Following a lengthy period of success with high video hits, YouTube may be looking to NFTs as the next big thing for its creative community. The CEO of YouTube recently hinted at the possibility of an NFT function on the site, so it appears that we may see it in the near future.
YouTube CEO Susan Wojcicki recently stated that the business is considering NFTs as a potential source of revenue for its creative community in the future, without providing any further specifics. In a message to the YouTube community, Wojcicki stated that the firm is focusing on upcoming technologies, with nanofibres being particularly identified as one of such technologies by Wojcicki.
YouTube to bring NFT Feature to its platform
This follows the enthusiasm shown by a number of other online platforms, which have either already implemented or are considering implementing an NFT function for their user community. For individuals who wish to show off their NFTs, social media platforms such as Twitter have lately introduced a hexagonal profile image. According to The Verge, social media platforms Facebook and Instagram are also pursuing a similar notion.
As a result, it is only logical that YouTube would be interested in the potential of NFTs as well. “Helping artists capitalise on emerging technologies,” said Wojcicki in her letter, referring to efforts to incorporate NFT capabilities into the YouTube ecosystem as a way to “assist creators in capitalising on emerging technologies.” It will be fascinating to watch how YouTube will go about doing this.
Importance of NFT
For the most part, NFT features on social media platforms have focused on exhibiting the NFT as a valued possession of a person up to this point. If you have an NFT from the Bored Ape Yacht Club, for example, you may use it as your profile image across all of your social media accounts to display your valued digital asset to others.
For an NFT creator or owner who wants to generate money from their creation or ownership, there are little to no options available on social media. There are no value exchanges other than those that take place in NFT marketplaces, where one may simply purchase or sell NFTs. The approach used by YouTube, in this case, may pave the way for a new kind of income-generating through NFTs.
When it comes to developing technologies, NFTs aren’t the only thing on YouTube’s mind, which is a surprising development. Online gaming and commerce may be among the sectors in which YouTube intends to make investments, in addition to other areas. At the same time, the corporation recognises the potential of cryptocurrencies, decentralised autonomous organisations (DAOs), and Non-Fungible Tokens (NFTs). It even sees Web3, which is being touted as the next-generation internet, “as a source of inspiration,” as underlined by Wojcicki in her letter to the editor.