YouTube May Branch into NFTs, CEO Suggests
It would be the company’s first foray into non-fungible tokens
Source: Shutterstock
key takeaways
- NFTs could be another revenue stream for YouTube creators, according to the CEO
- Shares of YouTube parent Alphabet Inc. traded 1.8% lower at time of publication
YouTube may incorporate non-fungible tokens onto its platform in the future, the video hosting platform’s CEO Susan Wojcicki said in a letter on Tuesday.
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” Wojcicki said.
Wojcicki said that Web3 has been “a source of inspiration” for YouTube, adding that NFTs and decentralized autonomous organizations (DAO) have the “unimaginable opportunity to grow the connection between creators and their fans.”
Colin Fitzpatrick, founder and CEO of Animal Concerts, a startup focused on virtual concerts in the metaverse, described the possible NFT integration as “a great way for creators to monetize their channels without needing to rely on advertising revenue.”
“If YouTube is going to facilitate NFTs on their platform, it is possible that demonetizing content creators is something they are forced into by their advertising partners,” Fitzpatrick told Blockworks. “Introducing NFTs could be a way for them to circumvent corporate interests and give their users alternative methods to generate revenue.”
Indeed, YouTube’s CEO said NFTs could be another form of revenue for creators. She did not, however, provide additional details or specify a timeline.
The letter follows closely on the heels of Twitter’s announcement of supporting verified NFT profile pictures. Users of the company’s Twitter Blue subscription service can link ether-based wallets to their account and display their NFTs as profile pictures.
Shares of YouTube’s parent company Alphabet Inc. were trading 1.84% lower at $2,567.99 at the time of publication.
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