YouTube Looking to Add NFTs in Ecosystem Expansion Efforts (Report)

The American video-sharing giant YouTube intends to go into the non-fungible token (NFT) sector, as part of the company’s expansion plans.

• As reported by Bloomberg on Tuesday (January 25, 2022), YouTube CEO Susan Wojcicki, in an annual letter to creators, said that the company was looking for ways to help creators benefit from non-fungible tokens (NFTs).
• An excerpt from the letter said:
• “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.”
• While Wojcicki did not give further details about YouTube’s NFT plans, the CEO noted that Web3 was a “source of inspiration.”
• The YouTube chief also stated that in 2021, NFTs and decentralized autonomous organizations (DAO) gave more opportunities for creators and fans to connect.
• The latest development comes shortly after the microblogging platform Twitter launched a new feature enabling users to verify their NFTs using profile pictures.
• Other social media giants like Meta, previously known as Facebook, and Instagram, are also developing features that will allow users to create and sell NFTs.