YouTube May Add NFTs To The Creators PlatformJanuary 27, 2022 3:26 pm
YouTube’s CEO, Susan Wojcicki, mentioned in a company announcement that non-fungible tokens (NFTs) may be coming to YouTube’s creator platform soon.
The company has stated that it is looking to capitalize on emerging technologies like blockchain and cryptocurrencies as ways to hopefully expand the number of ways creators can earn money and NFTs seemed like the perfect fit.
NFTs could then be considered the new way for creators to monetize their business along with the variety of other options available today such as ads and YouTube Shorts.
The video platform giant also mentioned that it has gaming creators as the highest priority focus for this initiative because the gaming industry has already displayed significant acceptance for the use of NFTs in games which makes this the easiest use case for the company to capitalize on.
Adoption news: YouTube is exploring the addition of non-fungible token (NFT) features for its video creators, its CEO said in a letter to its broadcasters.
— Binance (@binance) January 25, 2022
What this could look like is yet to be determined, however.
No additional details were provided in Wojcicki’s statement aside from the claim that the YouTube team will use developments in the Web3 space “as a source of inspiration.”
“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
YouTube boasts one of the largest creator communities and is the second most visited site in the world, according to Similarweb.
In light of the rise of the Metaverse and other Web3 initiatives by social media platforms like Meta and Twitter, which has recently allowed iOS users to use NFTs as their profile pictures, YouTube looks to compete to retain and attract talent.
Capitalizing on the potential revenue of the NFT market is something that a lot of companies are looking to get involved in these days.
For a platform like YouTube that is largely dependent on its creators for its business, the ability to turn video clips and other digital content into NFTs could revolutionize the video streaming space.
A move like this would follow the steps of other tech giants such as Twitter which recently expanded its profile picture service to utilize NFTs.
Sales of these video NFTs could potentially be tremendous as it was reported that a viral video NFTs last year were being sold at over $100,000 per video.
If YouTube were to manage the sale and creation of NFTs using its platform, it could be very likely that the marketplace of video NFTs would expand very rapidly.
Creators of some viral videos on YouTube have already noticed the potential and have jumped on the bandwagon already.
Creators of a few viral YouTube videos have already made them into NFTs and sold them on their own.
The Charlie Bit Me NFT, depicting a baby biting his brother’s finger, was auctioned off last year, selling for $761,000.
David After Dentist, a video of a disoriented child post-anesthesia, was sold as an NFT for over $11,000.
As of right now, the company has not provided any hints on what the NFT features could like like for the creators platform, but mentioned that more details would follow later in 2022.
YouTube is exploring adding NFT options for its video creators, CEO Susan Wojcicki says.
— Bloomberg Quicktake (@Quicktake) January 26, 2022
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