YouTube's NFTs may be on the way. YouTube has always known how to follow trends. It used to be just an official platform for downloading and sharing videos. Today, it has evolved into a creator-focused platform that empowers people. Content creators can monetize their videos, offer ads, and more.
Over time, YouTube has also added a “Shorts” initiative that mirrors the mechanics of TikTok and Instagram Reels. Short videos have become a new gateway for people to offer everything in one medium.
With such presence and expansion, YouTube is ready to enter the world of NFT. It is also an initiative to follow trends and improve monetization aspects for creators.
The need for NFTs on YouTube
YouTube is a platform that offers content distribution and monetization. NFTs are increasingly present on various social media. For example, Twitter allows users to feature their NFTs as profile pictures. Instagram will also offer NFTs and Web3 features soon. YouTube is also an integral part of these social media platforms. Therefore, it becomes indispensable for YouTube to embed NFTs. For more NFT news, see Cryptonomist.
Many influencers and creators are already using other NFT creation tools to share their content, including videos. It's also videos from the days before they went viral or a video that helped them go viral.
People are also turning their memes into NFTs, and with the growing capabilities of NFTs, YouTube recognizes the potential of making them available to users.
Introduction of Content Identification Tool
YouTube says nothing about its plans to integrate NFT tools and blockchain. However, YouTube has recognized the importance of these technologies and how they will be integral to YouTube's evolution with Web3. The newly introduced tool, the Content ID Tool, seems to offer something similar to NFTs.
This tool will allow content creators to track their videos. Users can manage their content without having to worry about anything. They can easily track any copyright violations, among others. The expansion of the Content ID tool will allow creators to build better relationships with their fans.
NFT's means and the prospect of owning the content for fans could be a breakthrough for YouTube.
The urgency for YouTube to add NFTs
As YouTube has always sought to monetize its content, it is undesirable that it miss out on NFTs. Many other platforms offer creators a way to earn new NFTs. These NFTs are not just visuals, arts or graphics. People are getting into creating NFT music and videos. And yes, it has become a way for them to monetize their creation.
So, since YouTube has always been a platform to help people monetize their content, it is ideal for it to add NFT and integrate blockchain technology. The new Web3 phenomenon and the connection with Meta can be a huge step towards empowering content creators.
The challenges: YouTube's long-term approach
YouTube has always aimed to provide long-term monetization methods for content creators. This builds a lasting platform and fans that can help people for years to come. Creators generate significant revenue from older videos.
However, NFTs seem to be a very volatile area. It can grow or burst at any time. NFTs that are high in value now may not be worth anything next month. NFTs are highly dependent on trends and advertising. YouTube itself can be a big trend setter. However, even he cannot predict or promise tangible results from NFTs.
Recently, there has been a decline in demand for NFTs. Even high-end NFTs on Ethereum, such as the Bored Ape Yacht Club, have seen a significant drop. Projects and a new era of blockchain games with NFTs are also turning into a bubble that is bursting faster than one might expect.
Therefore, implementing NFTs can be quite complicated for YouTube. No one can get a stable or sustainable income from NFTs. And that will be the biggest challenge for YouTube developers.
The bottom line
YouTube will definitely add NFTs or a similar alternative to NFTs. To ensure its long-term sustenance, YouTube is probably working on a model. Once this aspect is resolved, YouTube will become a fascinating platform for NFT creators and traders.
Indeed, not all features of YouTube are always great, like the hidden dislike count feature, which got some negative feedback at first but has become a great aspect now. Similarly, we can expect some trial and error before YouTube finds a way to stabilize NFTs.
Either way, one thing is for sure, with the growing demand for NFT additions and blockchain security, YouTube will most likely add NFTs to the platform.