In the past year, the rise of Non-Fungible Tokens (NFTs) has been brought to attention, enhancing the connection between creators and fans. A few weeks ago, Susan Wojcicki, the CEO of YouTube, wrote a letter about the emerging Web 3.0 acting as an inspiration for the services offered by the company in 2022. Since YouTube is a platform based on creators and viewers, it makes sense for the Google-owned corporation to seek out ways to utilize NFTs in its ecosystem.
This month, Neal Mohan, Chief Product Officer, wrote, "We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans." He went on to say, "Together, they'll be able to collaborate on new projects and make money in ways not previously possible."
Forming successful content is the prominent problem creators face – videos receiving many views, shares, and likes. NFTs allow creators to diversify their offerings. Mohan suggested that creators could "sell videos, photos, art, and even experiences" to fans. Some current ways to monetize the video-sharing platform include the YouTube partnership program, selling products or merchandise, and connecting with brands as an influencer. Monetization is possible for YouTube as an NFT marketplace; it takes a commission from the sales through seller's or buyer's fee. NFTs will open up another monetary avenue for both YouTube and the creator. The creator also invites collaboration with fans and cross-collaboration with other producers.
To date, the NFT space is partial to scams and copyright theft. The social media platform suggests it could make NFTs safer by implementing mechanisms to assess the legitimacy of assets through its collection of videos.
Mohan touched on the subject of Metaverse, saying, "We're thinking big about how to make viewing more immersive." Gaming is the first area to be impacted where YouTube will "work to bring more interactions to games and make them feel more alive." The platform has supported virtual reality videos since 2016 with a virtual reality division within its organization. As of now, there are no significant plans on how the online video sharing and social media platform would implement the Metaverse experience. But big things are expected.
YouTube is not the only social media company to become involved with NFTs and the Metaverse. Meta is considering introducing a marketplace on Facebook and Instagram where users can create, display and sell NFTs. Twitter brought a feature in January to allow users to connect to their NFT wallet and show NFTs as hexagonal profile pictures. YouTube and other big tech giants are aware of the importance of NFTs and the Metaverse and are taking steps to become immersed in the arena.
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