YouTube is exploring including non-fungible token options for its video creators, Chief Government Officer Susan Wojcicki wrote to the positioning’s broadcasters on Tuesday.
Though Wojcicki didn’t say precisely what her workforce is planning, or when, it marks the primary time Alphabet Inc.’s Google, YouTube’s proprietor, is turning into concerned with the cryptocurrency collectibles. A number of of YouTube’s rivals have already jumped on the development. Twitter Inc. started letting customers submit NFTs as profile pictures and Instagram is reportedly engaged on the same providing, based on the Monetary Instances.
NFTs are digital property, comparable to artwork, that individuals should buy or promote. YouTube, residence to the most important creator economic system, has spent a number of years constructing methods for its video stars to earn cash past promoting, including instruments like fan funds and e-commerce. Wojcicki advised creators her firm was trying to web3, an umbrella time period for web fashions constructed round crypto, as a “supply for inspiration.”
“We’re all the time centered on increasing the YouTube ecosystem to assist creators capitalize on rising applied sciences, together with issues like NFTs, whereas persevering with to strengthen and improve the experiences creators and followers have on YouTube,” she wrote in her annual letter to creators this week. A YouTube spokeswoman declined to share extra in regards to the website’s NFT plans.
A number of YouTube creators have constructed energetic, profitable careers posting movies about crypto and associated tech. The location, like different social media, has additionally been suffering from scams promising crypto riches.
Web3 backers usually maintain up NFTs and different crypto-fueled initiatives as higher alternate options for creators to generate income than advert platforms like YouTube and Instagram, which management distribution of their content material and the way they’re paid. However the market remains to be nascent and risky. Prior to now week, the principle cryptocurrency used for buying and buying and selling NFTs has plunged in worth.
In her letter, Wojcicki additionally talked about YouTube’s priorities on gaming, buying, music and Shorts, its TikTok copycat characteristic. Shorts, the CEO wrote, has claimed over 5 trillion video views since its debut in late 2020.
This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
Supply: Live Mint