Quick Summary
- Youtube is going through several upgrades and it wants to include NFTs in creator tools. Neal Mohan, The CPO of Youtube believes their monetization tools open up new options for artists.
NFTs Explained
NFTs are non-fungible tokens; they are unique on their blockchain and cannot be replaced. NFTs can be anything digital, such as drawings, music, images, films, or any other thing.
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Youtube NFT Update
YouTube has been declared the second famous social platform. There are roughly 2.24 billion YouTube users in the world. YouTube intends to broaden its shopping services throughout the platform and investigate alternative ways to include buying into the YouTube experience.
Moreover, Youtube wants to discover other ways to the shoppable videos and Live Shopping events that have been tested in recent months. Also, the CEO of YouTube has recently said: “They are about to add NFTs in their new YouTube creator tools.”
Neal Mohan’s Blog:
He is the Chief Product Officer (CPO) of YouTube. In a blog post, he wrote that the new creator monetization tools would have to sell NFTs.
According to Mohan’s blog post, Web3, an umbrella name for the third phase of the internet based on transparency ledgers like blockchains, “opens up new options for artists.”
“We think that new technologies such as blockchain and NFTs can help creators develop closer relationships with their followers,” Mohan said.
“By working together, people will be able to cooperate on new initiatives and earn money in ways that were not previously feasible. Giving fans a legitimate means to own unique movies, images, art, and even experiences from their favorite creators, for example, might be an appealing possibility for both creators and their audiences. There is much to consider in ensuring that we approach these new technologies appropriately, but we believe there is also tremendous opportunity.”
Other Features Of YouTube
YouTube also revealed how it intends to monetize its YouTube Shorts offering, a TikTok clone. Creators will respond to comments with short videos, which is another TikTok function. YouTube is also moving closer to Twitch by including additional live streaming options into YouTube Shorts. YouTube intends to release collaborative live streams, allowing creators to go live simultaneously.
Even YouTube executives are unsure how YouTube NFTs will operate. The use-cases described above have already occurred on other platforms. “There’s a lot to think about to embrace these new technologies properly,” Mohan says. “However, we believe there is tremendous potential as well.”
Conclusion
Successful creators bring in advertising money. YouTube continues to look for methods to assist producers in creating and monetizing compelling content to keep them on its network as the competition for both creators and users intensifies with services such as TikTok. NFTs could be another step to the success of these platforms.
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sources: sounderground, nbcnews
author: Rene Remsik, Hafiz Awaiw
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
