YouTube CEO Susan Wojcicki has suggested that the company is considering the possibility of “expanding” YouTube’s offering to include NFTs.
In her annual letter to creators, Wojcicki stated that the platform was interested in “expanding the YouTube ecosystem”, and indicated that this expansion could include “things like NFTs.”
It’s unclear what form NFTs on YouTube would take, but the primary focus according to Wojcicki would be “to help creators capitalize on emerging technologies,” according to Bloomberg.
In the letter, Wojcicki referred to Web3 as a “source of inspiration” for YouTube, specifically drawing attention to DAOs. “The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” she wrote.
The move comes hot on the heels of Twitter adding NFTs to its platform last week. Twitter Blue users have been able to connect their accounts with OpenSea’s API to use verified NFTs from their personal collection.
Elsewhere, Instagram has also mentioned that the social media platform is also “actively exploring” integrating NFTs onto the platform.
NFTs breakout
Though the wider crypto market has already shed more than $500 billion since the start of the year, the NFT niche appears unaffected.
On January 17, OpenSea, the largest NFT marketplace, reported yet another record high in monthly volume of $3.5 billion in Ethereum. This was a little more than a week after the NFT marketplace completed a $300 million raise, hitting a $13.3 billion valuation.
Celebrities like Tom Brady, Paris Hilton, Jimmy Fallon, Post Malone, and many others have also jumped on the bandwagon, either by launching an NFT platform themselves or apeing into the trendiest collection.
And now, with YouTube joining Instagram, Twitter, and Meta (formerly Facebook) in the craze, it remains to be seen what the future holds for digital collectibles.
