Saturday, September 30

YouTube (Google) follows Facebook, Twitter and Instagram and wants NFT

YouTube, owned by Alphabet (formerly Google), is following in the footsteps of Facebook, Twitter and Instagram and also wants NFT. At least that’s what its executive director, Susan Wojcicki, has said. In a publication, The CEO of YouTube has explained that one of the priorities for this year is the possibility of integrating NFTs into the platform. Wojcicki points out that NFTs, cryptocurrencies, and DAOs (Decentralized Autonomous Organizations) are creating previously unimagined opportunities to increase the connection between creators and their audiences directly.

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Wojcicki describes NFTs as a key element in helping content creators connect more directly with their fans. What has led the video and streaming platform to analyze the possibility of integrating non-fungible tokens into the platform. Allowing its creators to capitalize on new technologies and create a new form of monetization, beyond advertisements.

The adoption of new technologies, such as NFTs, will help YouTube build the next future of the platform. The news that YouTube could integrate NFTs in its platform coincides with the initiatives of the most important social networks in the world. Twitter, Facebook and Instagram are also working on integrating NFTs on their platforms. Twitter, for example, already lets its users display them as profile photos. YouTube, which currently has more than 3 billion monthly active users, was the only major social network that had yet to speak out on NFTs.

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NFTs and the creator economy

The technological innovation that accompanies NFTs, capable of representing a physical or digital asset in a unique way on the blockchain, has created new ways to monetize content. NFTs can be created by anyone in the world at almost no cost and offered through a digital marketplace. In it, it is the creators themselves or the public who determine its value. Faced with opportunities like this, YouTube is considering integrating NFTs into its platform, to strengthen the economy of creators and not be left out of the new business.

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In 2020, YouTube channels, which bring in more than $10,000 a year, grew 40%, Wojcicki reported. The platform also created more than 800,000 jobs in countries such as the United States, Japan, South Korea, Canada, Brazil, Australia and in the European Union. Its exponential growth in 2020 is related to the Covid pandemic and the sanitary measures imposed by governments to control the disease, confining millions of people to their homes for several months.

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The future on the Web3

Cryptocurrency technology and its widespread adoption is also opening the doors to the new internet, known as Web3. An internet that is presented as an innovative, free and sovereign space, where users can enjoy greater decentralization, through applications, protocols or products based on blockchain technology.

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Ryan Wyatt en Polygon

It was precisely the lure of cryptocurrencies, blockchain, NFTs, and Web3 that prompted Ryan Wyatt to leave his position at YouTube to become CEO of Polygon Studios. On his Twitter account, Wyatt explains that leaving YouTube’s gaming direction is bittersweet news and that in his new job he will focus on decentralized game development to help gamers connect with Web3.

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Wyatt will be responsible for driving the growth and innovation of Polygon Studios in different areas. Among them, it is games, entertainment, fashion, news, sports and many more. In addition to Wyatt, Jamie Byrne, YouTube’s senior director of creator associations, has also left the video platform to join a company that specializes in marketing NFTs.

Picture of Pixabay

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