YouTube CEO Susan Wojcicki indicated lately NFTs could be facilitated on the platform to provide another revenue source for creators in the future.
He added the company is focused on the expansion of the YouTube ecosystem to help creators capitalize on the new technologies and continue to enhance the experiences of both creators and fans.
Susan outlined the areas of the company's investment plans in his letter to the YouTube community and ways to support the creators. He stated the platform is looking into the opportunities with crypto and NFTs.
A couple of platforms have already rolled out the NFT feature in their own versions and some are rumored to be coming up with it like Twitter has facilitated showing off the prized possessions of original JPEC through a hexagonal profile picture. Meanwhile, Instagram and Facebook owner Meta is learned working on something similar.
YouTube is yet to provide additional details on the new feature while some viral videos have already started selling through NFTs as the Charlie Bit Me NFT was auctioned and sold for $761,000 last year. The video depicted a baby biting the finger of his brother. Similarly, a video named David After Dentist and featuring a child post-anesthesia was sold for more than $11,000 as an NFT.
YouTube currently has various ways to allow creators to showcase their NFTs like the merch shell option beneath the videos where creators feature products like vinyl, plushies, collectibles and apparel through supported retail partners. Hence, it may partner with NFT platforms to integrate the crypto wallet technologies or integrate NFT support on the profiles of creators.
Other social media platforms too are considering a move into the new NFT space simultaneously. Twitter has launched the feature by adding NFT Profile Pictures support to help creators set an NFT they own. Instagram lately announced exploring the segment and Facebook is learned to be building an NFT marketplace.
Meanwhile, Wojcicki also hinted the platform may expand remix features on the TikTok-like YouTube Shorts to support the remixing videos and it is similar to what Instagram has done. The YouTube Shorts has crossed total all-time views of 5 trillion and 40 percent of the creators who have received payouts are not established creators in its Partner Program.
In 2020, the YouTube ecosystem supported over 800,000 jobs in countries like the United States, South Korea, Japan, Brazil. Australia, Canada and all of the European Union.