Google-owned video streaming platform YouTube is exploring non-fungible token (NFT)-based features for creators. YouTube‘s CEO Susan Wojcicki has revealed plans for YouTube to venture into NFTs, but did not say exactly what the team is planning or when people should expect these “features” to show up on YouTube. This, however, marks the first time Google is becoming involved with NFTs that are quite hyped on the internet currently. This comes soon after Twitter announced NFT-based profile pictures for users who own non-fungible tokens.
Wojcicki, was quoted by Bloomberg as saying in an email to YouTube creators that the company is 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 their fans have on YouTube. This comes at a time many YouTube creators are venturing into NFTs and making videos and tutorials on crypto and related technology.
YouTube’s CEO, in her letter, also said that the company’s priorities are gaming, shopping, music, and Shorts – the short video format similar to TikTok and Instagram ReelsWojcicki said that since its launch in 2020, Shorts have claimed over 5 trillion views on YouTube.
NFTs are digital assets that are stored on a blockchain. NFTs can be anything – an image, a video, a graphic, an icon, or even a single pixel or a piece of text. The non-fungible in Non-fungible tokens means that the item is unique and one of its kind. Currently, NFTs are all the rage on the internet, with people spending millions of dollars for a digital art or graphic that will give them some usability or value over the course of time.