Susan Wojcicki, The CEO Of YouTube, Said The Company Looks At NFT Features For Video Creators

Susan Wojcicki, The CEO Of YouTube, Said The Company Looks At NFT Features For Video Creators
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On Tuesday, Susan Wojcicki, YouTube’s CEO, wrote to the site’s broadcasters that the company is looking into introducing Nonfungible token attributes for video creators.

Although Wojcicki did not specify what her team is doing or when they will do it, this is the first time that Alphabet Inc.’s Google, which owns YouTube, has been engaged with cryptocurrency collectibles. A few of YouTube’s competitors have already joined the bandwagon. As per the Financial Times, Twitter Inc. began allowing users to use NFTs as profile photographs, whereas Instagram is also working on a similar feature.

Also Read: Credit, Debit Checkout Tool For NFTs Launched By Crypto Fintech Firm MoonPay

NFTs are digital assets that indicate ownership of digital items such as art purchased or sold. YouTube, home to the largest creator economy, has spent several years building ways for its video stars to earn money beyond advertising, adding tools like fan payments and e-commerce. Wojcicki told creators that web3, an umbrella term for internet architectures based on cryptography, was a “source of inspiration” for her organization.

Also Read: Leveraging The NFT Craze – Making Your Own NFT And Selling It

“We’re constantly focused on growing the YouTube ecosystem to help creators profit on future technologies, including things like NFTs,” she said in her annual letter to creators this week. A spokesperson for YouTube declined to comment on the site’s NFT ambitions.

Several YouTubers have made a living by making videos regarding cryptocurrency and associated technology. Scams claiming crypto riches have plagued the site, as they do other social media platforms.

Web3 supporters frequently cite NFTs and other crypto-fueled initiatives as better ways for creators to generate money than advertising platforms such as Youtube or Instagram, which control how their material is distributed and compensated. However, the business is still in its infancy and is highly volatile. The primary cryptocurrency used to buy and sell NFTs has seen its value plummet in the last week.

Also Read: Web2 may Lose as NFT Attracts Social Media Users Towards Web3

In her letter, Wojcicki also noted YouTube’s ambitions in gaming, retail, music, and Shorts, its TikTok clone product. According to the CEO, since its launch in late 2020, Shorts has racked up over 5 trillion views on Youtube.

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