Electric Token

The popular subscription platform OnlyFans, known for its adult content, will now let users post verified NFTs as profile pictures.

The platform will only support NFTs minted on the Ethereum blockchain and will show an Ethereum icon on NFT profile pictures to mark them as authentic. The company said it introduced NFT profile pictures in December, according to Reuters, which first reported the news.

Scathing report finds people profited immensely by selling themselves their NFT collections to artificially increase the value.

Termed “Wash Trading”, the scam is characterized by a trade in which the seller and the buyer are the same people.

In the 262 cases that Chainalysis analyzed, the sellers collectively profited more than US$8.4 million. The report suspects that most of this profit was made by selling the NFT collections to unsuspecting buyers. However, not all NFT wash traders made a profit. Out of the 262 sellers, only 101 managed to profit. The other 152 lost US$416,984 because of high Ethereum gas fees that each seller has to pay before they can create and list their collections on the market.

YouTube is exploring features for its video creators to capitalize on non-fungible tokens, its chief executive officer said on Tuesday, becoming the latest tech company to tap into a digital collectibles craze that has exploded in the past year.

"We're always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube," wrote YouTube CEO Susan Wojcicki in a letter on the company's 2022 priorities. [Source: Reuters]