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A YouTube spokesperson declined to share more details with Bloomberg about the potential functions of NFTs.
These features will help a number of platform content creators who have built active and lucrative careers posting videos about cryptocurrencies and NFTs.
NFTs are a type of digital asset that exists in blockchain record-keeping technology.
New technologies continue to grow in the world and different industries are looking for ways to adapt and implement them in their businesses. YouTube, the popular video platform, announced Tuesday that it is exploring features for its content creators to take advantage of non-fungible tokens (NFTs).
Susan Wojcicki, CEO of the platform explained in a letter about the company’s priorities for 2022 that “We’re always focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFTs, while continuing to strengthen and improve the experiences for creators and fans on YouTube.”
The possible functions of NFTs
The announcement of the platform that according to data from Statistical saw a reach in the United States, of about 74 percent in 2020, makes it the latest tech company to tap into digital collectibles.
A YouTube spokesperson declined to share more details with Bloomberg about the potential functions of NFTs. But these features will help a number of content creators on the platform who have built active and lucrative careers posting videos about cryptocurrencies and NFTs.
Let’s remember that NFTs are a type of digital asset that exists in blockchain record-keeping technology. Data from the market monitoring company DappRadar details that NFT sales will reach about 25,000 million dollars in 2021.
For its part, the statistics page also records that YouTube Music was downloaded more than 5.2 million times from the Google Play Store and almost 1.5 million times from the Apple App Store in 2021, lor that makes it the world’s leading music app.
It joins other social networks that are already venturing into NFTs
With this YouTube announcement, it joins social networks such as Twitter, which reported last week the launch of a tool so that users can display NFTs as hexagonal profile photos.
As well as Meta, Mark Zuckerberg’s platform is working on ways to allow users to create and sell NFTs on Facebook and Instagram. For his part, in December, the director of Instagram, Adam Mosseri, said that the company was exploring NFTs.
Popular short video app TikTok has ventured into fashion, announcing a collection of NFTs designed by some of its top creators. Reddit has also explored the space with its recent LinkedIn job postings.
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