YouTube plans to integrate non-fungible tokens (NFTs) into its platform by the end of the year. The Google service wants content creators to be able to sell videos, photos and other works to their fans in the form of NFTs. Despite the enthusiasm, YouTube plans to proceed with caution.
YouTube proposes that videographers sell non-fungible tokens (NFTs)
In a statement released on February 10, 2022, online video giant YouTube announced new tools for creators to monetize their content. Among the features announced by Google’s platform is the imminent arrival of non-fungible tokens (NFTs).
According to Neal Mohan, product manager at YouTube, “new technologies like blockchain and NFTs can allow creators to build more genuine relationships with their fans.”
More concretely, the platform wants to give creators the ability to sell their videos to their community in the form of digital works certified on a blockchain. The framework refers to the project as a collaboration between fans and creators.
“Creators will be able to earn money in ways that were not possible before. For example, they will be able to give fans a certified way to own videos, photos, art and even unique experiences,”Neal Mohan continues.
YouTube had already expressed interest in digital works in late January. The video-sharing platform had already pledged to do everything it could to ensure that creators could benefit from the NFT craze. YouTube had not said more about its plan.
NFTs to arrive on YouTube sometime in 2022
The official says that NFTs, like the other features mentioned in the release, will be deployed later this year on YouTube. Unsurprisingly, the platform, which has 2 billion users worldwide, plans to proceed with great caution to avoid user rejection.
“There’s a lot to consider to make sure we approach these new technologies responsibly, but we think there’s also incredible potential,”YouTube’s product manager tempers.
Google is not the only digital giant to turn to non-fungible tokens. In recent weeks, Meta (formerly Facebook) has announced plans to integrate NFTs into Instagram, one of its social networks. Twitter, meanwhile, has launched profile verification in the form of authenticated digital works on the blockchain.
Other firms convinced of the future of NFTs include Louis Vuitton, Adidas, Samsung and Coca-Cola. Disney has also started recruiting experts in the NFT sector in order to take advantage of the opportunities offered by this technology in the years to come.