YouTube’s CEO said on Tuesday that the company is looking into ways for its video creators to profit from NFTs (non-fungible tokens), making it the latest tech company to jump into the digital collectibles craze that has exploded in the last year.
“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,” wrote YouTube CEO Susan Wojcicki in a letter on the company’s 2022 priorities.
NFTs are a type of digital asset that exists on the blockchain record-keeping technology. People are buying artwork and video highlights from sports games as NFTs, which has seen a surge in popularity in the last year.
According to market tracker DappRadar, sales of NFTs reached around $25 billion in 2021, though there were signs of growth slowing toward the end of the year.
Twitter Blue shows off people’s NFTS
Many large corporations have been getting on the hype train. Twitter announced the launch of a tool last week that allows users to showcase NFTs as hexagonal profile pictures.
This feature, which is available on iOS to Twitter Blue subscribers, connects their Twitter accounts to crypto wallets where they store their NFT holdings. NFT profile pictures are displayed as hexagons on Twitter, distinguishing them from the standard circles available to other users. Tapping on the images brings up information about the art and who owns it. Pretty neat.
This month, the Financial Times reported that Meta Platforms Inc (Facebook) was working on ways to allow users to create and sell NFTs on Facebook and Instagram. Instagram CEO Adam Mosseri stated in December that the company was looking into NFTs.
TikTok, the popular short video app, entered the craze in September, announcing an NFT collection designed by some of its top creators.
Reddit is next!
Reddit has also been looking into the space, with recent job postings on LinkedIn announcing numerous engineer positions for a “rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs.”
Reddit is divided into over a million communities known as “subreddits,” each of which covers a different topic. A subreddit’s name begins with “r/,” which is part of Reddit’s URL. For example, r/nba is a subreddit where people discuss the National Basketball Association, whereas r/boardgames is a subreddit where people discuss board games. Those are straightforward subreddits, but they can get weird, such as r/birdswitharms, a subreddit devoted to pictures of birds…with arms.