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- And since the beginning of YouTube, creators have been selling their viral videos as NFTs. For $760,999, an NFT of the 2007 video Charlie Bit My Finger was sold
- The corporation did not specify if NFT ownership would be infringing on copyright laws. Purchasing an NFT gives you ownership of a specific digital asset and creates a public record of every transaction you make with it. It does not pass copyright to the buyer from the original owner.
- YouTube announced intentions to integrate the emerging technology into its creative tools just weeks after hinting that the network will branch out into NFTs, or non fungible tokens
YouTube is introducing new monetization options, including the ability for creators to sell content as NFTs, allowing fans to own films.
The Network Will Branch Out Into NFTs, Or Non Fungible Tokens
YouTube announced intentions to integrate the emerging technology into its creative tools just weeks after hinting that the network will branch out into NFTs, or non fungible tokens. YouTube’s chief product officer, Neal Mohan, announced in a blog post on Thursday that the expanded creator monetization tools would include selling NFTs.
Web3, an umbrella name for the third phase of the internet based on transparency ledgers like blockchains, opens up new opportunities for creators, according to Mohan’s blog post. We believe that new technologies such as blockchain and NFTs can help creators develop stronger relationships with their followers, Mohan said. By working together on new initiatives, they’ll be able to make money in ways that weren’t feasible before.
According to him, the new capabilities will provide fans with a verifiable manner to own unique movies, images, art, and even experiences from their favourite creators. The corporation did not specify if NFT ownership would be infringing on copyright laws. Purchasing an NFT gives you ownership of a specific digital asset and creates a public record of every transaction you make with it. It does not pass copyright to the buyer from the original owner.
YouTube is also incorporating features that are similar to those found on other platforms. Shorts, a short-form video platform comparable to TikTok and Instagram Reels, will be monetized. Creators will be able to respond to comments with short films, which is a popular feature on TikTok for engaging directly with viewers. YouTube is introducing livestreaming capabilities, putting it in direct competition with Twitch. The company will introduce collaborative live streaming, allowing producers to go live at the same time. The platform is also experimenting with gifting paying subscriptions.
ALSO READ: $553k paid in gas fees for minting of Tubby Cats NFT
For $760,999, An Nft Of The 2007 Video Charlie Bit My Finger Was Sold
YouTube isn’t the only social media powerhouse to embrace NFTs. Twitter users can now use a special profile image option to show off their NFTs. And since the beginning of YouTube, creators have been selling their viral videos as NFTs. For $760,999, an NFT of the 2007 video Charlie Bit My Finger was sold. There’s a lot to think about when it comes to approaching these new technologies appropriately, Mohan added. However, we believe there is tremendous potential.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
