In a bid to allow creators to monetize their content, YouTube is launching new tools that will let them mint their videos as NFTs.
Creator Tools To Integrate NFT Tech
YouTube’s chief product officer, Neal Mohan announced via a blog post that the platform is dabbling with non-fungible tokens (NFTs) by including it in its creator tools. This will allow content creators to sell their videos as NFTs to fans who will be able to ‘own’ them.
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible. For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences.”
YouTube Is Exploring Blockchain Tech
The announcement comes just weeks after YouTube CEO Susan Wojcick talked about integrating NFT technologies to boost the content production journey of creators on the platform.
In his blog post, Mohan also addressed the struggles faced by content creators in terms of new content ideas or understanding what works best for their channel. He stated that the team is exploring new ways involving Web3 tech, blockchain, NFTs, and the Metaverse to provide additional support to its creator community and to enhance the viewing experience.
Enhancing Viewer Experience
In the blog, Mohan also discussed the steps being taken to improve the viewer experience. The NFT integration would allow viewers to ‘own’ the content being created by some of their favorite creators. Furthermore, Mohan also teased viewers with the buzzword “Metaverse,” hinting at newer ways of content consumption through virtual reality.
“Finally, we couldn’t have a piece about innovation without touching on the Metaverse! We’re thinking big about how to make viewing more immersive…It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers.”
Criticisms Against The Move
As the latest trending technology, most companies are adopting NFT into their roster of services and offerings. However, when a tech giant like YouTube does the same, it does invite a closer scrutiny and criticisms. The primary complaint against NFTs has been the environmental impact. This should be a cause of concern for YouTube’s parent company Google, which claims to support environmental sustainability. Furthermore, there is still confusion over NFT ownership conflicting with copyright law and that is not sitting right with many YouTube creators.
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.
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