YouTube may soon let creators create, mint, and drop officially-branded NFTs in a new possible monetization program.
YouTube has a grand vision for the web3 metaverse. It's a new realm that merge advertising, immersion, and blockchain in a cohesive ecosystem that's monetized across all segments. That also includes new ways for creator revenue streams--and subsequently, company revenue streams.
In a recent blog post, YouTube says it is exploring the idea of opening a new NFT marketplace where YouTubers can sell their own digital content including limited-edition videos, art, and more. The vision is in early phases and no store has been established yet.
"Web3 also opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans," YouTube chief product officer Neal Mohan said.
"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.
"There's a lot to consider in making sure we approach these new technologies responsibly, but we think there's incredible potential as well."
The idea is simple: Google wants in on the billion-dollar NFT market and it wants to use the largest asset it has--creators--to be a consumer-facing brand for the initiative. Google would take a cut on every NFT's sale--possibly every resale, too--as they are distributed on traceable blockchain networks.
So far mainstream game NFTs have failed to take off. Ubisoft's Quartz NFTs are rife with controversy and have generated less than $3,000 in revenues. Konami's Castlevania NFTs fared better with $164,000 in revenues.
Alphabeta CEO Sundar Pichal said in a Q4 earnings call that NFTs and the metaverse "have value," and YouTube CEO Susan Wojcicki said in January that NFTs offer "unimaginable opportunity to grow connection between creators and their fans."
"We're also looking further ahead to the future and have been following everything happening in Web3 as a source of inspiration to continue innovating on YouTube," Wojcicki said last month.
"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.
"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."
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