Web 3.0, an internet revolution that runs on blockchain-based technology, is threatening to take over the World Wide Web with cryptocurrencies and non-fungible tokens (NFTs) in tow — and YouTube is preparing for that takeover.
YouTube CEO Susan Wojcicki published a letter on the platform's official blog addressing its priorities in regards to YouTube's future roadmap. The Google-owned, video-streaming platform said that it has its eyes set on NFTs, hinting that the move could benefit creators seeking new avenues to monetize their content.
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YouTube has NFTs in its crosshairs
Many tech giants are capitalizing on the NFT craze by introducing blockchain-based digital assets to their platforms. The Financial Times recently revealed that Meta reportedly plans to let users showcase their NFT-based avatars on Instagram and Facebook.
Twitter is already a step ahead of Meta, allowing its users to verify that their digital-collectible avatars (e.g. CryptoPunks) are genuine purchases from the blockchain — not copy-and-paste replicas by Twitter users who want to blend in with the swanky NFT crowd. Hell, even USPS is joining the NFT madness.
With many tech companies jumping on the NFT bandwagon, YouTube seemingly doesn't want to get left behind as more platforms embrace the onslaught of Web 3.0. As such, it announced that its got NFTs in its sights.
"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," Wojcicki said.
Why NFTs? Well, Wojcicki noted that YouTube has been keeping tabs on the fast-moving growth of Web 3.0, and the company is using it as a "source of inspiration" on how to best innovate and enhance the YouTube experience.
Wojcicki didn't specify how the video-streaming service plans on incorporating NFTs into the platform, but there's a good chance that YouTube may allow creators to tokenize their content as a new monetization strategy.
Are NFTs here to stay or are they a short-lived trend? We don't know for sure, but one thing's for certain: blockchain-based digital collectibles have been picking up steam whether we like it or not.
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Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!