to refashion X into a super app not unlike WeChat. However, X had thus far only added a few new functions like a chatbot, job search, and audio/video calls enablement. The much-vaunted financial services function had as yet not materialised.
Furthermore, Musk had stopped providing support for NFT profile pictures in a reversal of X’s earlier support for NFTs prior to his acquisition. Paid subscribers thus could no longer set an NFT as their profile picture.
Could X really abandon the advertisement-based business model which other social media companies had thrived on? And would users bite should X be able to turn its platform into the everything app which Musk envisioned?
This case is intended for use in a digital business course at undergraduate or postgraduate levels. The case discussion should enable the students to achieve the following learning objectives: discuss the sensibility of X’s move to embrace cryptocurrency advertising, evaluate social media’s influence in promoting NFTs, study X’s decision to remove support for NFTs, discuss why X might not be as successful as WeChat, and propose how X can better augment its revenue.
Keyword(s)
Competitive strategy, Corporate strategy, Business models, Product development, Strategy formulation, Web3, Social Networks, Etherium, Advertising Media
Discipline
Digital Communications and Networking | Social Media
Area of Excellence
Digital transformation
Research Areas
Information Systems and Management
Data Source
Published Sources
Industry
Mobile and Social Application Industry
Geographic Coverage
United States
Temporal Coverage
2025
Education Level
Executive Education; Postgraduate; Undergraduate
Publisher
Singapore Management University
Case ID
SMU-25-0035
Additional URL
https://ccx-shop.smu.edu.sg/products/x-twitter-stayin-alive-with-nft-cryptocurrency-and-one-app-to-rule-them-all?variant=44011412029482
Comments
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