It seems that even online giants like YouTube are getting in on Web3 and the NFT craze, with the video-sharing giants’ CEO publishing a letter today outlining YouTube’s priorities for 2022. To help bolster its creator economy the company is looking towards NFTs (non-fungible tokens) as another possible revenue source.
Discussing various new sources of funding that creators could tap into away from ads like YouTube’s Super Chat and Channel Memberships, CEO Susan Wojcicki envisions a future built upon NFT’s.
In the letter which describes: “Web3 as a source of inspiration,” Wojcicki said: The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans. 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.”
Wojcicki refrained from going into detail regarding how this might be implemented. But the overall hint suggested that YouTube doesn’t want to get left behind as more platforms offer this integration. Most notably, Twitter launched NFT profile pictures on iOS a few days ago so users could display their NFTs as an hexagonal image. Or then there are Meta’s plans to create its own marketplace.
The NFT market has become a massive business over the last year, whether that’s collections like Bored Ape Yacht Club and CryptoPunks, organisations such as the NBA or celebrities like Snoop Dogg and Steve Aoki getting in on the action.
YouTube isn’t the only company today showing an interest in NFTs. Further along in its plans is HTC Vive which announced an upcoming NFT marketplace called Vive Bytes. Part of Viveport, Vive Bytes is expected to launch next month with a range of Cat Art NFTs from artist Shu Yamamoto.
As further details regarding YouTube’s Web3 plans are released, gmw3 will keep you updated.