How NFTs Will Become YouTube’s New Money-Making Tool
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The world’s biggest online video platform seems to be joining the verified NFTs movement. In its 2022 roadmap, YouTube hinted at several ways it could be implementing blockchain technology. The giant could be following its owner company Google’s steps to diversify the revenue that comes from advertisement.
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How YouTube Makes Money
The platform explains on its website that its main source of revenue is advertising, and creators who join the YouTube Partner Program (YPP) can have a share of that profit. They also see additional gains from the different initiatives they have taken to expand:
“we earn money from our monthly subscription businesses such as YouTube Premium. We’ve also developed tools to help eligible Creators earn money in a variety of other ways such as Super Chat, channel memberships, and merchandise. In most cases, Creators and YouTube share revenue generated from these channels.”
Statista data shows that in 2021 Q4 YouTube had worldwide advertising revenues of $8.6 billion, a 25% year-over-year increase.
Even though YouTube is not struggling with revenue, that has not stopped the platform to rethink its strategies to find more profit and expand.
Moreover, many creators have stated that ad revenue alone is not a good way to make an income on YouTube, and even adopting all the monetization features, the platform might not offer enough gains on its own. YouTubers often play with many other –outside– ways to make money.
Reportedly, the company wants to crackdown on the creators’ sponsorship model, which is a great source of income for them. If they do this, it will likely create a huge backlash, so they would need something to offer in return, something that can also promise YouTubers large gains –while the company takes a cut–. Something like blockchain technology.
NFTs To Make YouTube Even Bigger
“YouTube creators are the heart and soul of the platform, and we want them to always be able to fulfill their most ambitious creative goals,” says YouTube’s 2022 roadmap blog post. But we could do with a bigger cut of your income, could also say the post in a smaller font.
The roadmap further states that YouTube is looking to integrate blockchain technology –starting with NFTs– as a way to open up “new opportunities for creators.” YouTube CEO Susan Wojcicki had recently described Web3 innovation as a “source of inspiration to continue innovating on YouTube.”
This time around, the plans have started to solidify. Apparently, creators could expect to be able to tokenize their videos, photographs, illustrations, etc.
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible. For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences.
However, the post adds that “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”
Youtube also hinted at future Metaverse-related plans. They are “thinking big about how to make viewing more immersive,” and gaming would be the main focus as they will work “to bring more interactions to games and make them feel more alive.”
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