YouTube Is Considering Adding NFTs

Susan Wojcicki, the CEO of YouTube, recently discussed the platform’s plans and goals for 2022, noting that the platform is considering the addition of NFTs. Wojcicki expressed her and the company’s ideas in a letter published on the company’s blog this Tuesday, January 25th.

YouTube might add support for non-fungible tokens

The NFT sector blew up in 2021, and now, with the growth of metaverse–which relies on non-fungible tokens in large measure–the growth of NFTs is a sure bet.

It is still unknown how the platform will handle the addition of NFTs, as Wojcicki did not provide details as part of her statement. She only noted that the YouTube team aims to use emerging technologies, primarily those belonging to the Web3 space, as “a source of inspiration.”

She pointed out that NFTs and DAOs dominated 2021, and that they highlighted a “previously unimaginable opportunity to grow the connection between creators and their fans.” The NFT sector could help YouTube in its mission to expand the ways that its creators earn money.

Presently, there are 10 different ways for YouTube creators to profit from their business, according to the YouTube CEO. Some of those include ads, as well as YouTube Shorts, which is a part of YouTube’s platform dedicated to TikTok-like videos.

NFTs on YouTube could increase crypto adoption

With YouTube being the second most visited website in the world, only bested by Google’s search engine, the potential addition of NFTs is a major opportunity for the crypto industry. YouTube’s support of the NFT sector would be a great leap forward for NFT adoption, giving its users a new way to enter the crypto space. The digital currency sector has been looking for ways to achieve mass adoption, interoperability, and ease of use, all three of which are necessary for Web 3.0 to enter the mainstream.

If YouTube does decide to make this move, Wojcicki expects to improve the live experience of gaming creators, which is one of the priorities of NFT adoption. Integration into video games has become one of the main use cases for non-fungible tokens. With that said, online gamers and streamers likely stand to benefit the most if YouTube goes through with this idea.

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