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    YouTube Will Allow Video Creators to Monetize using NFTs

    Youtube will allow users to monetize using NFTs

    Video hosting service YouTube, owned by the American company Google, has announced plans to use NFT technology to monetize content created on the platform. This is stated in a message published on the video hosting website on Thursday on behalf of YouTube management. 

    Google intends to actively develop shopping and add purchases to videos, Shorts and live broadcasts. Users will be able to order products directly from the video. This feature was already tested publicly last November.

    YouTube also sees potential in NFT and will develop its metaverse – first of all, they will focus on games. For Shorts, they plan to introduce new video effects, advanced editing options and video responses to comments, as implemented in TikTok.

    The video hosting management said in a statement that new technologies such as blockchain and NFT could allow content creators to develop deeper relationships with their viewers. According to data provided by the video hosting, in 2021 the service provided bloggers with at least 10 ways to monetize their content. As follows from the statement, their number may increase in the future.

    It is noted that as part of the application of the new monetization strategy, new means of monetization will be added. They’ll include branded content, and a new way to sort comments  – with reference to a specific point in time in the video.

    Contributors will be able to get more insights into their videos in YouTube Studio to better understand how viewers are interacting with content, as well as collaborate live with other bloggers.

    Video hosting executives also stressed that there is a lot to take into account to make sure that they approach new technologies responsibly, but they believe that there is huge potential in them. According to the publication, over 2 million users joined the YouTube Partner Program in 2021.

    In January 2022, the popular Internet forum Reddit began testing NFT avatars on its platform. Facebook and Instagram are also working on tools that allow sharing non-fungible tokens.