YouTube could start adding nonfungible token (NFT) features for its video creators, the streaming platform’s chief executive said Tuesday (Jan. 25).
As Bloomberg News reported, this move would mark Google’s — YouTube’s owner — first foray into the world of NFTs.
“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,” CEO Susan Wojcicki wrote in her yearly letter to creators.
Wojcicki did not reveal the nature of the NFT initiative or when it will roll out.
NFTs are digital assets that can hold any type of media, from pictures to videos to data. The tokens are traceable on the blockchain, providing proof of provenance.
Some of YouTube’s rivals are embracing the trend. As PYMNTS reported last week, Facebook and Instagram are planning to allow users to mint, trade and sell NFTs, a move that marks both a jump into the crypto market and the early stages of transforming parent Meta into the metaverse powerhouse CEO Mark Zuckerberg has called for.
Meta’s move would likely mean a dramatic expansion to the size of the NFT market, both by introducing the tokens to audience of 2.6 billion and by making it much easier for people unfamiliar with cryptocurrencies and digital wallets to purchase them.
YouTube has spent years working on ways for its content creators to earn revenue beyond ads, adding tools such as eCommerce and fan payments. In her letter this week, Wojcicki told said the company was looking to web3, a term for internet models built around crypto, as a “source for inspiration.”
Bloomberg notes that several YouTube creators have forged lucrative careers by posting videos about crypto and related tech. And that site, like other social media, has also been plagued by scams promising crypto riches.