After a long reign of its video hits, YouTube may be targeting NFTs as the next go-to thing for its creator base. YouTube CEO has recently hinted at the same and it seems like we might see an NFT feature on the platform sometime soon.
Without sharing any details on the idea, YouTube CEO Susan Wojcicki recently noted that the company is looking at NFTs as a possible source of revenue for its creator community in the future. In a letter to the YouTube community, Wojcicki mentioned that the company is working on emerging technologies, specifically mentioning NFTs as one of them.
The interest follows that of several other online platforms, who have either already introduced an NFT feature for their user base or are looking to do so. Twitter, for instance, recently came up with a hexagonal profile picture for those wanting to show off their NFTs. As The Verge reports, Facebook and Instagram are also working towards a similar concept.
It is thus, only natural for YouTube to be intrigued by the prospective of NFTs too. In her letter, Wojcicki mentioned that the team is working to bring NFT features to the YouTube ecosystem in order to "help creators capitalize on emerging technologies." It will be interesting to see how YouTube will do so.
Till now, NFT features on social media platforms are inclined to simply displaying the NFT as a prized possession of a person. If you have a Bored Ape Yacht Club NFT, for instance, you can use it as your profile picture across your social media handles to show off your valuable digital asset.
There are few to none methods for an NFT creator or owner to actually make money off it through social media. The only value exchange happens through NFT marketplaces where one can simply buy or sell NFTs. YouTube's take on this may help bring in a new way of revenue generation through NFTs.
Interestingly though, NFTs are not the only focus for YouTube when it comes to emerging technologies. Among other areas that YouTube plans to invest in, online gaming and shopping may take priority. At the same time, the company notes the opportunities offered by crypto, decentralized autonomous organizations (DAOs), and NFTs. It even finds Web3, claimed to be the next-generation internet, “as a source of inspiration,” as noted by Wojcicki in her letter.
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