YouTube is exploring NFTs for video creators, CEO says, following Twitter’s support for blockchain-based images
- YouTube CEO Susan Wojcicki did not say what the team was planning, but it comes as rivals are also exploring the use of NFTs
- Some enthusiasts hold up NFTs as a better way for creators to make money than relying on platforms like YouTube that control distribution
YouTube is exploring adding non-fungible token features for its video creators, chief executive officer Susan Wojcicki wrote to the site’s broadcasters on Tuesday.
China’s crypto-free NFT platform gets a soft launch
“We’re always focused on expanding the YouTube ecosystem to help creators capitalise on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” she wrote in her annual letter to creators this week. A YouTube spokeswoman declined to share more about the site’s NFT plans.
Several YouTube creators have built active, lucrative careers posting videos about crypto and related tech. The site, like other social media, has also been plagued by scams promising crypto riches.
Web3 backers often hold up NFTs and other crypto-fuelled projects as better alternatives for creators to make money than ad platforms like YouTube and Instagram, which control distribution of their content and how they’re paid. But the market is still nascent and volatile. In the past week, the main cryptocurrency used for purchasing and trading NFTs has plunged in value.