YouTube CEO Susan Wojcicki outlined YouTube’s priorities for 2022 in a letter posted Tuesday on the company’s blog. Among these priorities is the ability to add non-fungible token or NFT functionality to video creators on the platform.
How this may look, however, remains to be determined. No further details were given in Wojcicki’s statement other than to state that the YouTube team will use the development in the Web3 site as a “source of inspiration”.
“In the world of cryptocurrencies, non-fungible tokens (NFTs) and even decentralized autonomous organizations, the past year has highlighted a previously unimaginable opportunity to strengthen the relationship between creators and their fans.”
As YouTube seeks to increase the number of ways creators can monetize, one option is to “take advantage of new technology.” Creators currently have 10 ways to monetize their business, Wojcicki said, including ads and short YouTube videos similar to the newly launched TikTok. Maybe it will be the next NFTs?
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YouTube has one of the largest creative environments and the second most visited site in the world, according to a similar site. In light of the growing popularity of Metaverse and other Web3 initiatives from social networks such as Meta and Twitter, which have recently allowed iOS users to use NFTs as profile pictures, YouTube is counting on competition to retain and attract talent.
In her letter, Wojcicki also mentioned her intention to improve the live experience for game creators as a priority. Since the inclusion of NFTs in video games has become a widespread use for NFTs, this may indicate that game creators may be more open to taking advantage of YouTube’s new initiative.