YouTube NFTs may be on their way. YouTube has always kept up with the trends. Once, it was just an official platform to upload and share videos. Now, it has become a creator-oriented platform that empowers people. The content creators can monetize their videos, provide advertisements, and much more.
With time, YouTube also added a ‘Shorts’ initiative this mirrored the mechanisms of TikTok and Instagram Reels. The Short videos became a new gateway for people to provide everything on a single hub.
With such a significant presence and expansion, YouTube is set to enter the NFT world. It is also an initiative to keep up with the trends and enhance the monetization aspects for the creators.
The Need For NFTs On YouTube
YouTube is a platform that offers distribution and monetization of the content. NFTs are becoming prominent across various social media. For example, Twitter allows users to showcase their NFTs as profile images. Instagram is also going to offer NFTs and Web3 capabilities soon. YouTube is also an integral part of these social media platforms. Therefore, it is becoming indispensable for YouTube to incorporate NFTs.
Many influencers and creators already use other NFT creation tools to share their content, especially videos. These also include Videos from earlier days before they went viral or a video that helped them become viral.
People are also turning their memes into NFTs, and with the growing capabilities of NFTs, YouTube acknowledges the potential to bring it to the users.
Introduction Of The Content ID Tool
YouTube is keeping things hidden regarding its plans to incorporate the NFT tools and blockchain. However, YouTube has acknowledged the importance of these technologies and how it will be integral for YouTube to evolve with Web3. Their newly introduced tool, the Content ID Tool, does seem to offer something similar to NFTs.
The 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 infringement, among other things. The expansion of the Content ID tool will enable the creators to build better relationships with their fans.
The ways of NFTs and the prospects of owning the content for the fans could be a breakthrough for YouTube.
The Urgency For YouTube To Add NFTs
As YouTube has always been about monetising content, it doesn’t play well for it to miss out on NFTs. There have been many other platforms that are offering a way for the creators to mint new NFTs. These NFTs aren’t just visuals, arts, or graphics. People are moving to mint NFT music and videos. And yes, it has become a way for them to monetise their creation.
So, as YouTube has always been a platform to help people monetise their content, it is only ideal for it to add NFT and integrate blockchain technology. The new Web3 phenomenon and connection with Meta can be a huge step towards empowering content creators.
Challenges: YouTube’s Long-Term Approach
YouTube has always been about offering long-term monetisation methods to content creators. It helps build a sustainable platform and fan following that can help people for years to come. Creators generate great revenue from older videos.
However, NFTs seem to be a highly volatile field. It can grow or burst anytime. NFTs that are high in value currently could be worth nothing in the next month. NFTs heavily rely on trends and publicity. YouTube itself can be a great trendsetter. However, even it can’t predict or promise tangible results from the NFTs.
Recently, there has been a decline in the demand for NFTs. Even the high-end NFTs on Ethereum, like the Bored Ape Yacht Club, have also seen a tremendous fall. Projects and a new era of blockchain gaming with NFTs are also turning into a bubble bursting faster than one can expect.
Therefore, the implementation of the NFTs can be pretty complicated for YouTube. Nobody can gain a stable or sustainable income from the NFTs. And this will be the biggest challenge for the developers at YouTube.
The Bottom Line
YouTube is bound to add NFTs or an alternative similar to NFTs. For its long-term sustenance, YouTube is probably working on a model. Once that aspect is figured out, YouTube will become a fascinating platform for NFT creators and traders.
Indeed, not all YouTube features are always great, like the hidden dislike count feature, which received backlash at first, but has become a great aspect now. Similarly, we can expect some trial and error before YouTube finds a way to stabilise NFTs.
Either way, one thing is for sure, with the growing demand for the NFT additions and blockchain security, YouTube will most likely add NFTs to the platform.
While the details are unclear, we can expect more to hear from Youtube on the topic.