YouTube is considering NFTs, CEO’s letter explains – Meczyki.Net

In a letter published today by YouTube CEO Susan Wojcicki, the executive suggested that the video-sharing platform could adopt Web3 technologies, including NFTs — or non-fungible tokens, a way to authenticate digital assets stored on the blockchain — helping YouTube. included as a means of Producers make money. While no concrete plans were shared, nor was there any indication of when YouTube could begin testing NFTs on its site, Wojcicki described the innovations happening in the Web3 world as “the impetus to continue innovating on YouTube.” referred to as the “source of”.

“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 develop a relationship between creators and their fans,” She wrote. “We are always focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences of creators and fans on YouTube. Is.”

When reached for comment, a YouTube spokesperson was unable to elaborate on what YouTube might have in store in case it supports NFTs.

However, YouTube already has a number of ways in which it can allow creators to display their NFTs, if they so desire. video platform today offers a “Merch Shelf” Option Which can appear at the bottom of a manufacturer’s video, for example, where they can showcase products such as apparel, collectibles, plush, vinyl records, and more, through their growing number of Supported Retail Partners, It appears possible that YouTube may partner with the NFT platform and integrate crypto wallet technologies, so that digital creators can showcase their NFT art here as well. Or YouTube may choose to more deeply integrate NFT support onto creators’ profiles in other ways, or tools designed for creators working in this space to network with each other and share their work can build.

It’s no surprise to see YouTube considering a foray into the NFT space, as other social media platforms are now doing the same. Twitter just launched its first NFT feature last week, adding support for NFT profile pictures. This feature lets creators set an NFT as a hexa-shaped profile picture that, when clicked, allows others to learn more about the art. Instagram too Has publicly stated that he was exploring NFTs, And Facebook may be building an NFT marketplace, reports The Financial Times recently said.

In addition to the news that YouTube may be open to building Web3 support in the future, Wojcicki offered a few more notable updates to YouTube amid widespread viewing over the past year.

She also hinted, that YouTube will be expanding the “remix” feature on its TikTok rival YouTube Shorts, which today supports remixing only audio content from other public videos. Although YouTube also couldn’t share more details about the feature, it’s likely that the company is looking at adding support for remixing videos, as Instagram has now. The CEO noted that YouTube Shorts has garnered 5 trillion views so far, which is a less interesting metric than the number of creators it managed to onboard — a number he didn’t share. And it noted that more than 40% of creators who received payments from its YouTube Shorts Fund were those who weren’t already established creators in the company’s YouTube Partner program — suggesting that shorts could be a new type of creator. Allowing you to make money on YouTube.

The paper touches on other initiatives and investments including gaming, producer monetization, music, shopping, education, as well as its stance on various regulatory issues. Wojcicki said the number of channels worldwide earning more than $10,000 a year increased 40% year over year, and YouTube channel subscriptions and paid digital goods were purchased or renewed more than 110 million times. . YouTube’s ecosystem supported more than 800,000 jobs in 2020 in the United States, Japan, South Korea, Canada, Brazil, Australia and the European Union combined.

Much of the rest of the message, directed by the creator, touched on things YouTube had already announced, such as its plans to partner with Shopifyto launch gifted membership, To double Number of users associated with educational material, stop recommending Borderline content, improvements to YouTube Kids, and more. Wojcicki also acknowledged the pushback over YouTube’s decision to remove the dislike button, but re-emphasized why the removal was necessary.