YouTube CEO Susan Wojcicki said today that YouTube is exploring providing NFT (Non-Fungible Tokens) functionality for video creators. While Wojcicki did not reveal specific plans or an exact timeline, it marks Google’s first foray into the cryptocurrency collectibles market.
Several of YouTube’s competitors have joined the band before. For example, Twitter has started allowing users to post NFTs as avatars, and Instagram is offering a similar service. It was also reported last week that Facebook parent company Meta is working on plans to allow customers to create and promote NFTs.
An NFT is a digital asset, like a piece of art, that people can buy or sell. YouTube, home to the largest creator economy, has over the past few years created ways for its video stars to make money beyond advertising, adding tools like pay-for-followers and e-commerce.
Wojcicki also told creators today that YouTube is also looking at Web 3 opportunities as a source of inspiration. We have been focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies such as NFTs, she said. At the same time, YouTube will continue to enhance and enhance the experience for creators and fans on YouTube.
Proponents of Web 3 argue that NFTs and other digital crypto projects are better money-making options for creators than advertising platforms like YouTube and Instagram, which control the distribution and payment of creators’ content. But the market is still in an early stage and is volatile. The value of major cryptocurrencies used to buy and trade NFTs has plummeted in the past week.
In addition, Wojcicki today mentioned priorities such as gaming, shopping, music and short videos. Wojcicki said the short-video app Shorts has been viewed more than 5 trillion times since it first launched in late 2020.
It was reported last week that YouTube is winding down its original programming business to focus on the millions of creators who provide content for the video platform. It is reported that over the past three years, YouTube has paid more than $30 billion to creators, artists and media companies.