YouTube is to foray into the NFT’s world

The video streaming platform will allow creators to sell non-fungible tokens directly to their fans

YouTube is looking to foray into the world of non-fungible tokens (NFTs), CEO Susan Wojcicki stated in a letter to the video streaming platform’s community.

In her official blog post, Wojcicki addressed YouTube’s priorities for 2022, with NFTs to play a significant role this year. YouTube is exploring new ways in which its creators could be benefit from the digital collectibles, with NFTs to have become “a source of inspiration” for the popular video streaming platform. Creators and influencers are expected to be able to sell NFTs directly to their fans, later this year.

NFTs are one of the biggest digital trends of 2022 and a key part of what is driving the Web3, and analysts estimate that non fungible tokens are about to affect everything from games to branding and art.

“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) have highlighted a previously unimaginable opportunity to grow the connection between creators and their fans” wrote Wojcicki. “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” she added.

In 2021, NFTs were one of the most popular digital entities in the world, sparking a global interest about this new trend. In fact, NFT industry emerged as a profitable chance for digital creators, with buyers to spend millions of dollars to purchase the NFT they desire the most.

Now YouTube is ready to invest in the NFT industry to provide additional sources of revenue for its creators, although Wojcicki didn’t report any further details about the platform’s plans. “We’re also looking further ahead to the future and have been following everything happening in Web3 as a source of inspiration to continue innovating on YouTube” she highlighted.

However, by empowering its creators with the option to sell NFTs directly to their subscribers YouTube aims at developing a new field of how major brands will market themselves. Creators and influencers will be provided with new, innovative creative approaches to design, gaming, and video creation and this is something huge for both the platform and its viewers.

Twitter and Reddit into the NFTs industry

The NFTs industry has become extremely popular among social media platforms since Twitter and Reddit are also looking to foray into the world of non-fungible tokens.

Twitter took the lead by launching a new feature which allows users to upload an NFT in their profile pictures, link it to their cryptocurrency wallet, and display their NFT collection. The new feature was introduced earlier this month and it is limited only for subscribers of Twitter’s paid platform service, Twitter Blue on iOS.

“We are now seeing people using NFT as a form of identity and self-expression, and to join the thriving community. This new feature provides a seamless, user-friendly way for people on Twitter to verify their NFT ownership by allowing them to directly connect their crypto wallets to Twitter and select an NFT from their collection as their new profile picture,” said Twitter in a statement. The NFT feature is currently limited to Twitter users from Canada, Australia, the United States, and New Zealand.

Reddit is also testing a similar option, as part of its ‘CryptoSnoos NFTs’ project. The social media platform allows users to find available ‘CryptoSnoos’ in the platform’s avatar builder, place a bid in the OpenSea auction and claim their digital assets to become an official NFTs owner. Users can also use their NFTs cards as their avatars on their Reddit profile.

Similarly, the Meta group has also its own plans for the NFTs world and based on various media reports, both Facebook and Instagram will soon allow users to create, display and sell non-fungible tokens.

George Mavridis is a freelance journalist and writer based in Greece. His work primarily covers tech, innovation, social media, digital communication, and politics. He graduated from the Aristotle University of Thessaloniki with a BA in Journalism and Mass Communication. Also, he holds an MA in Media and Communication Studies from the Malmö University of Sweden and an MA in Digital Humanities from the Linnaeus University of Sweden.