YouTube, Twitter to Add NFT Features for Users and Content Creators: Is the Hype Real?

Nft Cryptocurrency concepts stock photo
dem10 / iStock.com

YouTube said it intends to “expand its ecosystem” and is looking at adding NFT features to help support the work of creators. In a Jan. 25 letter to address economic and technological priorities for 2022 shared to its website, YouTube CEO Susan Wojcicki wrote that the business is “looking further ahead to the future and have been following everything happening in Web3 as a source of inspiration to continue innovating on YouTube.”

See: There’s a New Free Service for Compiling Tax Data to Report Crypto and NFTs
Find: NFT Marketplaces Are Using Vampire Attacks & Cash Incentives to Battle for Supremacy

“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” she wrote. “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.”

Trade Bitcoin and other cryptos in 3 minutes.

  • Join the crypto exchange who has had industry-leading security from day one.
  • A simple, secure way to buy and sell cryptocurrency
  • Sign up for Gemini and get $7 in ETH

She elaborated to say that creators are coming to YouTube to “share their lives, to make a living, and to shape the world around us in meaningful ways ,” adding that the number of channels around the world making more than $10,000 a year is up 40% year over year.

Bloomberg reports that while YouTube’s plans do not appear to concern specifics at this point, it marks the first time Alphabet Inc.’s Google, YouTube’s owner, is becoming involved with the cryptocurrency collectibles.

Discover: 10 Best NFT Stocks To Watch Right Now

Twitter Flies Into NFT Territory

Several of YouTube’s rivals have already jumped on the trend, as Twitter plans to allow users to post NFTs as profile photos and Instagram is reportedly working on a similar offering, per Bloomberg.

Building Wealth

Twitter recently said it was adding NFTs as one of several ways to customize Twitter profiles — “so you can show off the NFTs you own in a hex-shaped profile picture on your Twitter account” — according to its website.

Learn: Is Your 2021 NFT Transaction Taxable?
Explore: GameStop Solidifies NFT Platform Plans — Should You Buy the Stock?

“Setting up an NFT profile picture means people can associate your Twitter account with your connected wallet’s public crypto wallet address. This means your Twitter account will be associated with your current and historical crypto wallet transactions and holdings, including all other NFTs in that wallet, because this information is all available on the public blockchain,” Twitter said.

More From GOBankingRates

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

Best Bank Accounts of June 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.