YouTube is exploring options to integrate newer technologies like non-fungible tokens (NFTs) into their platform according to a letter sent to YouTube creators. CEO Susan Wojcicki, who penned the letter, said the newer technologies have been an inspiration to the company, and it may use them in the future to bring more revenue to creators.
Although Wojcicki didn’t cite many technologies directly in the letter, they specifically mentioned NFTs and decentralized autonomous organizations (DAO). The two have wide applications in Web 3.0, and both aim to restore power to creators, something that has eroded during the era of Web 2.0.
For instance, NFTs are credited with creating scarcity for digital goods, assigning ownership to creators and collectors, and allowing creators to receive lifetime royalties on digital goods they create.
More recently, creators have used DAOs to generate funds and give levels of access to fans who wish for a more personalized experience. Under this model, a DAO creator can assign membership tiers to NFTs, each coming with a certain number of established perks.
Wojcicki did not give any idea about how NFTs might be implemented on the platform, though TechCrunch notes the addition of NFTs would be easy given YouTube’s creator’s marketplace function. This function creates a “store” beneath creator videos. Instead of physical items, creators might list their NFTs for sale. The YouTube CEO didn’t give a timeline for any NFT integrations.
The letter comes on the heels of three other major social media platforms adopting or sharing plans to adopt NFTs.
Twitter revealed its long-anticipated NFT profile picture verification service on Twitter Blue, allowing NFT collectors to connect their wallets and verify that the picture they used in their profile pic was in fact theirs. And Meta, which owns Facebook and Instagram, is exploring options for allowing users to create, buy, and sell NFTs, along with a possible NFT market.
If YouTube were to integrate NFTs into their platform, it would mark a big win for the NFT community and its pursuit of the widespread adoption of NFTs. The platform has 2 billion logged-in users, and 74% of adults in the U.S. use it.