YouTube Plans to Launch NFTs as a New Revenue Stream for Content Creators

0
104
YouTube Plans to Launch NFTs as a New Revenue Stream for Content Creators
YouTube Plans to Launch NFTs as a New Revenue Stream for Content Creators

Less than a week after Twitter launched NFT profile picture feature on its platform, YouTube CEO Susan Wojcicki expressed interest in a similar project for the video platform. 

YouTube Considers Foray into NFTs

According to an open letter about YouTube’s plans for 2022 on January 25, Wojcicki stated that they have been focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including NFTs, while continuing to improve and enhance the YouTube experience for creators and fans

She mentioned that over the past year, a previously unimaginable opportunity to strengthen the bond between developers and their fans was discovered in the world of cryptocurrencies, non-fungible tokens, and even DAOs.

For the time being, Wojcicki has not detailed what the company intends to do with NFTs. However, their statement hinted at the same upcoming project, with announcements likely to come later this year.

This marks the first official interest in NFTs from Alphabet (Google’s parent company).

YouTube Continues to Lose Top Employees to Crypto Companies

It is very likely that YouTube employees feel the urge to get involved in crypto-related activities. Blockchain company Polygon Studios has convinced YouTube gaming manager Ryan Wyatt; he recently submitted his resignation to YouTube. Jamie Byrne, senior director of Creator Partnerships, also left for Bright Moments, a decentralized autonomous organization (DAO) for NFT imprinting.

However, YouTube is currently focused on other equally challenging projects. One of them is TikTok competitor YouTube Shorts, which Wojcicki says has been viewed 5 trillion times so far. She added that the company’s team is now “working to make it easier for developers and users to create short video games related to the game.” Gaming was another area of interest this year, with YouTube “focusing on better live recognition and more chat capabilities.” Wojcicki also noted that plans for this year include adding a member gifting feature.