YouTube looks to capitalize on NFTs, Reddit and TikTok

YouTube is exploring features for its video creators to capitalize on non-fungible tokens, the chief executive officer said on Tuesday, becoming the latest tech company to tap into a digital collectibles craze that has exploded in the past year.

In a letter to the company's priorities on 2022, Susan Wojcicki said that the company's aim is to expand the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs.

NFTs are a type of digital asset that exists on the record-keeping technology. They have seen a surge in popularity over the last year, with people buying artwork and video highlights from sports games as NFTs.

Sales of NFTs reached some $25 billion in 2021, according to market tracker DappRadar, although there were signs of growth slowing towards the end of the year.

Last week, Twitter Inc announced the launch of a tool for users to showcase NFTs as hexagonal profile pictures. This month, the Financial Times reported that Meta Platforms Inc were working on ways to allow users to create and sell NFTs on Facebook and Instagram. In December, Instagram head Adam Mosseri said the company was exploring NFTs.

The popular short video app TikTok went into the craze in September, announcing an NFT collection designed by some of its top creators.

Reddit Inc is exploring the space after recent job listings from the company on LinkedIn advertised for several engineer positions for a rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs.