Google’s popular streaming platform YouTube has announced its non-fungible token (NFT) ambitions just days after Twitter unveiled new features.
The race to embrace NFTs is heating up, and the world’s leading video platform, YouTube, is the latest to jump on the bandwagon. Company Chief Executive Officer Susan Wojcicki announced on January 25 that the platform is exploring adding NFT features for its video creators.
Furthermore, it marks the first time that Alphabet (YouTube and Google’s parent company) has made a foray into crypto-collectibles, according to an open letter from the company.
The move comes just days after the micro-blogging platform Twitter unveiled verified NFT profile pictures for its paying subscribers. Additionally, Instagram is also reportedly working on integrating NFTs into its platform.
YouTube Non-fungibles
Details were thin on the ground at the time of writing. However, Wojcicki told creators that the firm was looking at Web3 as a “source for inspiration.”
“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,”
Furthermore, she also noted YouTube’s priorities with gaming, shopping, music, TV, and a TikTok-type feature called Shorts.
She stated that NFTs and DAOs have “highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
In a related development, a number of prominent crypto content creators had their YouTube accounts hacked on January 23. The hackers posted a video with a link to a wallet offering a fake crypto giveaway. The failed attempt at scamming these YouTubers only managed to net a few hundred dollars in Binance Coin (BNB) at the time.
NFT Market Outlook
NFTs continue to surge in popularity despite the market-wide crypto crash. As a result, there has been $546 million in weekly NFT sales according to Nonfungible.com. The analytics provider also reported that there had been 275,442 NFTs sold over the past seven days.
Collection ranking platform Cryptoslam reported that the most popular collection at the time of writing was Meebits. It has shifted $221 million worth of secondary sales over the past 24 hours.
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