Are NFTs coming to YouTube? YouTube CEO Susan Wojcicki hints about that possibility in her letter to creators.
Wojcicki pens an annual letter to creators to talk about YouTube’s issues as a platform. One of the topics Wojcicki covered this year was the expansion of the YouTube ecosystem. NFTs are cited as one of the possible realms 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 like blockchain tech a “source of inspiration.”
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has 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 with OpenSea’s API to display verified NFTs from their personal collection. Instagram is also ‘actively exploring’ the potential integrate NFTs on its platform. The NFT marketplace continues to expand, despite a broader retraction in the crypto market.
In January, NFT marketplace OpenSea reported another record monthly volume of $3.5 billion in Ethereum. The marketplace also received a $13.3 billion valuation after its latest Series C funding round.
That funding round was led by venture capital firms Paradigm and Coatue. OpenSea said it plans to use the money to ramp up product development, hire more staff, and improve customer support for the platform.
Social media platforms like Twitter, Instagram, and YouTube embracing NFTs is a great way to do that. But the question still remains, is this something that will stick around? Some NFT projects like the Kings of Leon ‘golden ticket’ NFT makes sense; it provides the owner with something of real-world value. But what about something like Ozzy’s CryptoBatz, which capitalize on scarcity for collectibles and little else?