YouTube is looking to add new file types to its platform, and one of those is not surprisingly, NFTs. The company announced on Wednesday that it is exploring the use of NFTs as part of its video sharing platform. NFTs are a relatively new file type that allow for the storage and transfer of digital assets on a blockchain. They’re similar to blockchain tokens, but they can also include other data like metadata or contracts. While some experts are skeptical about the potential use cases for NFTs on YouTube, others believe that they could be a powerful way to monetize videos and add another layer of security to content. If YouTube decides to adopt NFTs as a file type, it would be the latest in a long line of companies looking to use blockchain technology. Earlier this year, Walmart announced plans to use blockchain technology to track food products in real time. And last year, IBM announced plans to use blockchain technology for tracking medical records. ..
It looks like YouTube wants to hop onto the NFT hype train. Of course, this should come as a surprise to no one, as just about every brand (even the USPS) is making NFTs in one form or another.
YouTube CEO Susan Wojcicki published a letter to the YouTube community covering various topics. As you might expect, NFTs came up, as did other plans the video giant has for the future.
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” said Wojcicki in the letter.
Of course, that’s not the company outright saying it will release NFTs in the near future. Instead, it’s just a hint that it has its eyes on them. It’ll be interesting to see how Google plans to make NFTs part of YouTube. Will individual content creators be able to make their own NFTs to sell as an additional revenue stream?
We’ve already seen the creators of some classic viral videos sell them as NFTs, so it might make sense for YouTube to get in on that directly, as it could make it easier to create NFTs and allow Google to get a cut.
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