YouTube is interested in NFT

YouTube is interested in NFT
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NFT (Non-Fungible Token) has become an increasingly popular topic in recent months, particularly in light of the shocking news of A young Indonesian guy called Ghozali who unexpectedly became wealthy after selling selfies of himself as an NFT for five years.

Ghozali is making waves when he sold a selfie for 3.1 trillion Indonesian rupiahs ($216 million) as a nonfungible token auction (NFT). This particular photograph, named “Ghozali Ghozalu #528,” is part of a larger collection of 933 selfies that he took every day from 2017 to 2021 and has a ceiling price of $1 million. It is called Ghozali Everyday and can be bought at the NFT marketplace OpenSea.

In the beginning, every picture in the collection was available for purchase for a floor price of 0.0001 ETH (Ethereum), which is about Rp 48,000. The price, on the other hand, has been steadily increasing, and the cheapest photo from the collection is currently valued at 0.3 ETH, or around Rp 14.3 million.

Numerous significant platforms and brands have expressed an interest in entering the NFT business, and YouTube appears to be one of the parties keen on being able to enter the NFT market as soon as feasible in 2022.

This is not surprising, as we have seen the emergence of cryptocurrencies and blockchain technology that provide a solid foundation for the implementation of NFTs.

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A letter to artists from YouTube CEO Susan Wojicki, written in 2022, verified this, in which she noted that the company is studying ways for creators to benefit from the digital collectible that has become popular in the digital age.

In the same letter, Wojicki extended his gratitude to Web3 for serving as a source of inspiration for the YouTube organization. He did not explicitly state that YouTube would enter the NFT market directly; nonetheless, his party made it apparent that this new technology may give content providers an additional source of revenue.

“The past year in the crypto world, NFTs, and even decentralized autonomous organizations (DAOs) have highlighted previously unimaginable opportunities to cultivate relationships between creators and their fans” he says. In order to aid creators in making use of emerging technologies, such as NFT, we’ve always been focused on growing the YouTube ecosystem. We’ve also worked hard to deepen and enhance the experience that both creators and fans have on YouTube.

YouTube is not the only one that is interested in getting into NFT. Recently, Twitter has just introduced the NFT feature on profile pictures for Twitter Blue users, will allow them to use the NFT feature on their profile photographs in the future. Facebook and Instagram, on the other hand, are looking into ways to make better use of NFT technology on their own platforms in order to increase efficiency.

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And in the same way that ERC-721s are tokens, could NFTs be the next step in blockchain gaming? I’ve been researching this a lot lately, and I think it’s pretty much a given that there will be more and more games that use NFTs.

The biggest challenge for NFTs right now is the lack of infrastructure to support them. Scarcity, as a concept, is a core part of the NFT system and it’s difficult to have scarcity when you have too many transactions.

What are your thoughts on the matter? So, what exactly is it that YouTube is planning to give in the near future that is similar to NFT?


Source : Engadget

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