Snapchat+ Hits 7 Million Subscribers, X Removes Support for NFT Profile Pictures & Major Layoffs at Twitch

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Snapchat+ Hits 7 Million Subscribers

Snapchat+ has reached 7 million subscribers, marking a significant achievement in the social media realm. At $3.99 a month, it offers unique features like advanced AI tools and personalized insights, contributing to its widespread appeal, especially among younger users. While there are minor concerns regarding its impact on teens, the focus is on Snapchat+'s innovative engagement strategies and its impressive subscriber growth.

X Removes Support for NFT Profile Pictures

X has quietly discontinued the feature allowing Premium subscribers to use NFTs as profile pictures, a notable shift given the feature's introduction in early 2022. This move aligns with a broader trend in the social media industry, where platforms like Meta are also scaling back their NFT initiatives. The decision reflects a possible reevaluation of the role of NFTs in the social media landscape and points to a more cautious approach towards digital tokens in the industry.

Major Layoffs at Twitch ?

Twitch has announced substantial layoffs, impacting more than 500 employees, approximately 35% of its workforce. This decision follows a series of cuts and high-level executive departures within the company. Despite Twitch's robust payouts to streamers, these layoffs highlight the challenges the platform faces in aligning its workforce with current business realities. The company's recent decision to halt operations in South Korea due to high costs further exemplifies these challenges.

Italy Regulator Tightens Rules on Influencers

Italy's communications authority AGCOM has established new transparency rules for social media influencers, following a fine imposed on Chiara Ferragni for unclear advertising . Influencers with over 1 million followers must now clearly label sponsored content to avoid fines up to 600,000 euros. This move is part of a broader effort to regulate online influencers' impact on product sales and brand exposure, requiring them to adhere to a code of conduct that promotes impartial communication and discourages fake news.

OpenAI launches GPT Store

OpenAI has launched the GPT Store , a platform within ChatGPT allowing users to distribute and monetize generative AI products. The store features a variety of custom apps across different categories, created by users who have developed over three million custom GPTs. Initially, access to the GPT Store is limited to paying ChatGPT customers, aiming to reinvigorate interest in ChatGPT amid growing competition in the AI field. This move underscores OpenAI's continuing influence in the generative AI market.

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