In a letter released today, YouTube CEO Susan Wojcicki indicated that the video-sharing network may adopt web3 technology, such as non-fungible tokens or non-fungible assets, which verify digital assets held on blockchains. These tokens may assist YouTube producers in generating revenue. The web3 world’s advancements, according to Wojcicki, are a “source of inspiration for further innovation on YouTube.” She did not, however, provide any specific plans or a date for when the platform would begin testing NFTs.
Creators may now enhance their ties with their followers to previously inconceivable heights thanks to the rise of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs).
By expanding the YouTube ecosystem to make use of emerging technologies such as NFTs, we want to continue strengthening and improving the YouTube experience for creators and fans. We asked YouTube for a comment, but a spokesman couldn’t tell us more about the company’s plans to let NFTs work.
YouTube now provides a variety of options for producers to showcase their NFTs. Currently, YouTube’s video platform includes a product shelf that shows beneath the video and allows producers to display items such as clothes, collectibles, plushies, vinyl records, and more from a growing number of retail partners.
A collaboration with NFT platforms and the integration of crypto wallet technology might enable digital artists to post their NFT work on YouTube as well. YouTube could also make tools that let content creators talk to each other, share their work, and add NFT support in other ways to their profiles.
It’s not unexpected that YouTube is exploring a foray into NFT in light of other social media companies’ recent moves. Twitter revealed support in a blog post last week that allows users to promote their own NFTs as hexa-shaped profile images that, when clicked, give further information about the work. According to the Financial Times, Facebook is also working on an NFT marketplace.
Instagram has also stated that it is looking at NFTs. During a detailed look back at YouTube’s last year, Wojcicki talked about a few other important changes, including the possibility of adding Web3 support in the future.
She also mentioned that YouTube Shorts, a TikTok competitor that now only enables users to remix audio from other public videos, may be extending its “remix” function.
Despite YouTube’s refusal to provide any specifics on this feature, it’s probable that the company will follow Instagram’s lead and include remix functionality.
The CEO of YouTube Shorts mentioned in his speech that the site has gathered 5 trillion views since its introduction, but that number may not be as exciting as the number of artists it has on board.
It also noted that roughly 40% of YouTube Shorts Fund reimbursements went to producers who weren’t already members of the YouTube Partner Program, implying that Shorts provided a way for new sorts of artists to gain money on YouTube.
The letter addresses video games, creator monetization, music, retail, education, and more, in addition to YouTube’s stance on different regulatory problems.
During Wojcicki’s talk, more than 110 million YouTube Channel Memberships and paid digital items were purchased or renewed. The number of channels earning more than $10,000 per year has risen by 40% year over year.
On YouTube, there were almost 800 billion gaming-related views, 90 million hours of live broadcasting, and 250 million uploads.
By 2020, the YouTube ecosystem is predicted to generate approximately 800,000 jobs in the United States, Japan, South Korea, Canada, Brazil, Australia, and the European Union.
Many of the concepts mentioned in YouTube’s creator-directed message have already been disclosed, including a partnership with Shopify, the debut of Gifted Memberships, the tripling of educational content interaction, the removal of questionable content from its recommendations, and more.
Furthermore, Wojcicki acknowledged that YouTube had been chastised for deleting the “dislike” option, but explained why it was important.