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American online video sharing giant YouTube will soon be integrating non-fungible tokens (NFTs) into its business model.
Speaking with BlockWorks, YouTube CEO Susan Wojcicki said with the help of NFTs it would be easier to identify ‘ownership’ of the video creation, thereby adding a new and better option for monetization:
“If creators are selling their videos as NFTs, then that’s an important form of monetization… [NFTs] are a form of monetization and we want to provide the best monetization to all creators.
The second reason is that we also are in the best position to verify which assets actually belong to which creators. It would be a problem [for creators] if some third-party site was selling videos without knowing that it belonged to [them].
If it turns out that this is an important form of monetization, we want to be there to support [creators] and make sure content isn’t being stolen and sold somewhere else.”
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YouTube’s chief product officer Neil Mohan, earlier this year hinted that the platform headquartered in San Bruno, California, would be supporting NFTs and other Web 3.0 services for monetization purposes. He said:
“Together, they’ll be able to collaborate on new projects and make money in ways not previously possible. For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences.”