The world’s largest video streaming platform, YouTube recently expressed its interest in NFTs. However now, it was seen elevating its stake in non-fungible tokens.
YouTube has been with the crypto-verse right from the beginning. Even though the platform wasn’t officially present, thousands of videos pertinent to the crypto market surfaced all around the streaming giant. Years later, the platform finally noticed the prospects of cryptocurrencies. A recent blog post drafted by the firm was proof of the same.
Last month, YouTube first revealed that it was intrigued by NFTs after its CEO Susan Wojcicki suggested that NFTs could be an additional instrument of revenue for content creators. Now, elaborating on the same statement, the Chief Product Officer of the streaming platform, Neal Mohan said,
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences.”
A slew of platforms has been jumping into the NFT market. The increased sale and profits of the NFT space continued to lure in many. With a user base of 2 billion, YouTube could not only bolster the NFT space but also its own forum.
Safety first for YouTube
Furthermore, the network did not delve deep into the process of setting up NFTs or even a tentative date. However, several in the community speculated that the firm would allow its users to stream videos together in the metaverse.
Nevertheless, YouTube revealed that it was focusing on the safety of its users before employing new technologies. Hence, the platform was approaching new tech like NFTs ‘responsibly.’
As YouTube continues to be swarmed by scammers who upload fake videos, making the platform safe for users was highly required.