When Mark Zuckerberg announced his plans to launch the Metaverse, many observers felt that this new digital world would become a world leader in NFTs. But as time went on and Facebook’s stock tumbled, another major tech company emerged with the potential to play a much more integral role when it comes to NFTs. Enter YouTube, a company that is poised to take its first steps towards an exciting new world of non-fungible tokens.
YouTube’s Approach is Simple But Effective
YouTube’s strategy is seemingly straightforward: enable users to purchase their favorite videos in the form of an NFT. This process has already begun, and some of YouTube’s most classic viral videos have sold for upwards of $750,000 via NFT provider Origin Protocol. Up until now, the original creators of these videos have stepped outside the bounds of YouTube’s platform to complete these transactions. This is perhaps why YouTube is so eager to “get in on the action” – to ensure that these NFT sales remain on their platform.
It’s Not Just a Money-Grab
YouTube is clearly motivated by profit, but this isn’t just a money-grab. YouTube is simply serving the best interests of its creators by shifting towards verifiable NFTs on its own platform. Today’s NFT market is highly unregulated, and lawsuits involving copyright violations are common. If YouTube allowed creators to sell NFTs directly from their channels, it would help legitimize these tokens. We’re already seeing NFTs that rely upon original content from YouTube creators – but without their permission. If YouTube sold NFTs directly, creators would have more control over how their content and likeness are monetized. In other words, YouTube’s embrace of NFTs serves both creators and the company itself.
Why YouTube Could Lead the Way for NFTs
YouTube is emerging as a major player in the world of NFTs, and may even come out on top. This is because the platform can monetize NFTs in a number of different ways – perhaps more so than any other platform. Turning viral videos into NFTs is only one possibility. YouTube could also follow in the footsteps of Twitter, allowing users to adopt NFTs as their profile pictures. In addition, YouTube has voiced ambitions to release NFTs related to gaming. We all know that some of the platform’s most popular creators are gamers – including the legendary PewDiePie. Because of this, the platform is well-poised to release NFTs that could be used as cosmetic items or collectibles in video games.
There are many other possibilities, and YouTube could offer more choices than any other platform when it comes to different types of NFTs. Of course, YouTube has yet to take its first steps towards this process, while Twitter is already integrating these tokens into its platform. If YouTube acts quickly within the next year or so, they could emerge as an industry leader.