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YouTube is working on a dedicated NFT marketplace

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YouTube has finally jumped on the NFT bandwagon, according to chief product officer Neal Mohan. Could this open up a fresh and lucrative avenue for creator monetisation on the platform?

If you’re sick of seeing β€˜Bored Ape’ PNGs plastered all over social media, you’ll have to grit your teeth and bear it for a while yet.

Finally hopping aboard the digital cash cow that is NFTs, YouTube has announced that the platform will be introducing tools to help creators sell their unique videos, photos, and art in the months ahead.

Ignoring the likes of the Paul brothers and maybe Gary Vee – who, frankly, won’t shut up about the things – YouTube, surprisingly, held back from cashing in on NFTs during their emergence. Or so it seemed, at least.

In reality, YouTube’s chief product officer Neal Mohan had been cooking up a dedicated marketplace behind the scenes for some time as part of new efforts to expand monetisation options for creators.

Earlier this month, Mohan explained: β€˜Giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favourite creators could be a compelling prospect for creators and their audiences.


What could this look like?

As of yet, YouTube has yet to nail down exactly what this NFT marketplace will look like, but has slated a rollout during 2022.

Several high-profile job listings have already appeared online, including a product designer and a director of product management to build the interfaces. If you’ve got 15 years’ experience in web development, shoot your CV over.

Presumably, there will be a dedicated e-commerce subpage on each channel where NFT media can be purchased using crypto. But, YouTube is talking up the possibility of something far more ambitious in cahoots with Meta.

The idea of somehow watching personalised experiences within the metaverse is one that has both parties hooked. As you can imagine, unique viewing parties from the biggest names would likely generate big revenue.

Lastly, industry β€˜in the knows’ predict that Shorts and NFTs will become integrally linked down the line too. As of right now, that’s all we know.


Will this be well received?

Whether or not people will take to NFTs on YouTube depends wholly on the MO of those building the marketplace.

Will this provide burgeoning creators with a chance to make some extra cash, or serve to make the whole craze feel even more inaccessible for users without millions in disposable income?

We’ve already seen a bunch of blatant cash grabs from personalities of YouTube’s past, including Chris Crocker – the β€˜Leave Britney Alone’ guy from the noughties – selling his video for over $41,000. Elsewhere, a β€˜Charlie Bit My Finger’ NFT was somehow flogged for $761,000.

This will only continue once YouTube launches its NFT marketplace. You just know all the classic memes that have since faded into obscurity will come out of the woodwork allured by the prospect of huge figures. Dislike.

Despite the NFT market surpassing $40bn in value, it is also still lacking in regulation and government intervention, which will do little for creators’ peace of mind.Β  Lil Yachty has recently filed a lawsuit against NFT seller Opulous for allegedly using his likeness without permission, for instance.

So there we go, integrating NFTs on YouTube successfully will require far more than just a bit of dev work. However, if – and that’s a big if – YouTube can set the bar in terms of regulation and security on social media, there is serious revenue to be made from NFTs.

Time to get saving for that Sneezing Panda clip, I guess.

Tech Editor London, UK

I’m Jamie (He/Him), the Editor in Chief at Thred. Keeping up with gaming and revolutionary technology is my forte, but when away from my keyboard, you’ll probably find me wrapped around a large Tango ice blast at the latest mediocre horror flick. Follow me on Twitter, LinkedIn and drop me some ideas/feedback viaΒ email.

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