YouTube Launches NFT So Fans Can Own Videos

2022-04-12, 02:23

Social networking sites explore various ways to integrate NFT features into their platform.

The plans are geared towards embracing the Metaverse and web3 technology.

YouTube is one of those social media platforms looking forward to launching NFT features.

With the launch of the new feature, YouTube will allow creators to mint and sell their videos to fans.

As a creator, you will be able to mint your collections and monetize them.

There are mixed reactions on who will own the copyright of the videos when a fan buys it from the creator.

There are expectations that YouTube will combine the virtual experience with gaming.

With the way social networking sites, software developers, and other giants in the tech industry are collaborating to actualize their metaverse plans, we shall witness the massive launch of products and services that will fully embrace web3 in the coming days.

A look back a few years ago, the entire Metaverse, web3, and the future of the internet were plans and strategies.

Developers and stakeholders in IT were unsure of where and how to launch their plans and products.

They were skeptical about the reaction of internet users to the launch of these innovations.

Alas, every part of the world embraced the future technology with great enthusiasm.

One of the innovations that have continued to enjoy worldwide patronage and enthusiasm is the Non-fungible token (NFT).

This article will examine the collaboration between Youtube and the NFT space. The plans in place and how YouTube intends to integrate NFT into its platform.

Let's dig in!

YouTube As A Platform For Content Creators

YouTube is an online video sharing cum social media platform launched in 2005 by Steve Chen, Chad Hurley, and Jawed Karim. Google currently owns YouTube.

YouTube comes next to Google as the second most visited website with over 1 billion monthly users.

As of 2020, the total revenue of Youtube was estimated at $19.8 billion.

Google acquired YouTube in 2009 for $1.65 billion and has since then been its parent developer.

YouTube generates revenue from advertisement, paid content, and sub_script_ions for its premium package.

As a creator on YouTube, the copyright ownership belongs to you. Whatever media you upload on YouTube, such as short videos, documentaries, movies, etc., as the original creator, the copyright ownership belongs to you (not Youtube).

Let us proceed to the various plans by YouTube to launch NFT features on its platform.

The Launch Of NFT Features On YouTube

This giant social media platform announced that it would be launching its NFT feature. Neal Mohan, Youtube's chief product officer, made this announcement.

Mohan announced that YouTube would be launching new creator tools that will allow creators on youtube to sell content as NFTs so that fans can own them.

This announcement clearly stated that as a creator on YouTube, you can now monetize your content by minting it in an NFT marketplace and selling it to interested buyers.

However, it leaves a mixed reaction as to who will be the content owner once it is minted to NFT.

Owning an NFT collection does not transfer the copyright owner of the digital art to the buyer. It only shows ownership of the digital asset and provides a blockchain record of the transaction.

This blockchain record will signify the purchase of the collection.

Mohan made it known that the collaboration of YouTube with Metaverse technology is expected to help YouTube creators make more money in ways that were previously not possible.

As creators of YouTube videos, you can mint your videos, especially the unique and popular ones, make them available on NFT marketplaces, and open bids for buyers.

By making the videos available, your fans can purchase them, and YouTube will provide them with verifiable means to own these videos, photos, and art collections.

The advantage is that as a creator, while you generate views and get paid by YouTube for those videos, you can make more money via NFTs on the same videos.

A prominent instance is the 2007 YouTube video of “Charlie Bit My Finger,” minted into a Non-Fungible Token and sold for $760,999.

Image: NPR

This particular NFT transaction gives us a glimpse of what YouTube is trying to normalize and ensure that all creators can have additional income. It will also make YouTube a significant stakeholder in the NFT space.

YouTube Gaming Plan

Finally, YouTube has plans to bring "interaction to games" and is "thinking big" about the Metaverse.

The plan is expected to make the Youtube games more real and combine the virtual world with a personalized experience. This gaming protocol will turn the virtual worlds into a reality for viewers.

This plan is a direct step into integrating the metaverse features into the existing YouTube features.

While experts applaud these plans as decisive and robust, there are some grey areas that Youtube needs to shed more light on.

Of priority is the copyright issue whereby fans will become verified owners of art collections and videos of another creator, as said by Mohan Yomeal.

The second issue that needs critical explanation is the impact of NFT minting on the environment. Because Google (the parent developer of YouTube) said that environmental sustainability is its core value, and by 2030, Google aims to be carbon-free in all its operations.

Conclusion

YouTube is not the first social media platform or tech giant to roll out plans to integrate Metaverse and NFT into its activities. The likes of Meta, Snap, and others are already into the drill.

Albeit, YouTube has a larger audience than them and is expected to reach many Internet users.

Since Mohan made the brief announcement, it is expected that he, alongside the team at YouTube, will come out and clear the air surrounding some salient issues that were raised.

Until then, we shall be on the lookout for more collaborations towards actualizing the full potential of the Metaverse and Web3.

Author: Valentine A., Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted, provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.