Youtube is exploring NFT features for creators to make money

    Youtube is planning to add Non – Fungible Token feature for its video creators. After the success of youtube shorts, youtube is going to target the NFT feature. It has now become one of the following big social platforms enabling NFT features in its platform.

    NFT are a type of asset that is digital and uses blockchain technology. There has been a significant surge in the popularity of the NFT since last year, and its sale has reached about $25 million last year. Due to the increase in its popularity among people, almost all the big social platforms are planning or trying to allow their users to use NFT in their platform.

    “We’re always focused on expanding the Youtube ecosystem to help creators to capitalize on things like NFTs while continuing to strengthen and enhance the experiences of creators and fans on Youtube.” This is the official letter written by Youtube CEO Susan Wojcicki on the company’s 2022 priorities. However, he doesn’t share much detail regarding the project and hints at emerging technology on Youtube. This letter also acknowledges the benefits of crypto, decentralized autonomous organization (DAO), and NFTs.

    Youtube is also looking forward to using Web 3.0, called next-generation internet, in their platform and is considering them a source of inspiration. They are also focusing on investing in other areas such as online gaming, shopping, etc. As its competitor, like Meta, has introduced online gaming much before Youtube. Youtube is also trying to introduce online games because it has been a profitable model in recent years.

    However, it’s not the first time a major social media platform has introduced NFT. Many platforms have raised the NFT feature for their users. Recently, Twitter has come up with the idea of presenting a hexagonal profile picture of those users who want to show off their NFT. Tiktok, a platform for short videos creation, has also ventured into this space. In September, they have also announced that they will introduce an NFT collection designed by some of its top creators. According to the Verge reports, Meta is also working on ideas to enable its user to buy and sell NFT on Facebook (Now Meta) and Instagram.

    However, it will be interesting to see how youtube will allow its creators to make money from it as per the reports. Till now, NFT is only inclined to display the NFT, which acts as a prize possession of a person on all social media platforms. For example, If a person owns Bored Ape Yacht Club NFT, they can only use them as a profile picture on their social media platform to show off your valuable digital asset. If anyone has to buy NFT, then the only option is to buy them from the NFT marketplace, and from there, only they can make money. No social media platform gives the feature to make money from their platform. So, if Youtube introduces this feature on their platform, it would surely be a new big update in the NFT space, and we will keep you updated regarding this news.

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