NFT is on 2022 priority list of the world’s largest video streaming platform, YouTube.
Another tech player has steered its way in the direction of non-fungible tokens. On Tuesday, the CEO of video streaming giant YouTube announced company’s plans to expand into the NFT ecosystem in near future.
- CEO Susan Wojcicki said in a letter that YouTube is taking “inspiration” from NFT.
- Creators and artists will soon be able to buy and sell NFT on YouTube
- Platform to use carbon-neutral blockchains to embrace NFTs.
CEO Susan Wojcicki wrote in a statement about company’s 2022 plans,
“we’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
Wjocicki called NFTs “a source of inspiration” for YouTueb in her letter, talking about the move that the creators have been waiting for too long.
So what exactly are Youtube’s plans with NFT ecosystem? Let’s break it down for you.
YouTube is Finally Embracing NFTs — Wait is Over For Creators
YouTube earns by helping the content creators on its platform make an income for their content. According to the letter released by the company, YouTube might soon allow the creators to sell NFTs directly to their fans. This calls for a whole new era of marketing and communication for brands, influencers and viewers likewise.
The move is highly anticipated to revolutionize video creation, design and gaming on YouTube. The company wants to embrace the wave of next gen content creation while also adhering to the environment friendly norms.
For this purpose, YouTube would be adopting carbon-neutral blockchains like Solana, Wax and Flow for creation and trade of NFT.
Expressing the company’s faith in the decentralization of technology, CEO of YouTube Susan Wojcicki wrote,
“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
Social Media Bullish on NFTs
YouTube is the latest tech behemoth to join the list of social media brands vouching for the new technology. Twitter recently rolled out the feature that lets the users display their NFTs as the profile pictures. Before this feature, owners of NFTs had to convert their NFT into jpeg format to upload as Twitter profile picture.
Reddit too is quickly expanding its engineering team to steer in the direction of NFTs as reflected by its recent job listings.
TikTok too participated in the popularity in September by releasing NFT collection designed by its top creators.
Meta’s interest in the decentralization needs no introduction. The social media giant rolled out an entire metaverse by its name in later 2021, taking the interest of investors in the AR and VR world to a whole new level.
But what exactly do NFTs add to the future of world?
Non-fungible tokens have taken the world by storm, however, people are still not clear about its utility. From what most people know about non-fungible tokens, it comes across as digital artwork and collectible that only has visual value. However, the use case of NFTs go far beyond that.
In the near future, NFTs might define how licensing, ownership and publishing works in the world currently. NFTs run on smart contracts which are self-executing contracts on the blockchain between buyer and seller. These contracts are in the form of codes and eliminate any hassle of tedious documentation. This is what makes the technology highly likely to be widely adopted in the time to come.
According to Alex Atallah, co-founder of OpenSea, “the possibilities of NFTs are endless, since they can be used to log ownership of any unique asset. We’re already seeing early use-cases of NFTs being used as event tickets, software licenses, fan club memberships, or otherwise tied to interactive experiences.”
Currently, NFTs serve as the medium of access in plenty of play to earn games across internet. Upon the development of ecosystem further, these non-fungible tokens might also serve as access points to limited edition services and products in real world. Take for example, buying NFTs instead of tickets for entry in concerts. This application is not very distant and one might expect to witness it in 2022.
Denelle Dixon, CEO of Stellar Development Foundation said, “we’ve seen some movement from the artist-driven NFTs to NFTs that are focused on access or authorization. There was a party in New York recently where folks got access to the party by purchasing an NFT. So I wonder if we’ll see some focus on leveraging NFTs for digital identity.”