YouTube CEO hints NFTs could be coming to the video-sharing app
The online video-sharing platform, YouTube, plans to integrate non-fungible tokens (NFTs). Susan Wojcicki, CEO of YouTube, the platform is exploring new ways to allow creators to connect with their audience and is not ruling out NFT integration. She said so in her annual letter on the YouTube blog.
The company didn’t elaborate on its plans, but Wojcicki said there’s a lot of potential for crypto to improve creators’ experience on YouTube. They are the latest social media giant to seriously consider NFTs. Twitter recently unveiled its NFT integration and there are reports that Meta is also considering the prospect.
YouTube will connect NFTs to its vast ecosystem
According to YouTube CEO Susan Wojcicki’s annual letter, the hugely popular video streaming platform is prioritizing growing its creator economy in 2022. One of the ways YouTube, which is the second most visited site after its parent company Google, intends to do this is by allowing creators to capitalize on the massive NFT market.
We are still focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFTs, while continuing to strengthen and improve creator and fan experiences on YouTube. .note the letter.
The letter adds that YouTube has watched everything happening in Web3 and has been impressed and inspired by the progress of Web3 initiatives, including Decentralized Autonomous Organizations (DAOs) and NFTs.
Embedding NFTs on YouTube is likely to have a massive impact on NFT adoption. YouTube has expanded its reach and now has built-in features for music streaming, TV, shopping, gaming, and learning. Its reach is also massive, with the platform recording over 5 trillion views on its Shorts videos.
NFT adoption continues to take off like wildfire
The NFT market has come a long way since 2021 and has seen major players recognize its potential. Recall that Twitter recently rolled out its NFT integration for profile pictures. Facebook and Instagram also plan to showcase the digital assets on their platform.
The NFT market has also seen massive growth in capitalization, rapidly crossing $40 billion according to a Bloomberg estimate.
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