In recent papers, NFTs are beginning to be applied in a range of other industries, platforms, and digital settings. When Twitter and Meta reveal their forthcoming NFT objectives, NFTs will have well beyond those ridiculous cartoons of punks and worn-out apes. Game objects and tradable digital assets are both examples of NFTs. That YouTube executives have lately discussed the possible use of NFTs to enhance the platform's services for users and content producers shouldn't come as a surprise.
Despite their best attempts to continually innovate, platforms like YouTube primarily rely on content providers to survive. When Jawed Karim recorded and uploaded the delightfully repetitious "Me at the Zoo" video on YouTube in 2005, there was less competition than there is now. Social media was still in its infancy.
TikTok, Snapchat, and Instagram didn't exist. While it was, in some ways, it still seems like a different era. Yet, YouTube has continued to expand despite these changes to the Internet as a whole. The tactics this firm has developed to encourage content providers to continue contributing to the platform have been a major contributor to its history of innovation and adaptability. This company is owned by Google.
Present-day producers use a variety of monetization techniques to enhance their income. With income from Google advertisements, sponsorships, merchandising, paid subscriptions, and channel memberships, many video makers are able to sustain themselves through their content. Although it may appear that most YouTubers are earning a respectable living, the truth is that individual YouTubers' incomes can vary greatly, and the majority of them are constantly looking for new ways to expand their audiences, use more effective monetization techniques, and increase their income.
YouTube has said that it plans to employ a relatively new technology like the blockchain in order to continue to incentivize content creators to upload their films on the network. This seems like a good decision.
According to a recent blog post by Susan Wojcicki, CEO of YouTube, NFTs are "a previously inconceivable option to deepen the link between artists and their audience." At the moment, many YouTubers cater to their viewers' "levels of fandom" by offering various types of material. Contemporary approaches utilized by producers include exclusive content for paying clients, WhatsApp or Telegram groups for paying members, and WhatsApp or Telegram groups for free subscribers. By providing fans with "a genuine method to own exclusive films, photographs, artwork, and even experiences from their favorite creators," as YouTube CEO Neal Mohan previously remarked, NFTs may enable producers to take this to a new level. Mohan discussed the possible uses of these novel technologies in yet another letter, highlighting their "great promise" while doing so.
The mechanics of how NFTs will be incorporated into the YouTube ecosystem are still unknown. Yet, we may expect that owners of NFT collections will be given special access to certain of a creator's material or badges during live streams, since this might greatly increase artists' capacity to monetize their works. Another easier use of tokens is to sell films or parts of videos as NFTs.