YouTube is taking over the NFT space in the best way possible
YouTube is the most recent major social platform to announce its plans to integrate Web3 into its platform; in fact, practically every major platform is gearing up for Web3. Twitter has made its NFT profile images public, Instagram is getting ready to start selling NFTs on the platform, and Spotify is working on plans to incorporate NFTs and blockchain technology into its streaming business, with the company also hiring web3 experts.
Susan Wojcicki, the CEO of YouTube, is being cautious about how the platform will incorporate web3. The purpose of the platform is to assist and provide creators with additional monetization alternatives, which will help small creators and artists earn more money. Susan stated that NFTs on YouTube would be a game-changer since the platform’s algorithm tracks all videos, allowing for the detection of stolen NFTs. Even the most powerful NFT markets cannot compete with YouTube’s strict copyright and robust algorithm. OpenSea and other marketplaces have clearly had huge difficulties with individuals breaking in and stealing other people’s work, and support takes a long time to respond, and by the time they do, the harm has already been done. This would no longer be an issue with YouTube since creators would no longer have to worry about their videos or art being “screenshotted” or videos being downloaded and subsequently sold. Susan clarified all of these risks and benefits:
“At the end of the day what YouTube does is, we’re a platform that distributes content and monetization, If NFTs are an important part of that equation, then we think we should be there.”
This Youtube NFT integration was not well received by some of the platform’s viewers, who posted a slew of negative comments about how horrible of a concept it is.
Susan Wojcicki stated:
“I understand there were many people — and yes, we heard loud and clear — why people were unhappy with that decision,” she told Ludwig Ahgren (American streamer and YouTuber) “But then we also saw the impact that it was having on a lot of new creators, and that’s bad. We need to have, and continue to support, smaller creators and how they’re growing. That’s really important for the long-term health of our ecosystem.”
Susan’s interview with Ludwig (available below) made it plain that the objective is to help small artists, and she even asked for advice on what to do and what not to do, since YouTube wants to get it right. This is a huge step forward for the NFT space; NFT and YouTube could become the most popular platform for accessing web3. A lot of meme videos have been sold for millions of dollars, and a lot of them have been sold only to find out the person was a scammer, but this integration will eliminate a lot of scammers and headaches.