Quick take:
- The company is focusing on helping creators capitalise on emerging technologies.
- YouTube’s expansion into NFTs will be a new way for the platform to reward creators.
- Wojcicki said that Web3 has been a source of inspiration.
In a letter to creators published today, YouTube CEO Susan Wojcicki mentioned that the company is looking at NFTs as a way to help creators increase their income.
With the NFT market taking off in the past year, Wojcicki did not fail to recognise its role in connecting creators with fans.
“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” the letter reads.
“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.”
While Wojcicki has also referred to Web3 as a “source of inspiration” for the company, she did not reveal how YouTube plans to integrate NFT features onto the platform.
If YouTube does jump into the NFT space, it will be the platform’s – and its parent company Google’s – first foray into NFTs. With other big names like Meta planning to integrate NFT features on Facebook and Instagram, YouTube and Google may not want to be left behind.
A number of viral YouTube videos have already been sold as NFTs.
The famous 2008 ‘Charlie Bit My Finger’ video – of a baby biting his big brother’s finger – was auctioned off for $761,000 in May 2021. Initially, it was reported that the video would be taken off YouTube forever, which perhaps explains the high bid price, but the buyer has decided to keep the video up on YouTube as “an important part of popular culture”.
Following that, Origin Protocols – who was behind the ‘Charlie Bit My Finger’ NFT auction – announced an NFT Virals drop on its platform, offering a collection of 28 of the world’s most-viewed videos as NFTs.
Another viral video from 2008, ‘David After Dentist’, depicting a seven-year-old boy’s post-anaesthesia ramblings, sold for over $11,000.
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