YouTube to venture into NFTs, related features to be out soon, says CEO Susan Wojcicki

This comes at a time when many YouTube producers are dabbling with NFTs and producing videos and lessons on cryptocurrency and associated technology.

Team Newsable

New Delhi, First Published Jan 26, 2022, 4:27 PM IST | Last Updated Jan 26, 2022, 4:27 PM IST

YouTube, which is owned by Google, is looking into the non-fungible token (NFT)-based services for producers. YouTube CEO Susan Wojcicki has announced intentions for YouTube to foray into NFTs, although she has not specified what the team is preparing or when these "services" should be expected to appear on YouTube. This is, however, the first time Google has been engaged with NFTs, which are now gaining popularity on the internet. This comes shortly after Twitter launched NFT-based profile images for non-fungible token owners.

According to Bloomberg, Wojcicki stated in an email to YouTube creators that the company is expanding the YouTube ecosystem to assist creators in capitalising on emerging technologies such as NFTs, while continuing to strengthen and enhance the experiences creators and their fans have on YouTube. This comes at a time when many YouTube producers are dabbling with NFTs and producing videos and lessons on cryptocurrency and associated technology.

In her letter, YouTube CEO Susan Wojcicki stated that the company's goals include gaming, commerce, music, and Shorts - the short video format comparable to TikTok and Instagram Reels. Wojcicki stated that Shorts had received over 5 trillion views on YouTube since its inception in 2020.

NFTs are digital assets held on a blockchain. NFTs can be any type of picture, video, graphic, symbol, or even a single pixel or fragment of text. The non-transferable in Non-fungible tokens indicate that the object is one-of-a-kind. NFTs are currently all the rage on the internet, with consumers paying millions of dollars for a digital painting or design that will provide them with some utility or worth over time.

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