YouTube is the latest big tech company to hint at embracing Non-Fungible Tokens (NFTs).
Following in the footsteps of Facebook, Twitter and Microsoft which have all promised to go big on the Metaverse, YouTube has now said that they are exploring ways to bring NFTs to their platform.
In a letter to the community published on Monday, YouTube CEO Susan Wojcicki said that they are looking at ways to bring NFTs to their ecosystem, as a new revenue source for their creators.
“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,” she wrote.
As YouTube continues to prioritize on quality videos, their creators find themselves spending more and more money to produce them, which some are not always able to recoup from the native ads offered by the platform.
The Alphabet-owned platform has thus been adding other ways creators can make money, among them charging for subscriptions, selling merchandise etc.
Native NFT integration will undoubtedly add a significant revenue stream to their popular creators, which in turn will keep them posting on the platform longer.
YouTube has not given details on how they would roll out any NFT features.
Recently, Twitter added a feature to its paying Twitter Blue clients, where they can display their NFTs on their profiles, as a hexagonal image instead of the typical round one.
YouTube’s potential entry into the NFT space will go a long way into making them mainstream. Already, some of its creators have embraced them and have even sold NFTs off-platform.
One of YouTube’s best known video, Charlie bit my finger, was last year auctioned as an NFT for $761,000.