According to Susan Wojcicki, YouTube’s goal is to “assist artists in capitalizing on new technology.”
YouTube’s CEO addressed the firm’s goals for 2022 in a message published on the official site on Tuesday. Adding nonfungible token, or NFT, functionality for the platform’s video makers is one of those goals.
The nature of this, however, is yet to become public. Apart from the suggestion that the YouTube team will utilize advancements in the Web3 sector “as a source of inspiration,” Wojcicki’s statement gave no further specifics.
“The last year has shown a hitherto unimaginable potential to better the relationship between artists and their audience in the domains of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs).”
One possibility for YouTube to increase the variety of ways producers may make money is to “capitalize on new technology”. According to Wojcicki, artists currently have ten options to fund their businesses. These include adverts and the newly added TikTok-like YouTube Shorts. Could NFTs be the next big thing?
YouTube is the world’s second most visited website and boasts one of the largest creative communities. In light of the Metaverse and other Web3 initiatives by social media platforms like Meta and Twitter, which recently allowed iOS users to use NFTs as profile photographs, YouTube competes to retain and recruit talent.
Wojcicki also stated in her letter that one of their top priorities is to improve the live experience of game makers. NFT integration in video games has been the most common use case for NFT adoption. Hence, game makers may be more willing to take advantage of YouTube’s new effort.