Youtube Seeks Features for its Creators to Capitalize on NFTs

A non-fungible token or NFT can be defined as a non-interchangeable unit of data stored on a blockchain, or more simply we can say that is a form of digital ledger. In order to distinguish these cryptographic assets on a blockchain, they are embedded with unique identification codes and metadata. The NFTs market is on the rise with some of the digital ledgers being sold for millions of dollars. In this regard, the CEO of YouTube said the popular video platform is seeking features for its video creators to capitalize on non-fungible tokens. Furthermore, according to CEO Susan Wojcicki,

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.

Social Media Platform Dig Deep to Capitalize the NFT World

NFTs have witnessed a surge in popularity in the last couple of years, with a wide number of people purchasing artworks and video highlights from sports games as NFTs. According to an estimate, the sales of NFTs have crossed $25 billion in 2021, however, there were indicators of slow growth toward the end of the year.

Till now, we don’t know much about the features that Youtube is exploring as a Youtube spokesperson declined to share more details about the potential NFT features.

In addition to that, Twitter Inc last week announced the launch of a tool that would enable the users to showcase NFTs as hexagonal profile pictures. According to another report, Meta Platforms were also working on ways to allow users to create and sell NFTs on their platforms.

Moreover, Reddit Inc has also been seeking ways to step into the NFTs space. It is evident from a recent job listing from the company on LinkedIn advertised for several engineer roles for a “rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs.”

Check out? How to create NFT? Is it a Good idea?