YouTube is considering adding non-fungible tokens (NFTs) to its features for creators this year, according to a letter from the CEO.
“We’re still focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFTs, while continuing to strengthen and improve
the experiences creators and fans have on YouTube,” Chief Executive Officer Susan Wojcicki wrote in her annual letter to creators this week. Wojcicki mentioned that YouTube will also be prioritizing gaming, shopping, music and Shorts, which has earned over 5 trillion video views since its debut in late 2020.
The letter marks the first time YouTube owner Google of Alphabet Inc. has announced integration with cryptocurrency collectibles. Several YouTube competitors have already jumped on the bandwagon. Earlier this week, Twitter Inc. began integrating NFTs by allowing users to post them as profile pictures. Without enthusiasm himself, Elon Musk tweeted, “Twitter is spending engineering resources on this bs while crypto scammers throw a spambot block party in every thread!?” According to the Financial Times, Instagram is working on a similar offer.
Crypto disruption
Within the largest creator economy, several YouTubers have been able to establish active, lucrative careers posting videos about cryptocurrencies and blockchain technology. With such a large video market, YouTube has been working for several years to help video makers earn money for their content besides advertising, such as fan payments and e-commerce.
Meanwhile, Wojcicki told the creators that his company sees Web3, an umbrella term for a blockchain-based economy, as an “inspiration”. However, Web3 proponents believe that blockchain and NFT-based projects could provide better alternatives for content creators than centralized platforms like YouTube and Instagram, which control distribution and payment. Despite these beliefs, the cryptocurrency market remains nascent and volatile, with Bitcoin falling to about half its value since its recent peak in November.
