A recent letter was released in which YouTube (NASDAQ: GOOGL) CEO Susan Wojcicki hinted that the company intends to utilize NFTs as another source of income for YouTube creators.
The letter says: "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."
YouTube already has a variety of different ways it can present NFTs. There is a "merch shell" option, for instance, that can show up beneath creators' videos. This is where users are able to feature items, such as apparel, collectibles, plushies, vinyl records, and so on. Some of the areas that YouTube intends to invest in are gaming and shopping, and it also plans on putting forth a good deal of support toward creators.
According to Wojcicki, YouTube has turned to Web3 "as a source of inspiration," particularly regarding cryptocurrency options, decentralized autonomous organizations (DAOs), and NFTs. Wojcicki additionally added that YouTube would be boosting the "remix" feature against its competitor, referred to as "YouTube Shorts." This program is different from YouTube, in that it strictly deals with remixing audio content from other videos. Wojcicki has stated in the letter that there will be various other initiatives and investments, especially in the areas of gaming, creator monetization, shopping, and education.
One of the primary reasons that YouTube has made the choice to emerge into the NFT world is that other social media platforms are doing so as well. For instance, Twitter (NYSE: TWTR) came out with its very first NFT feature within the past week by implementing support for NFT Profile Pictures. Facebook (NASDAQ: FB) may also be establishing an NFT marketplace, according to a report from The Financial Times.
YouTube's new implementation of NFTs will surely expand and broaden the horizons of upcoming technologies, particularly when it comes to the overall experiences that creators and fans will have. They will offer yet another way of accepting a source of income, which will overall enhance the YouTube experience as a whole.