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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 ‘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: ‘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 ‘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.
