YouTube may be looking to integrate non-fungible tokens (NFT) with its platform in a bid to provide another source of revenue for its creators, according to a letter by the platform’s CEO Susan Wojcicki detailing its priorities in 2022.
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs (non-fungible token), while continuing to strengthen and enhance the experiences creators and fans have on YouTube.” — Susan Wojcicki
While the platform has not revealed what kind of features it is planning to design, Wojcicki noted that crypto, NFTs, and decentralised autonomous organisations (DAOs) have highlighted “an opportunity to grow the connection between creators and their fans”.
YouTube’s hint at integrating NFTs shows that the technology is likely to become mainstream in the next few years. The trend which caught on like wildfire last year is being touted as the next big thing in the world of digital asset ownership.
Major social media platforms are looking to incorporate NFTs
Twitter: The microblogging site was one of the first social media platforms to announce in September 2021 that it was going to let users authenticate their NFTs by letting people connect their crypto wallets. It has gone live for iOS users with Twitter Blue subscriptions, The Verge reported. It will let users showcase their NFTs in a hexagon, the report said.
Meta: Facebook and Instagram are working on a feature that will let users display their NFTs on their profiles, as well as help users mint their collectible tokens, as per Financial Times. The FT report also revealed that Meta is also considering a marketplace for users to buy and sell NFTs. The effort towards integrating NFTs is at an early stage, the business newspaper added.
Reddit: It is testing a feature that will allow users to set any NFT they own as their profile picture, similar to what Twitter has rolled out on its site, TechCrunch said in its report. The NFTs will not be limited to Reddit’s own Ethereum-based NFTs, CryptoSnoos, released in limited quantities last year. The details of the feature have not been hashed out, the report added.
What is an NFT?
A non-fungible token is a digital token that is unique and does not have a substitute online. For example, one-of-a-kind artwork or a collector’s item. It is powered by the same blockchain technology on which cryptocurrencies were developed till now.
NFTs can include almost any digital asset. Images, videos, tweets, songs, virtual spaces in games, blockchain domains, etc. are some of the things which have been sold as NFTs. They have been instrumental in helping artists monetise their work without having to sell through galleries or auctions. Artists still own the copyright over their work and can earn money in perpetuity on resales of the NFT.
NFT marketplaces like OpenSea, Rarible, SuperRare, Mintable, NBA TopShot, and Valuables, have reaped the fruits of growing popularity. Most of these platforms require you to have a cryptocurrency wallet and make transactions using Ethereum.
Meta CEO Mark Zuckerberg suggested that NFTs may be used to support a marketplace for digital goods in its metaverse— a virtual-reality space in which users can interact with a computer-generated environment and other users, in addition to buying and selling digital goods.
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