NFT and YouTube

Video hosting service YouTube, owned by US company Google, has announced plans to use NFT technology to monetise content created on the platform. This is according to a statement published on the video hosting website on Thursday.

"We believe that new technologies such as blockchain and NFT can allow content creators to establish a deeper relationship with their viewers," YouTube said in the publication.

It is worth noting that as part of the new monetisation strategy, viewers will be able to access videos and photos as well as other content created by bloggers.

"We have a lot to consider to make sure we approach the new technology responsibly, but we believe there is serious potential in it," the video hosting service noted.

However, according to data provided by the video hosting service, as of 2021, the service provides bloggers with at least 10 ways to monetize their content. According to the announcement, the number could increase in the future.

A non-fungible token (NFT) is a digital certificate based on blockchain technology that confirms the ownership of a virtual asset. An NFT is unique and cannot be forged or replaced with another. NFT technology was created in 2017.