Alphabet’s (GOOGL) YouTube is the latest high-ranking brand to take note of the non-fungible tokens (NFT) craze. The video platform is contemplating adding NFT features to enhance the connection between creators and their fans. GOOGL stock dipped 2.96% to close at $2,538.70 on Tuesday.
Alphabet is a holding company and parent company of Google and YouTube. The company makes most of its money from online advertising and cloud services.
NFT Features on YouTube
YouTube’s Chief Executive Officer Susan Wojcicki has confirmed plans to add NFT features to enhance innovation on the video platform. According to the executive, the addition will go a long way in helping content creators capitalize on emerging technologies via the platform.
In addition, Wojcicki expects the integration of NFT features to help strengthen and enhance the experiences of content creators and fans on the platform. While the executive is yet to confirm what exactly they intend to do, it marks the first time that Alphabet has affirmed its interest in cryptocurrency collectibles.
Home to the largest creator economy, YouTube has in the recent past sought to offer new ways for creators to make money on the platform beyond advertising. Wojcicki has already affirmed they are looking into Web3, a new iteration of the World Wide Web-based on the blockchain, as a source of inspiration to enhance innovation on the platform.
YouTube joins the likes of Twitter (TWTR), which has already allowed people to post NFTs as profile photos. Competition among NFT stocks is heating up with Meta Platforms’ (FB) Instagram also working on the same offering, according to Bloomberg.
Analysts’ Take
Morgan Stanley analyst Brian Nowak has reiterated a Buy rating on the stock with a $3,430 price target, implying 35.11% upside potential to current levels. Ahead of the company’s earnings next week, the analyst sees some positives for GOOGL, with strong e-commerce trends pushing customers to shop online. According to the analyst, consumer behavior is increasingly shifting towards Google search.
Consensus among analysts is a Strong Buy based on 27 Buys and 1 Hold. The average Alphabet price target of $3,386.25 implies 33.39% upside potential to current levels.
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