According to YouTube's chief executive officer Susan Wojcicki, the company is "looking into adding NFTs to its video creator features."
According to Bloomberg News, the partnership marks the first time that Alphabet Inc.'s Google (YouTube's owner) is collaborating on crypto collectibles. Wojcicki did not elaborate on what her team will do or when.
NFT is a digital asset whose ownership can be transferred, like art. With tools like fan payments and e-commerce, YouTube–which has the world's largest creator economy–has helped its video stars earn money beyond advertising.
According to Wojcicki, her company looks to Web3, an umbrella term for internet models involving crypto, as an "inspiration source."
"YouTube is always on a mission to expand the ecosystem, including leveraging new technologies such as NFTs and continuing to improve the YouTube experience for creators and fans," The YouTube creators received In the CEO's annual letter this week.
Crypto, blockchain, and similar technology-related videos have developed into lucrative careers for YouTube creators. The content site is also plagued by scams promising crypto wealth.
Supporters of Web3 often advocate NFTs and other crypto-fueled projects as being better options for creators looking to earn income than ad platforms such as YouTube and Instagram. These platforms control how their content is distributed and how they can get remunerated.
Wojcicki mentions in her letter that YouTube's priorities are games, shopping, music, and Shorts, its TikTok-like feature. Since its launch in late 2020, Shorts has accumulated over 5 trillion video views.