YouTube CEO Hints at NFT Plans as Other Web Giants Begin Implementing the Tech

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YouTube CEO Hints at NFT Plans as Other Web Giants Begin Implementing the Tech

Key highlights:

  • YouTube CEO Susan Wojcicki has mentioned NFTs as an emerging technology the company is interested in
  • Wojcicki also highlighted other Web3 developments like DAOs
  • Twitter, Meta and Reddit have all either been linked to NFTs or are actively testing NFT functionality

YouTube CEO hints at NFT plans

YouTube could be the next web giant to get involved with non-fungible tokens (NFTs), according to a letter by the company’s CEO Susan Wojcicki. In the letter, Wojcicki said that YouTube has been keeping up with developments related to Web3, and highlighted crypto, NFTs and DAOs as interesting trends that could help creators establish stronger connections with their fans. She specifically mentioned NFTs as one of the emerging technologies that YouTube could tap into:

“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.”

Currently, it’s unclear how YouTube would implement NFTs if they were to go ahead and launch features using the technology. While large web platforms have been dipping their toes into this new technology, the implementations are currently limited. 

Twitter has recently introduced a feature that lets NFT holders use their NFTs as their profile picture. NFT profile pictures on Twitter have a special hexagonal outline, and display detailed information about the NFT when clicked on. However, Twitter’s new NFT profile picture feature is currently limited to iOS users who are subscribed to the platform’s premium Twitter Blue service. 

Reddit is also reportedly exploring NFT profile pictures, although the feature is currently only being tested in an internal capacity. Meta (formerly known as Facebook) is reportedly looking to leverage their Novi digital wallet to introduce NFT features to its Facebook and Instagram platforms.

NFTs continue to be a hot commodity despite the overall downturn in the cryptocurrency markets. January was the most active month for NFT trading on record, according to The Block’s data dashboard. In total, the marketplaces tracked by the platform facilitated $6.86 billion worth of NFT trades during the month.

OpenSea accounted for $4.21 billion of the volume, while emerging competitor LooksRare saw $2.25 billion worth of trades during the month. However, it’s worth noting that LooksRare’s volume statistics are inflated by wash trading. These inorganic trades are most likely the result of the platform’s token rewards program, where users receive LOOKS token rewards when making trades.

Peter has been covering the cryptocurrency and blockchain space since 2017, when he first discovered Bitcoin and Ethereum. Peter's main crypto interests are censorship-resistance, privacy and zero-knowledge tech, although he covers a broad range of crypto-related topics. He is also interested in NFTs as a unique digital medium, especially in the context of generative art.

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