YouTube looks set to become the latest platform moving into the thriving NFT space.
In a letter addressed to creators on the platform earlier today, CEO Susan Wojcicki outlined initial details on how creators benefit from the addition of non-fungible token features.
Wojcicki also touched on how YouTube has been following “everything happening in Web3” and how it views the space as a “source of inspiration” for the company. In addition, she suggested that the technology could introduce a new revenue stream for platform creators.
Web3 – which many in the crypto industry believe will introduce a more decentralised and fair internet – has seen a surge of development interest thanks to its building models and its influence in the NFT space.
Little more was revealed about the plans, but Wojcicki suggested that both Web3 and NFTs ccould introduce new possibilities for YouTube creators.
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralised autonomous organisations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” she said in the Tuesday letter.
“We’re always focused on expanding the YouTube ecosystem to help creators capitalise on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
The move into NFTs would mark the first time YouTube and parent company Google’s first venture into digital collectables, and is perhaps spurred on by the spate of platforms and brands moving swiftly to capitalise on non-fungible tokens.
Other leading social media platforms have moved into introducing NFT features too. Twitter introduced hexagonal NFT profile pictures earlier this week for its NFT-crazed community alongside reports that Meta and Instagram are working on plans to introduce NFT features to their platforms.