YouTube may soon launch non-fungible tokens or NFT features and tools to help creators take advantage of the upcoming technology to generate more revenue from their content. According to the annual letter written by YouTube CEO Susan Wojcicki to the platform community this week and published on the YouTube blog, the company is also investing in other emerging technologies like web3, crypto, gaming, and live shopping which is already being trialed.
“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 wrote in the letter.
She was only commenting on additional ways the company could use to enable creators to monetize their content while improving platform usability. She, therefore, did not provide details on how the new NFT tools would work and when they could be launched. However, she implied that the company is keen on the latest trends that are helping users connect better with their fans.
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” she wrote.
She said YouTube creators can use over 10 ways to monetize their content. This includes non-ad products like Super Chat, podcasting, and Channel Memberships. 40 percent of channels are now making over $10,000 a year according to the letter. The platform already hosts and supports countless musicians, gaming creators, sportsmen, and their fan bases. Therefore, it could break through with NFTs as well.
Launching such a feature will also place it at the NFT center stage and competition arena with top social media giants. Already, Twitter is allowing users to add NFT profile pictures. Reddit is also allowing users to create, showcase, and trade NFTs. According to insider reports, Meta could also allow users to display non-fungible tokens on their Facebook and Instagram pages and trade them on a marketplace.
Despite there being no features on YouTube to support NFT minting or trading, some users have gone ahead and created NFTs from their videos which they then sell on NFT marketplaces. Many YouTube gaming channel presenters have also had their parallel stolen and the images turned into non-fungible tokens which are then traded on OpenSea and other platforms. The letter from the CEO did not address those concerns.