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In a letter published on January 25th, YouTube CEO Susan Wojcicki indicated that the video streaming platform may incorporate web3 technologies including NFTs or non-fungible tokens, to provide YouTube content creators an additional source of revenue generation. However, neither any action plans nor deadlines of when the platform may begin testing NFTs have been shared. Recently, Twitter has also announced NFT-based profile pictures for users who own non-fungible tokens.
Susan Wojcicki wrote, “The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,”. She also added, “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.”
The letter was addressed to the YouTube community, which highlights the areas the company plans to invest in, like shopping and gaming, and how it plans to support creators. Wojcicki also referred to Web3 “as a source of inspiration,” specifically noting the opportunities with crypto, decentralized autonomous organizations (DAOs), and NFTs. She hinted, too, that YouTube would be expanding the “remix” feature on its TikTok rival called YouTube Shorts, which today supports remixing only audio content from other public videos.
If required, there are several ways in which YouTube could allow creators to showcase their NFTs. It would be easy for YouTube to partner with NFT platforms and integrate crypto wallet technologies, to allow digital creators to feature their NFT art on the “merch shelf” option that can appear underneath a creator’s video. The video-sharing platform could also go more deeply integrate NFT support on creators’ profiles or build tools designed for creators to network with one other and share their work.
This is the first time a google owned platform has considered a move into the NFT space. Recently, few other social media platforms have explored incorporating NFTs in one or the other way. A few days back, Twitter launched its first NFT feature by adding support for NFT Profile Pictures. The feature lets creators set an NFT they own as a hexa-shaped profile picture which, when clicked, will allow others to learn more about the art. Instagram, too, has publicly said it was exploring NFTs. A report from The Financial Times recently said that Facebook may be building an NFT marketplace.
