YouTube is looking at features that will allow its video creators to profit from non-fungible tokens (NFT), becoming the latest tech business to capitalize on a digital collectibles craze that has surged in the last year.
NFTs are a form of digital asset that operates on the blockchain-based record-keeping system.
Many people are turning to NFTs to purchase artwork and video clips from sports games, which has witnessed a recent uptick in popularity.
“We’re constantly expanding the YouTube ecosystem to enable creators to capitalize on emerging technologies, such as NFTs, while also strengthening and improving the creators and fans of the experience have on YouTube,” YouTube CEO Susan Wojcicki wrote in a letter outlining the company’s priorities for 2022.
In September, TikTok, the popular short video app, joined the bandwagon by unveiling an NFT collection produced by some of its best producers.
According to market tracker DappRadar, NFT sales hit over $25 billion in 2021, but growth slowed at the year’s close.