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YouTube will likely offer NFT-based capabilities

BingMag.com <b>YouTube</b> will <b>likely</b> <b>offer</b> <b>NFT-based</b> capabilities

"Suzanne Wojciech", CEO of YouTube, considers video streaming platforms as one of the priorities of 2022, in which users can earn much more money than before. . He announced that the largest video sharing service in the world is always looking for new ways to generate revenue for content makers, and that he is considering the technology of irreplaceable tokens (NFT) in his future plans.

The CEO of YouTube in a letter to The YouTube community has shared some interesting data about the health of this video streaming service. He talked about the short videos of the TickTook app on YouTube called Short, and said that these videos were well received by users and had more than 5 trillion views. The success of Short Videos on this platform is likely to be a major competitor to TickTook and its growing user base, which briefly surpassed Google as the world's most popular platform in late 2021.

BingMag.com <b>YouTube</b> will <b>likely</b> <b>offer</b> <b>NFT-based</b> capabilities

Susan Wojciechie also acknowledged that earning money on YouTube has increased and that many users are making a living this way. He added that the number of channels and content creators earning $ 10,000 or more was up 40 percent from the previous year. As part of the ongoing tools that enable content creators to monetize the YouTube platform, we will soon see the introduction of non-exchangeable tokens (NFT) support on this platform. "Over the past year, the world of cryptocurrencies, non-exchangeable tokens (NFTs) and even decentralized organizations (DAOs) have provided an unimaginable opportunity to develop a connection between content creators and their proponents," he said. "We have always focused on expanding the YouTube ecosystem to help content creators invest in emerging technologies, such as NFT, while continuing to enhance the experiences of content creators and fans on YouTube.">

It should be noted that content creators on YouTube already made money from NFT technology. Some YouTube creators, for example, have already made money on NFT technology by selling the hugely popular "Charlie Bite Me" video for about $ 750,000. This video is no longer available to the public after sale. YouTube has not released more information about the possible NFT capabilities for this platform. The CEO of the company also explained about the removal of the Dislike option: "On this platform, we sometimes see that the number of dislikes of a video is much more than its likes, and this sometimes hurts the content producers. This often targets smaller manufacturers and those who are just starting out. We want every content creator to feel that they can offer their desired content to other users without harassment. So we decided to remove the Dislike option from this platform. "

BingMag.com <b>YouTube</b> will <b>likely</b> <b>offer</b> <b>NFT-based</b> capabilities

He confirmed that the shopping tools on this platform are going to be further expanded. Advertising around NFTs is clearly causing many brands and platforms to try to use this blockchain-based technology in their products. While there are limited opportunities for NFTs to become a powerful complementary tool for creators and artists, we need to see where the long-term value of digital art commodification lies in the context in which it is designed to share content. A major concern here is that, like the "Charlie Bites Me" video, we may see popular content disappear or be restricted by those who want to effectively buy YouTube content rights or take it offline. p>

YouTube CEO posted a post claiming that YouTube is committed to supporting environmental content creators to reinforce positive content. Given the potential environmental impact of NFTs, this decision seems to potentially conflict with any other environmental commitment. It should also be noted that since cryptographic arts such as NFTs are very new, it is difficult to accurately assess the impact of irreversible token creation on markets. If the positive effects of these are proven, Google should convince people that NFTs are not just a fleeting stream, but should also address the benefits to builders and the environment.


Source: 9to5mac

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