Recently, YouTube announced that it will be venturing into Non-fungible-tokens (NFTs), powered by web3 and blockchain. The video platform wants to unite the artists with their audiences on a deeper level and aspires to adapt to the evolving world of blockchain.
In a letter to YouTube’s video creators, Susan Wojicki, CEO of YouTube described that the platform is exploring how its creators will benefit from the digital collectibles. She mentioned that the NFTs are an inspiring source to build an NFT-based YouTube platform.
Driving the internet revolution Web3, NFTs are considered to be one of the leading digital trends of 2022. The impact of NFTs will enable everything from branding to games and art, making it the best of digital trends for 2022. If you’re planning to prep for YouTube’s NFT future, have a look at the below points to adapt and to know how it changes the face of the popular video streaming software.
NFT are verifiable digital assets or collectibles, mostly works of art that can be purchased and sold on the blockchain. Athletes, fashion brands, celebrities, auction houses, sports leagues, and even the former first lady Melania Trump have jumped into this trend.
In the last months, social media platforms have also shown interest in this marketplace to provide the content creators with an alternative source of revenue. The NFT features are the new digital status symbols that permit people to uphold and exhibit their membership in identity groups and a place in social hierarchies. For instance, users who use NFTs for Twitter’s hexagonal form profile picture separate them from ordinary users. “The Post NFT profile pictures also signal people’s allegiance to the cryptocurrency community,” said Eugene Wei, Tech analyst and investor.
YouTube CEO Wojicki wrote in her letter that NFTs (Non-fungible tokens), and decentralised autonomous organisations (DAOs) have highlighted a formerly unbelievable opportunity to grow the association between creators and their fans in the past year in the world of crypto.
She further elucidated that, to help creators capitalise on the emerging technologies YouTube has always focused on expanding the ecosystem with technology like NFTs. And YouTube is enduring to fortify and boost the experiences of creators and fans in the video platform.
⁍ YouTube allowing its influencers and creators to sell NFTs directly to their fans is something huge for both the viewers and the platform.
⁍ The use of NFTs on the video streaming platform might also affect the major brands’ marketing standards and how they usher into a new era of creative approaches such as gaming, design, and video creation
The integration of NFTs into YouTube content can help the creators to build a far deeper community engagement, and brands may allow NFT holders to own a campaign. It could be huge for creators, and for platforms like YouTube if this scope and scale are used for creative reasons.
It is probable that YouTube is looking out for a better ecology around NFT creation. YouTube will be collaborating with carbon-neutral and low-carbon blockchains like Solana Flow or Wax. Nevertheless, there will be no further delays in implementing the YouTube NFTs and the launch will soon arrive.
“The controversial next stage of the internet, opens up new opportunities for creators,” said Neal Mohan, YouTube’s chief product officer.
⁍ Fans will own unique videos as the technology will provide a verifiable way for art, photos, and even experiences from their favorite creators that will be a captivating prospect for creators and their audience. There are a lot of facts that YouTube will ponder to approach these new technologies, according to Neal Mohan.
⁍ Yet, it is unclear what exactly YouTube means when it says that fans can own creators’ videos, as the NFTs do not fundamentally transfer copyright to owners.
⁍ It is probable that YouTube might integrate the NFTs where the collectors can gain exclusive access to a creator’s content, or earn NFT badges during livestreams. It will offer an additional monetization mechanism for creators as well. Nevertheless, more particulars on YouTube’s NFT plan is awaited.
Market growth of NFTs
NFT sales have soared high in the last year. Yet, critics express that copyright theft, scams, and other predatory behavior have also affected the growth of NFTs in the market.
And therefore, critics claim that the growth will get doubled if these scams are rectified.
Few of the YouTube video creators have already turned their viral videos into NFTs and traded them to their fans. Charlie Bit Me NFT, a YouTube video that depicts a baby biting his brother’s finger, was auctioned as an NFT for 761,000 USD in 2021. Similarly, another YouTube channel in the name David After Dentist, sold their video of a disoriented child post-anesthesia by creating it as an NFT for more than 11,000 USD.
What’s the big deal?
⁍ NFT’s growth is stretching wider every single day and the initiative by YouTube to create an NFT-based video platform is driving more investors into the NFT arena.
⁍ If you’re an entrepreneur and looking to invest in NFTs, then it is the right time for you as the timing for every business is crucial.
⁍ What are you waiting for? Gear up and consult the NFT experts for NFT development services. Invest in the NFTs today to reap in millions tomorrow.
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