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YouTube CEO Wojcicki says they will bank on the emerging Web3 Technology

YouTube CEO Wojcicki says they will bank on the emerging Web3 Technology

Last updated 12th Apr 2022
Disclosure
  • Wojcicki, YouTube’s CEO, revealed the video site’s priority areas on Tuesday through a yearly letter.
  • She stated that YouTube will direct its efforts towards helping its users capitalise on the growing trend of nonfungible tokens.
  • YouTube says its company “Shorts” has 5 Million all-time users, competing with TikTok.

Susan Wojcicki, the chief executive officer of YouTube stated in an annual letter released on Tuesday that YouTube aims to innovate further by helping its users benefit from the new technology trends like that of nonfungible tokens.

Wojcicki highlighted NFTs and DAOs in the world of crypto as “growing the connection between creators and their fans” and creating possibilities that were previously impossible. She stated that their continued intention as a company was to increase YouTube’s ecosystem and assist video makers in benefiting from innovation whilst ensuring superior experiences for their users.

The CEO added that YouTube was paying attention to what appears to be the next evolution of technology; blockchain, cryptocurrency, and decentralised solutions. Other social media platforms that showed keen interest in the promise of NFTs include Facebook, Instagram, and even Twitter. This past week saw Twitter changing the shape of some user profiles to hexagons from circles as a symbol of their integration of support for nonfungible tokens onto their platform. YouTube is now the most recent.

This announcement by Wojcicki sends a message about YouTube preparing the way for its creators to eventually be able to add another income stream through NFTs, the possible monetisation of them. Users and Web3 enthusiasts should expect to see exactly what monetisation model they end up deciding on.

Jinia Shawdagor

Jinia Shawdagor

Jinia is a fintech writer based in Sweden. With years of experience, she has written about cryptocurrency and blockchain for renowned publications such as Cointelegraph, Bitcoinist, Invezz, etc. She loves gardening, traveling, and extracting joy and happiness from the little things in life.