Are NFTs coming to YouTube? Here is the CEO’s letter to the creators
Are NFTs coming to YouTube? YouTube CEO Susan Wojcicki hints at this possibility in her letter to creators.
Wojcicki writes an annual letter to creators to talk about YouTube’s problems as a platform. One of the topics Wojcicki discussed this year was expanding the YouTube ecosystem. NFTs are cited as one of the possible areas of expansion for the video platform.
Are NFTs coming to YouTube? It’s unclear how the video service would integrate NFTs. But Wojcicki says embracing the technology would be a way “to help creators capitalize on emerging technologies.” Wojcicki called Web3 technologies as “inspirational” blockchain technology.
“Last year in the world of crypto, non-fungible tokens (NFTs) and even decentralized autonomous organizations (DAOs) highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” the letter States.
Twitter has already embraced NFTs, adding support for the technology to its platform last week. Twitter Blue users can connect their Twitter accounts to the OpenSea API to view verified NFTs from their personal collection. Instagram is also “actively exploring” the potential for integrating NFTs into its platform. The NFT market continues to expand, despite a broader crypto market pullback.
In January, NFT marketplace OpenSea reported another all-time high monthly Ethereum volume of $3.5 billion. The market also received a valuation of $13.3 billion after its most recent Series C funding round.
This funding round was led by venture capital firms Paradigm and Coatue. OpenSea said it plans to use the money to speed up product development, hire more staff and improve the platform’s customer support.
Social media platforms like Twitter, Instagram, and YouTube that embrace NFTs are a great way to do this. But the question remains, is it something that will stick? Some NFT projects like the Kings of Leon “golden ticket” NFT make sense; it provides the owner with something of real value. But what about something like Ozzy’s CryptoBatz, which capitalizes on the rarity of collectibles and nothing else?