YouTube Looks to Integrate NFTs into the Platform, Provide More Revenue Sources for Creators

Over the past week, YouTube CEO Susan Wojcicki hinted that they are looking into the possibility of adding NFTs to their platform for content creators. The move was announced on Tuesday through a letter addressed to the YouTube community. In doing so, it hopes that this new feature could become another source of revenue for its creators.

“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,” explained Wojcicki in the letter. YouTube has not provided any further details on how they will go about adding NFTs or what it could look like for the platform.

YouTube has one of the largest creator communities while also being one of the most visited sites in the world. Through the addition of NFTs, it expects to remain competitive against other social media sites that have likewise integrated emerging technologies in light of the recent rise of Web3 and talks of the metaverse.

Just a couple of weeks back, Twitter released its hexagonal profile picture for users who want to show off their own NFTs on the platform. Meta, on the other hand, is reportedly crafting new ways to allow users to mint and trade NFTs through Facebook and Instagram. In September of last year, TikTok also debuted an NFT collection that was created by some of its top creators.

According to Wojcicki, creators can monetize their videos on YouTube in 10 ways including ads and YouTube Shorts — which were derived from TikTok’s short-form videos. An NFT of the Charlie Bit Me viral YouTube video had already been created and auctioned last year for $761,000. The same is true for the David After Dentist video featuring a child post-anesthesia, selling for more than $11,000. With NFTs being widely used within the gaming industry, the platform’s new feature could also be suggestive of attracting more gaming talent.

Sources: CoinTelegraph, The Verge, Reuters