YouTube and NFT Space: Everything You Need to Know
YouTube, the world’s biggest video-streaming platform, made news earlier this year when it announced the launch of various new creator tools. The creator tools will help both YouTube and content creators on the platform to expand monetization. Over the years, YouTube has kept adding various features and tools that have allowed creators to curate diverse, high-quality content for their target audiences. However, this time, the announcement raised eyebrows because of the mention of NFTs.
NFTs, or non-fungible tokens, are digital assets that have exploded in popularity in recent months, and with YouTube set to enter the NFT space, things are sure to get more exciting. In this article, we’ll take you through the latest NFT YouTube developments.
So, read on.
What exactly are non-fungible tokens?
NFTs can be defined as digital assets that are representative of real-world music, art, videos, and in-game items. People trade in NFTs online, and many of the trades are carried out through cryptocurrency-based transactions. NFTs also share similarities to cryptocurrencies in terms of their underlying software.
While the origin of the world’s first NFT can be traced back to 2014, it wasn’t until 2017 that NFTs started gaining popularity. Since November 2017, however, NFTs have done major business, generating more than a whopping $174 million.
The thing that makes NFTs different from other digital assets is the fact that NFTs are unique or in short supply. So, if the demand for an NFT in short supply is high, its value will skyrocket over time. NFTs also contain built-in authentication, which doubles up as ownership proof.
How is YouTube planning to play a role in the NFT space?
In early 2022, YouTube suggested that the platform has plans to enter the NFT space, and in February, the platform’s chief product officer Neal Mohan made it official. Mohan wrote in a blog post that creators would be able to sell their videos as NFTs in the near future. Mohan’s post mentioned that Web3 would provide a whole host of brand-new opportunities for YouTube-based content creators.
According to Mohan, there’s a belief that new tech such as NFTs and blockchain will provide content creators with various opportunities to develop more intimate relationships with fans. Content creators and their respective fans will also be able to collaborate on projects and earn income in ways that simply weren’t possible before. Once the tools are launched on YouTube, fans can own not just art, photos, and videos but also their favorite experiences from creators they love.
However, so far, there’s still no clarity as to whether there would be any conflicts between NFT ownership and copyright law. While the purchase of an NFT provides public records of asset-based transactions and establishes ownership, there is no copyright transfer to the buyer from the original owner.
While YouTube videos can’t be sold as NFTs on the platform yet, creators from the platform’s early days have already sold their viral videos as NFTs outside YouTube. For instance, ‘Charlie Bit My Finger,’ a viral YouTube video from 2007, was sold by the creator for a mammoth $760,999.
What more can YouTube content creators expect?
In addition to the ability to sell videos as NFTs, YouTube content creators can look forward to more features such as:
- Creators can monetize YouTube Shorts and also engage with fans directly through the feature, similar to TikTok.
- Collaborative live streaming, which will allow content creators to do live videos together. Other live streaming features are expected as well, which will make YouTube similar to Twitch.
- Users can also gift paid memberships to other users. This feature is currently being tested by YouTube.
So, all in all, YouTube-based content creators have a lot to look forward to in 2022. If you’re a content creator on YouTube, we’d like to tell you about GoViral, a software tool that’s designed to help you grow on YouTube. Through GoViral, you can raise your user engagement stats by getting free YouTube comments and free YouTube likes. You can also increase your YouTube following by getting free YouTube subscribers.
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