YouTube exploring introducing NFTs for creators says CEO

By Raffaele Redi
• Updated

Online video sharing website owned by Alphabet hints at a move into the metaverse

YouTube could be about to dive into the metaverse as CEO Susan Wojcicki said the platform is exploring the possibility of introducing non-fungible tokens (NFTs), considered a source of revenue for creatives.

“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,” said Wojcicki.

She added: “We’re looking further ahead to the future and have been following everything happening in Web3 as a source of inspiration to continue innovating on YouTube.

“The past year in the world of crypto, NFTs, and even decentralised autonomous organisations (DAOs), [have] highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”

In the letter, posted on the platform’s blog, Wojcicki said YouTube’s priorities for 2022, included the state of the creator economy, innovation supporting the work of creators and the protection of the YouTube community.

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Meta, Instagram, and Twitter

Meta, formerly Facebook, was reportedly exploring the launch of a NFT platform, while subsidiary, Instagram, was trying to dive into the metaverse and capitalise on the NFT market.

“Teams at Facebook and Instagram are readying a feature that will allow users to display their NFTs on their social media profiles, as well as working on a prototype to help users create, or mint, the collectible tokens, according to several people familiar with the matter,” reported FT.com.

Elsewhere, Twitter announced the introduction of the Twitter Blue feature for its social platform, allowing people to use NFTs for their profile picture.  

At the time of writing, the Nasdaq-listed Alphabet, which owns YouTube, is trading lower by 2.6% at $2,548.12, while Meta is down 2.6% trading at $300.68, and Twitter is at $33.84 down 3.4%.

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