YouTube Will Explore NFT Features for Video Creators, Says CEO Susan Wojcicki

NFTs are a type of digital asset thyat exist on the record-keeping technology blockchain.

By Reuters | Updated: 27 January 2022 17:58 IST

A spokesperson for YouTube declined to share more details about the potential NFT features

Highlights

NFTs are a type of digital asset
They have seen a surge in popularity over the last year
Sales of NFTs reached $25 billion (roughly Rs. 1,88,030 crore) in 2021

YouTube is exploring features for its video creators to capitalise on non-fungible tokens, its chief executive officer said on Tuesday, becoming the latest tech company to tap into a digital collectibles craze that has exploded in the past year.

"We're always focused on expanding the YouTube ecosystem to help creators capitalise on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube," wrote YouTube CEO Susan Wojcicki in a letter on the company's 2022 priorities.

NFTs are a type of digital asset which exist on the record-keeping technology blockchain. They have seen a surge in popularity over the last year, with people buying artwork and video highlights from sports games as NFTs.

YouTube Testing YouTube Music-Like Smart Downloads Feature: Report

Sales of NFTs reached some $25 billion (roughly Rs. 1,88,030 crore) in 2021, according to data from market tracker DappRadar, although there were signs of growth slowing toward the end of the year.

A spokesperson for Alphabet's YouTube declined to share more details about the potential NFT features, which were first reported by Bloomberg News.

Last week, Twitter announced the launch of a tool through which users can showcase NFTs as hexagonal profile pictures. The popular short video app TikTok in September ventured into the craze, announcing an NFT collection designed by some of its top creators.

YouTube Lets Its Platform Be 'Weaponised', Fact Checkers Claim

Reddit Inc has also been exploring the space: recent job listings from the company on LinkedIn advertised for several engineer roles for a "rapidly growing team that aims to build the largest creator economy on the Internet, powered by independent creators, digital goods, and NFTs."

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.