On Tuesday, YouTube’s Chief Executive Officer Susan Wojcicki wrote to the site’s broadcasters that the company is looking at implementing nonfungible token features for its video makers.
NFTs are digital assets that reflect ownership of digital items that users can buy and sell, such as art. YouTube, which boasts the world’s largest creator economy, has spent years developing mechanisms for its video stars to earn money outside of advertising, such as fan payments and e-commerce. Wojcicki told creators that web3, an umbrella term for internet models based on crypto, was a “source of inspiration” for her organization.
Several YouTubers have made a living by making videos regarding cryptocurrency and associated technology. Scams promising crypto riches have plagued the site, as they do other social media platforms.
She stated in her annual letter to creators this week, “We’re always focused on growing the YouTube ecosystem to help artists capitalise on emerging technologies, including things like NFTs, while continuing to deepen and enhance the experiences creators and viewers have on YouTube.” A YouTube spokesperson declined to comment on the company’s NFT ambitions.
Web3 supporters frequently cite NFTs and other crypto-fueled projects as better ways for creators to generate money than ad platforms like YouTube and Instagram, which control how their material is distributed and paid. However, the market is still in its infancy and is highly volatile. The leading cryptocurrency used to buy and sell NFTs has seen its value plummet in the last week.
In her letter, Wojcicki also noted YouTube’s ambitions in gaming, retail, music, and Shorts, its TikTok clone product. According to the CEO since its launch in late 2020, Shorts has racked up over 5 trillion video views.
Several YouTubers have made a living by making videos regarding cryptocurrency and associated technology. Scams promising crypto riches have plagued the site, as they do other social media platforms.
