Monday, May 29

YouTube to explore NFT features for creators

“We’re always focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFTs, while continuing to strengthen and improve the experiences for creators and fans on YouTube,” the blog wrote. YouTube CEO Susan Wojcicki in a letter about the company’s priorities for 2022.

What are NFTs?

NFTs are a type of digital asset that exists in blockchain record-keeping technology. Its popularity has increased in the last year, with the purchase of artwork and videos of sports recaps such as NFT.

NFT sales reached about $25 billion in 2021, according to data from market-tracking firm DappRadar, though there were signs growth slowed towards the end of the year.

A YouTube spokesperson from Alphabet Inc declined to share more details about the potential functions of NFTs, which were first reported by Bloomberg News.

In the past week, Twitter Inc announced the launch of a tool through which users can display NFTs as hexagonal profile photos. The Financial Times reported this month that Meta Platforms Inc was working on ways to allow users to create and sell NFTs on Facebook and Instagram. In December, Instagram CEO Adam Mosseri said the company was exploring NFTs.

In September, the popular short video app TikTok ventured into fashion, announcing a collection of NFTs designed by some of its top creators.

Reddit Inc. has also been exploring the space: The company’s recent job postings on LinkedIn advertised several engineering positions for a “fast-growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods and NFT”.

By Elizabeth Culliford, Reuters Agency