YouTube to step into NFT ring for creators

cnbctv18.com:

Video streaming major YouTube is exploring the lucrative world of non-fungible tokens (NFTs) in a bid to support its content creators with more features and rewards. CEO Susan Wojcicki outlined YouTube's plans for the world of NFTs in her yearly letter to content creators."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 the letter, per a Bloomberg report.

However, she did not provide any details on how YouTube would go about it.The letter also touched on various emerging sectors that the Google-owned company will focus on, like gaming, shopping, music, and Shorts--its short video format similar to Instagram Reels. Wojcicki highlighted that YouTube Shorts has claimed over 5 trillion views since its 2020 launch.To Wojcicki and her team, everything happening in Web 3.0 has been "a source of inspiration to continue innovating on YouTube".

They are now exploring possibilities of emerging technologies in the Web 3.0 space for creators."The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralised autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans," Wojcicki said in the letter.NFTs are digital assets with a unique digital signature stored in blockchains that make them one-of-a-kind assets. They come in various forms such as photos, videos, and audio.