YouTube Considers Adding NFTs to Platform
- Adding new revenue streams for creators has always been one of YouTube’s priorities, and NFTs could be the next big thing on the platform.
- If the company does add NFTs to its platform, it could have a tremendous effect on the NFT market, considering YouTube is the second most visited website on the planet.
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Video sharing platform YouTube is considering several ways to “help creators capitalize on emerging technologies”, such as adding a non-fungible (NFT) feature to its website.
The announcement was made by the company CEO, Susan Wojcicki, in an open letter on Tuesday, which explained the priorities YouTube will have in 2022. One of the main points in the letter was strengthening the connection between creators and fans, as well as add new revenue sources for creators, such as NFTs. Wojcicki wrote in the letter:
“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 the company did not reveal many details around its NFT plans, it did say that it’s team has been following everything happening in Web3 “as a source of inspiration” to continue innovating on the platform. The last year showed YouTube that crypto, NFTs, and decentralized autonomous organizations (DAOs) could provide a “previously unimaginable opportunity to grow”.
Considering YouTube is the second most visited website on the planet, we could safely bet that adding NFTs to the platform will have a huge impact on the NFT market, which already reached a market size of $41 billion in 2021. YouTube is also not the first media platform to be considering an NFT integration, with Meta currently working on a Facebook and Instagram NFT integrations, while Twitter has already released an official verification mechanism for NFT profile pictures.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
- Magic Eden’s “fully audited” Bitcoin Ordinal marketplace will only support secondary sales of Bitcoin NFTs, though it is looking into tools to allow for easy mint of such collectibles.
- Royalties will also be unavailable from the start due to the lack of tooling on the Bitcoin network, but the marketplace is “actively looking” into the development of a new royalty standard.