YouTube to Integrate NFTs: CEO
In a message to creators, YouTube's CEO said that the video site was interested in "expanding" its ecosystem to include NFTs.
Susan Wojcicki, the CEO of YouTube, has hinted that the firm is considering "expanding" its service to include NFTs.
Wojcicki remarked in her yearly letter to creators that YouTube was interested in "expanding the YouTube ecosystem," implying that this expansion could include "things like NFTs."
According to Bloomberg, it's unclear what form NFTs on YouTube would take, but Wojcicki says the main goal will be "to help creators capitalize on emerging technologies."
Wojcicki refers to Web3 as a "source of inspiration" for YouTube in the letter, highlighting DAOs in particular. "The past year has highlighted a previously inconceivable chance to deepen the relationship between creators and their followers in the realm of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs)," she said.
The decision follows Twitter's announcement last week that NFTs would be included in its platform. Twitter Blue users can now use verified NFTs from their personal collection by connecting their accounts to OpenSea's API.
Similarly, Instagram has stated that the social media network is "actively studying" the integration of NFTs.
Even though the whole crypto market has lost more than $500 billion since the beginning of the year, the NFT niche appears to be untouched.
OpenSea, the largest NFT marketplace, recorded a new monthly volume record of $3.5 billion in Ethereum on January 17. This came just over a week after the NFT marketplace closed a $300 million funding round, valuing the company at $13.3 billion.
Tom Brady, Paris Hilton, Jimmy Fallon, Post Malone, and a slew of other celebrities have gotten on the NFT bandwagon, either by starting their own platform or by following the most popular collection.
It's unclear what the future holds for digital collectibles now that YouTube has joined Instagram, Twitter, and Meta (previously Facebook) in the mania.
YouTube is favored by Generation Z for interactive live video
According to recent research from Agora, interactive live video apps are a major lure for Generation Z users, with YouTube and TikTok taking the lead.
A study that looked into Gen Z tastes for an interactive live video found that 75% of participants believed that entertainment apps like YouTube and TikTok often provide the most engaging live video capabilities.
Interactive live video is defined by Agora as live stream where viewers can respond to the material, for instance by typing in a chat or responding with emojis. Additionally, people who are broadcasting the information can communicate with their viewers in real-time.
The majority of Gen Z users (74%) discover interactive live video on social media, specifically Instagram and Facebook, in addition to entertainment apps. While around half claimed that interactive live video is often used by gaming and communication apps like Twitch and Discord (50%) and WhatsApp and FaceTime (51%) respectively.
To beat the competition, use the NFT live streams venture strategy!
We should be aware that the worldwide entertainment market is worth trillions of dollars, with digital media increasingly serving as people's main source of amusement. Even while such substantial financial flows could appear to be advantageous economically, the creator community only saw a little increase in rewards.
The growth of Web3 applications like NFTs has led to breakthroughs virtually every day, and the entertainment sector was not immune to the storm. In recent years, Web3 fans have become increasingly interested in the growth of NFT streaming platform projects as they have begun to pose a serious threat to established media streaming companies.
A conversation starter for NFT streaming platforms
Media items (audio/video) are made available as NFTs on streaming platforms, allowing artists to get a higher percentage of token sales. Even incentives are a possibility now, which was previously unimaginable for performers who were less well-known. Streaming services like Apple Music, Prime Video, YouTube, Spotify, Twitch, and Netflix, allow consumers all around the world to easily access international content. However, they hardly acknowledged creators can obtain sufficient acclaim and funding via NFT streaming sites to carry on with their wonderful work. Videos, audio, streaming video, and gaming are just examples of the content kinds that are frequently streamed.
Unwrapping NFT for streaming content
Using NFTs for video streaming is the most significant application of NFT streaming services. In this instance, video clips can have digital tokens linked to them and be published on various networks. Then, based on membership tiers, they can be sold to users to give fractional ownership. Crypto tokens can be used as incentives for creators (and supporters, in the event of partial token ownership). With regard to content that is typically banned by ruling elites for a variety of reasons, NFT for streaming content is extremely helpful. Registering these movies on the blockchain ensures that no one can ever remove them or claim ownership of them in order to profit financially.
Discovering NFT for Video Streaming
Although it can also include radio and gaming streams, NFT for live streaming is largely similar to video streaming. While NFT players can earn well through a variety of revenue streams, game streaming enables them to keep more in touch with their audience and generate extra income. NFT for live streaming can also be advantageous for podcasters and vloggers because these tokens can be used to purchase premium memberships, which can support the upkeep of these individuals' close-knit communities. Afterlife, the film can be turned into a number of NFTs and made available to the general public for purchase. Those who have seen enough live streaming may be aware of the "magic of events."
NFT music streaming sites unveiled
NFT music platforms may be the most well-liked application of NFT streaming services. There are already a ton of NFT music markets where, according to membership tiers, fans can purchase tokens representing a portion of the ownership of songs. These tools help musicians get more fame and money, potentially erasing the label of "undervalued" for the majority. Forging personal bonds with supporters would not be more intimate than splitting ownership and revenue from streaming services, which are far superior to what concert stages provide. New networks for radio and podcasts are being developed, which might drastically change the amount of content that a typical consumer is accustomed to.
White-label streaming media network with NFT
Even while pre-made options are essentially ubiquitous in the Web3 arena, a White label NFT-based live-streaming network might come as a pleasant surprise to budding business owners. Although similar systems for audio and video can be established, these technologies can be helpful for live streaming. Such platforms have already been created and tested, which facilitates the process for startup enthusiasts looking to cash in on the trend immediately. One must alter or add user-end features of their choosing before launching the platform. The expense incurred will be much lower than what it would have cost to create a comparable NFT streaming infrastructure from zero.
What can businesses expect from NFT streaming platforms?
While a large portion of the blog focused on creators' and occasionally even fans' income, it is crucial to understand how related businesses could succeed. NFT streaming platforms have the authority to charge for membership, marketplace, and content listing. In order to increase the value of their company within the Web3 ecosystem, they can also use native tokens as their authorized form of payment. These businesses may even charge creators for marketing services, which may turn out to be advantageous for both sides. Additionally, streaming royalties generally come in the form of a proportion; even if they are 80%, millions of people may watch a video, making even 20% of royalties quite profitable.
As a result, we can conclude that the adoption of Web3 technology will increase the relevance of streaming platforms in the modern world as the principal source of entertainment. An NFT streaming network may be the greatest choice for an entrepreneur looking to succeed in the cutthroat NFT market. The entertainment sector is anticipated to expand as it embraces emerging technology, and NFTs are unavoidable. An NFT streaming site development company may be able to help you the most if you wish to create such a platform.
First published on Jan 25, 2022