Lights, Camera, Action: YouTube set to explore NFT-related features

Lavina Daryanani
Source: Ledger Insights

The NFT ecosystem has been expanding day by day. A host of mainstream companies have jumped onto the bandwagon recently. Right from Adidas, AMC, and Crocs to Gucci, Lamborghini, and Mercedes Benz, the NFT marketplace has warmly welcomed all the new entrants.

Well, now, YouTube is the latest platform eyeing a move into NFTs. In a recent letter to creators about the platform’s priorities for this year, CEO Susan Wojcicki said that the company was exploring how its creators could benefit from digital collectibles.

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The exec said that Web3 has been “a source of inspiration” for YouTube, and added that NFTs and Decentralized Autonomous Organizations (DAO) have the “unimaginable opportunity to grow the connection between creators and their fans.”

Further elaborating on the same, she said,

“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.”

Even though Wojcicki highlighted that NFTs could be a supplementary form of revenue for YouTube’s creators, she did not provide additional details or specify a timeline as such.

If YouTube starts allowing creators to sell NFTs directly to their fans, the marketplace would undoubtedly blossom even more. In effect, it would foster the mainstream adoption of this tech.

The NFT trend is as hot as it can get

Well, YouTube’s announcement has come right on the heels of Twitter’s very own NFT profile picture experiment announcement. In fact, Instagram’s top executive has also expressed an interest in the technology, and The Financial Times brought to light last week that, both, Facebook and Instagram were working on an NFT marketplace and other features.

On its part, the non-fungible token market has been faring pretty well lately. As can be seen from the snapshot attached, the trade volume on all the chains combined witnessed a new ATH of $4.45 billion towards the mid of this month.

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Even though the said numbers look pretty fancy, it shouldn’t be forgotten that most of the prominent NFT projects lack a roadmap and the capability of delivering more than just being a JPEG. And for the broader marketplace to continue thriving going forward, that has to change.

Source: Dune Analytics