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- Video-sharing giant YouTube has declared that it plans to integrate NFTs or non-fungible tokens into its business model.
- Susan Wojcicki, the CEO of YouTube, said that it would be easy to know about the creators of videos through NFTs, hence introducing a new way for content creators to monetize their work.
- Chief product officer at YouTube, Neil Mohan, earlier this year stated that the flagship video-sharing platform would be adding NFTs into its platform along with other Web 3.0 services into its platform for monetization uses.
YouTube, a popular video-sharing platform, announced its plans to add NFTs or non-fungible tokens into its business model.
Susan Wojcicki, the CEO of YouTube, told in an interview that it would become easy to identify the creator of videos through NFTs, introducing another way for content creators to monetize their work.
She says:
If videos of creators are being sold as NFTs, then it’s a significant form of monetization. NFTs are considered the best form of monetization, and they offer the best form of monetization to all creators.
Secondly, she also believes that they are in the best position to confirm which creators own which assets if some third party was selling videos without having the knowledge that they belonged to them.
She says that they would need the support of creators if it turns out to be an important form of monetization to ensure that the content is not being stolen and sold elsewhere.
Neil Mohan, chief product officer at YouTube, earlier this year, said that the flagship video-sharing platform would be integrating NFTs into its website along with other Web 3.0 services into its platform for monetization uses.
Further, she says that they will be able to partner on various new projects and generate income in ways that were earlier unheard of. Let’s take an example, providing a verifiable way for fans to have the ownership of unique videos, photos, art, and even experiences from their favorite creators can serve as a compelling prospect for creators and their audiences.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
