YouTube, the world’s biggest video sharing platform, could integrate non-fungible tokens (NFTs) in the future, according to CEO Susan Wojcicki.
Writing in a blog update, Wojcicki says the company is looking further ahead into the future with a focus on utilizing Web3 as a source of inspiration for how to innovate for YouTube.
The CEO says that the world of crypto, NFTs, and decentralized autonomous organizations (DAOs), has “highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
“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.”
Other than Wojcicki’s somewhat vague statement, no specific details on YouTube’s venture into NFTs have been revealed.
YouTube is the second-most visited site on the internet and its parent company Google joins a growing group of other tech giants dipping their toes into crypto and NFTs.
According to a recent report from The Financial Times, Meta’s Facebook is also working on plans to let users mint their own non-fungible tokens, display real NFTs in their profile photos, and sell NFTs to other users.
The Times’ sources also said that Meta is discussing launching a complete marketplace for users to buy and sell NFTs, with a “prototype” in the works. The effort is still in its early phases and subject to change.
Social media giant Twitter rolled out a new NFT feature last week, as well. Users who are on iOS and willing to pay $2.99 a month can mint an NFT and display it as a hexagonal profile photo. This move came months after Twitter launched its own “Twitter Crypto” team to help rollout a “decentralized social media.”
You asked (a lot), so we made it. Now rolling out in Labs: NFT Profile Pictures on iOS pic.twitter.com/HFyspS4cQW
— Twitter Blue (@TwitterBlue) January 20, 2022
Tess Rinearson, head of the team, said it would be working alongside Bluesky, Twitter’s effort for decentralized social media platform.
“And, of course, we’ll be working closely with the Bluesky team to help shape the future of decentralized social media (and to make sure that Twitter stays on the cutting edge of this new landscape, too!).
Twitter Crypto will underpin all of this work, and serve as a ‘center of excellence for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product. If this sounds exciting, please get in touch!”