YouTube Aims To Add NFTs In Ecosystem Expansion Efforts

Youtube aims to add NFTs in its ecosystem as a part of the expansion efforts as the sector continues to see increased growth and adoption so let’s read more in today’s latest cryptocurrency news.

The American video-sharing giant youtube intends to go into the NFT sector as a part of its expansion plans. youtube aims to add NFTs to the platform and as CEO Susan Wojcicki noted in an annual letter to creators, the company will look for ways to help creators benefit from non-fungible tokens. An excerpt from the letter said:

“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.”

While Wojcicki didn’t give more details about Youtube’s NFT Plans, the CEO noted that web3 is a huge source of inspiration. The YouTube chief stated that in 2021, NFTs and decentralized autonomous organizations will give more opportunities for creators and fans to connect. The latest development came shortly after Twitter launched a new feature enabling the users to verify their NFTs using profile pictures. Other social media platforms like Meta and Instagram are also developing more features that will allow users to create and sell NFTs.

As recently reported, The Head of YouTube gaming will be leaving his job at the Google-owned tech company and will be the new CEO of Polygon Studios which is a new venture dedicated to building on the Ethereum sidechain Polygon. Despite YouTube’s growing interest in blockchain and NFTs, Wyatt said it is time for a new opportunity.

The YouTube executive believes that the blockchain gaming space Is growing and in a thread on Twitter, he said that we are expected to see a tectonic shift in the gaming industry in the next five years. In the future, he thinks the next generation of gamers will challenge the conventional formats and they will want their time spent in-game to actually mean something and have a higher value of their items in-game. NFTs and blockchain can change things and make in-game assets liquid by providing an open transparent market. Polygon Studios announced it is funding a gaming firm Gameon with $100 million investments for web-3 projects.