In an open letter to YouTube creators released today, the platform’s CEO Susan Wojcicki has suggested that the company will consider embracing many emerging Web3.0 tools, including NFTs, as a means to help creators make money.
Let’s look at what we know from Wojcicki’s open letter, and what we could potentially expect from the dominant video platform as we look ahead.
YouTube Looks To “Grow The Connection Between Creators And Their Fans”
There are no hard plans or deadlines around any of YouTube’s potential NFT – or blockchain-related – integrations, however there is now abundant speculation around what NFTs could look like on the platform and how they could be best utilized. Some have suggested that digital artists may be able to feature their NFT artwork through tools on the platform, or that NFTs could be integrated into YouTube user profiles in some capacity – however neither of these ideas are backed by any formal details from the company.
Wojcicki described the current innovations around Web3.0 driving tools as a “source of inspiration to continue innovating on YouTube.” The move follows a number of social media and content-adjacent platforms, such as Twitter, Meta, and Reddit, who have all taken some sort of leap (or expressed intent to do so) in the world of NFTs. Last week, we covered Meta’s latest move in crypto, and why it should be addressed with caution – which leads to interesting dialogue around what degree YouTube should pursue these similar avenues.
In the letter, Wojcicki wrote:
“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans. 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.”
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It's been a difficult start to the year for many publicly-traded assets, and YouTube parent company Alphabet (Google) has been no exception. | Source: NASDAQ: GOOGL on TradingView.com
What Else Was Penned?
Wojcicki is in her eighth year at YouTube as CEO, and has seen the platform develop substantially. In this week’s letter, Wojcicki gave a greater glimpse at the day’s ahead, too; she cited YouTube Shorts (a TikTok competitor) as an avenue for growth and further development, and touched on a variety of broad topics include gaming, monetization, regulatory hurdles, and more.
In the big picture, YouTube is a particularly interesting beast to enter the crypto-space, particularly considering the platform’s image for many years around crypto; many scammers have utilized the platform to promote scam tokens, and the platform has been criticized heavily in the crypto community for censoring vocal advocates in the past.
Can this latest move bolster YouTube’s image in the crypto community, and make creator’s monetization strategies even more diverse and robust?
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Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.