• Tuesday, February 27, 2024
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YouTube to boost creators as it mulls NFT potentials

YouTube’s lists show Nigeria’s top creators, content of 2022

YouTube, a known video sharing platform, is in consideration to tap into the potential of Non-fungible Tokens (NFTs).

A letter published by Susan Wojcicki, the Chief Executive Officer of the platform, proposed that it may hold on to web3 technologies which includes NFTs certifying digital assets stored on the blockchain.

Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency that differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.

According to the CEO, embracing NFTs will enable YouTube creators to make money, while referring to the technology innovation taking place in the world of web3 as a source of inspiration to continue innovating on YouTube.

Although the time was not specified in response to when the platform will start testing NFTs on the site, she noted that NFTs has painted a chance for creators and their fans.

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“The past years in the world of crypto, NFTs and even Decentralized Autonomous Organizations (DAOs) have highlighted a previously unimaginable opportunity to grow the connections between creators and their fans.

We are 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,” she said.

Meanwhile, Wojcicki offered a few more updates amid a comprehensive look back over the last year on YouTube.

She disclosed that the video platform would be expanding the remix feature on its TikTok rival called Youtube shorts which encourages only remixing of Audio content from other public videos.

According to the company, the American Video sharing platform is owned by Google and was launched on February 14 2005 by Steve Chen, Chad Hurley, and Jawed Karim with its headquarters located in San Bruno, California, United State.