YouTube Doubles Down on NFT Integration, Exec Says
Chief Product Officer Neal Mohan said NFTs allow creators to “make money in ways not previously possible” in a blog post on Thursday
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key takeaways
- CEO Susan Wojcicki said last month that NFTs could be another form of revenue for creators
- YouTube competitor Meta will reportedly integrate NFTs into its platforms
YouTube elaborated on its NFT (non-fungible token) plans for 2022 in a blog post on Thursday, doubling down on the idea that the crypto assets could have a huge upside for its creators.
Neal Mohan, the video hosting platform’s chief product officer, said NFTs have “incredible potential” and allow creators to “make money in ways not previously possible.”
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” Mohan said. “For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences.”
NFTs, however, do not inherently transfer copyright over to new owners, so it is unclear how YouTube will achieve this. YouTube did not immediately respond to Blockworks request for comment.
YouTube CEO Susan Wojcicki also said NFTs could be another form of revenue for creators in a letter last month. The platform has not yet specified a timeline on its blockchain integration efforts.
Talks of YouTube blockchain integration follow reports from competitor Meta integrating NFTs onto its social media properties as well. The potential new features would allow Instagram and Facebook users to showcase their crypto assets on their profiles.
Shares of YouTube’s parent company Alphabet Inc. were trading 0.63% lower at $2,813 at the time of publication.
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