NFTs are starting to be used in a variety of different fields, platforms, and digital contexts in recent articles. When Twitter and Meta unveil their upcoming NFT goals, NFTs seem to be rapidly expanding way beyond those stupid cartoons of punks and tired apes. NFTs range from game items to marketable digital assets. It should come as no surprise that YouTube executives have recently addressed the potential use of NFTs to improve the platform’s services for users and content creators.
The importance of inspiring creators
Platforms like YouTube rely heavily on content creators to stay alive, despite their efforts to constantly innovate. There was less competition in 2005 than there is today when Jawed Karim recorded and published the hilariously redundant “Me at the Zoo” video to YouTube. Social media was only getting started.
There was no TikTok, Snapchat, or Instagram. In some ways, it was, yet it feels like a different time. Nonetheless, despite these changes to the Internet as a whole, YouTube has managed to keep growing. And one of the main factors in this company’s history of innovation and flexibility has been the strategies it has devised to encourage content creators to keep providing to the platform. This Google-owned business.
To increase their income, creators today employ a number of monetization strategies. Many of video creators are able to support themselves through their films thanks to revenue from Google adverts, sponsorship, merchandise, paid subscriptions, and channel memberships. And while it might seem that the majority of YouTubers are making a good living, the truth is that their earnings can vary greatly, and most of them are continually looking for new ways to grow their audience, employ more lucrative monetization strategies, and generate more income.
To continue to entice content producers to publish their videos on the network, YouTube has announced that it intends to use a relatively new technology like the blockchain. This appears to be a wise choice.
“Great potential” of NFTs
YouTube CEO Susan Wojcicki recently wrote about NFTs in a blog post, calling them “a previously unthinkable possibility to improve the bond between creators and their audience.” Currently, a lot of YouTubers cater to their viewers’ “levels of fandom” by providing different kinds of content. Exclusive material for paying customers, WhatsApp or Telegram groups for paying members, and WhatsApp or Telegram groups for free subscribers are all contemporary techniques used by creators. NFTs may enable creators to take this to a new level by giving fans “a genuine method to own exclusive films, photographs, artwork, and even experiences from their favorite creators,” as YouTube CEO Neal Mohan previously stated. In yet another letter, Mohan addressed the potential applications of these new technologies while emphasizing their “huge promise.”
There are currently no specifics on how NFTs will be included into the YouTube ecosystem. Yet, we can anticipate that owners of NFT collections will be allowed exclusive access to certain of a creator’s content or badges during live streams, as this could significantly boost artists’ ability to monetise their creations. Selling videos or segments of videos as NFTs is another simpler use for tokens.