Youtube joins social media giant’s ‘NFT’ battle

Youtube joins social media giant’s ‘NFT’ battle

Over the past year, the popularity of NFTs has skyrocketed, catching the attention of individuals, businesses, and organizations in virtually every industry. NFTs are fast becoming a phenomenon that the mainstream public wants to participate in.

Youtube moves towards NFTs
Yesterday, Susan Wojcicki, CEO of online video service YouTube, released its annual letter from creators, sharing the company’s prioritization of the creator economy for 2022 and its commitment to expanding the “YouTube ecosystem” to help creators take advantage of emerging technologies , including NFT and other technologies.

YouTube 有意為創作者開發NFT 功能- Saydigi-Tech | 點子科技

In the letter, Wojcicki referred to Web3 as a “source of inspiration” for YouTube’s innovation, writing: “We also look to the future and keep an eye on what’s happening in Web3 as an inspiration to continue to innovate on YouTube. 2018 has highlighted a previously unimaginable opportunity in the world of cryptocurrencies, NFTs and even Decentralized Autonomous Organizations (DAOs) to strengthen the bond between creators and their fans. We have been focused on expanding the YouTube ecosystem to Help creators take advantage of emerging technologies, including NFTs, while continuing to enhance and enhance the YouTube experience for creators and fans.”

Wojcicki said NFTs could be another form of income for creators. However, she did not provide further details or timing.

Colin Fitzpatrick, CEO of virtual concert-focused startup Animal Concerts, described the possible NFT integration on Youtube as “a great way for creators to monetize their channels without relying on ad revenue.” Fitzpatrick believes: “If YouTube intends to promote NFTs on their platform, their advertising partners may force content creators to monetize. Introducing NFTs may be a way for them to circumvent corporate interests and provide users with alternative ways to generate revenue. “

Social media giants collectively embrace NFTs
Competition in the NFT space is heating up, with social media giants at the forefront.

TikTok

As one of the most popular short video apps in the world, TikTok launched its first creator-led NFT series as early as last October —

TikTok Top Moments. The series focuses on influential creators and their popular videos in entertainment, culture and community, producing and distributing their highlights as NFTs, and the proceeds will be mainly donated directly to relevant creators and NFT artists, aiming to provide A way for fans and NFT enthusiasts to show support to their favorite creators. Launched on Ethereum, this series of NFTs is powered by Immutable X, a Layer 2 scaling solution (Layer2).

TikTok Launches Its First NFT Collection Called TikTok Top Moments -  CoinQuora

Nick Tran, Head of Global Marketing at TikTok, said: “Creation that happens on TikTok helps drive culture and spark trends off the platform. As the creator economy continues to grow, we are constantly looking for new and differentiated ways to support us of creators. Now, fans can have a moment on TikTok that helps shape the internet while also supporting some of their favorite creators. We’re excited to see how our community and the NFT community are engaging with some of the internet’s most popular creators A welcome cultural milestone.”

To that end, TikTok ran a full-page ad in the New York Times to boost its popularity. The ad’s final sentence also appears to reveal the company’s next steps for rewarding short-form video creation: “We want to be a platform that is constantly finding innovative ways to recognize and reward our creators.”

Twitter

Back in September last year, social media giant Twitter first announced its NFT plans. At the time, Twitter said authentication could allow creators to better showcase their work on Twitter and said it was exploring.

Last week, Twitter officially rolled out the new feature, allowing users to showcase their NFTs. Twitter Blue subscribers on iOS devices can connect an Ethereum-based crypto wallet to their account and set up their NFT as a profile picture. The feature will be rolled out to Android users soon. However, while only iOS users are currently able to set their NFT as their profile picture, everyone on Twitter can see it.

Twitter uses a third-party API to obtain users’ NFT data from the OpenSea marketplace as verification. If OpenSea has any issues with a user’s NFT, Twitter will not be able to verify the authenticity of the user’s NFT.

How Twitter could take NFTs mainstream - The Verge

The Twitter Blue subscription service is not yet available globally, which will limit the adoption of NFT profile pictures to only the markets where the product is live now – the US, Canada, Australia and New Zealand.

The company had earlier hinted at its plans to adopt NFTs more fully, as it has become a big talking point on the platform. Predictably, Twitter is “positioning itself as a social network for discovery, conversation, and education around NFTs, blockchain, and cryptography.”

The launch comes after Twitter expressed interest in “incorporating decentralized technology into the platform,” including support for bitcoin as a tip. The company also attempted to mint its own NFTs last year and distribute them to users for free.

In an interview, a Twitter spokesperson said: “Twitter is where people talk about the things they care about, and it’s often where people first come into contact with cryptocurrencies and NFTs. We’re now seeing people using NFTs as a form of identity, And as a way to join the thriving crypto community.”

Meta

Back in August last year, Facebook’s head of finance, David Marcus, said the company was “certainly considering” the matter, so Facebook made its first big foray into the NFT market.

“When you’re designing products that need to be future-proof, it’s actually very useful to think of the metaverse as a fully digital environment. When I see what the metaverse needs, it’s really a seamless flow of value, and for that, we There needs to be a new infrastructure, interoperability, because you need multiple wallets to be able to participate in a metaverse. And I think having programmable money and smart contracts on top of the blockchain will be transformative for the metaverse. Because if you are Creator, if you are creating NFTs, you may want to rent your NFTs or sell your NFTs, you can think of all kinds of new business models that are not possible with the current payment infrastructure and smart contracts. “

Facebook owner Meta dives into NFT digital collectibles craze | Financial  Times

Not long after Twitter started allowing its iOS users to display NFTs in their profile photos, Meta also embraced the industry.

According to the Financial Times, the company Meta (formerly Facebook) is discussing the possibility of building an NFT marketplace and is looking into allowing users to mint and sell NFTs. In addition, Meta plans to allow users to showcase NFTs on the Facebook and Instagram platforms.

However, compared to the previous pioneers, Meta has not been smooth, and this move has not been recognized by artists in the NFT field.

Serwah Attafuah is an Australian artist specializing in creating Afro-futuristic abstract NFTs and has 20,000 followers on the Meta subsidiary Instagram platform. With scams, data privacy concerns, and copyright infringement on artworks becoming commonplace on Instagram, she’s been interacting a lot less on Instagram lately.

Itzel Yard, the world’s best-selling female NFT artist, says Instagram is full of copycats: “Someone scoured my Instagram, they took all the work from it, posted it on OpenSea, and they started trying to sell it it.”

Some NFT experts and artists say they are wary of Meta’s strategy for a number of reasons.

Report: Meta and Instagram Are Exploring an 'Early Stage' NFT Feature –  Bitcoin News

Decentralized art sales “do not resonate very well with companies like Facebook,” according to Melaph Ozar, a blockchain expert and fintech professor at Rutgers Business School.

Dan Kelly, co-founder and president of Nonfungible, a platform that tracks NFT transactions, said he is “cautiously skeptical” about Meta’s entry into the NFT space, but there are two sides to everything, and he thinks Meta’s foray into NFTs could further the Web3 community Mainstreaming and enhancing acceptance by the wider public.

The NFT wave continues
While the crypto market has lost more than $500 billion since the start of the year, the NFT market appears to be unaffected.

On Jan. 17, OpenSea, the largest NFT marketplace, reported another record high of $3.5 billion in monthly transactions for Ethereum.

Bored Ape遊艇俱樂部銷售量激增900%,OpenSea的交易量翻倍– 超立方新闻

In addition to social media giants, celebrities such as Tom Brady, Paris Hilton, Jimmy Fallon, Post Malone, etc. have also joined the NFT wave, some have launched their own NFT platforms, and some have purchased top encrypted artworks such as . In addition, global auction houses and financial institutions are also pouring in.

Now, as YouTube joins TikTok, Twitter, Instagram and Facebook in the “NFT” battle, the future of digital collectibles is worth looking forward to, and the future may be far more than we can imagine.