Non-Fungible Tokens or NFTs are the hottest new talk of the crypto-town and everyone wants to grab a piece. While TikTok and Instagram are giving YouTube a stiff competition in the mass user-generated video market, the duo is also quickly outpacing Pinterest as well as Snapchat for referrals, reports suggest.<\/p>\n
If rumor mills are to be believed (and rightly so, according to a January 2022 Financial Times report), Instagram and its parent Meta are seriously working towards developing the NFTs business at a much larger scale, including cryptocurrencies and the Novi project.<\/p>\n
For YouTube, all this buzz means that the video behemoth cannot afford to just sit back. Good thing is, YouTube has already been busy creating a new, creator-centric arsenal of tools to counter its rivals. In this list, NFTs are going to be YouTube\u2019s most potent weapon to conquer the video-based ad market.<\/p>\n
The buzz around YouTube stepping into the metaverse began earlier this year when Susan Wojcicki, YouTube CEO, announced the company\u2019s priorities and plans for the year ahead. The blog, titled \u201cLetter from Susan: Our 2022 Priorities\u201d, underlined a key update lined up for 2022. They keyword of the update was \u201ccreator\u201d; the focus \u201ccreator economy\u201d.<\/p>\n
Following this preface, YouTube\u2019s Chief Product Officer, Neal Mohan, in another blog post, on 10th<\/sup> Feb, offered a peek into 2022\u2019s new products, tools, and features developed for the website\u2019s creators, viewers, as well as partners.<\/p>\n Keeping the interest of the entire spectrum of stakeholders in mind, the Google-owned video platform announced its latest venture into NFTs which would allow the fans to \u201cown\u201d the creators\u2019 content (video) on the platform. Neal mentioned in his blog, that Web3, which is the controversial next version of the internet, would open up new opportunities for creators.<\/p>\n The video platform achieved an incredible milestone of 2 million creators in 2021 under its YouTube Partner Program, which lets the creators choose from 10 different ways to make money.\u00a0Keeping creators at the very center of the stage, Mr. Mohan mentioned that the company will continue to invest across their three formats, viz. Shorts, Live, and Video On Demand (VOD). Additional options for monetization as well as engagement would also be added in the upcoming months.<\/p>\n Highlighting the popularity of its short-form content, YouTube Shorts, the company vowed to improve the product and simplify the video creation process. Reminding of the recent update which lets users remix audio from YouTube videos, the company plans to introduce new video effects, editing tools, and other such features. The most keenly awaited update, though, is certainly going to be the one which allows users to reply to an individual comment with a YouTube Shorts video.<\/p>\nCatering to the creators<\/strong><\/h2>\n
The \u201cShort\u201d of it<\/strong><\/h2>\n