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Youtube is moving towards NFT

Yesterday, Susan Wojcicki, CEO of online video service Youtube, released an annual letter to creators, sharing the company's priority for the creator economy in 2022 and its commitment to expanding the "YouTube ecosystem" to help creators take advantage of emerging Technology, including technologies such as NFT.

In the letter, Wojcicki referred to Web3 as an "inspiration" for innovation at YouTube, writing: "We also look to the future and keep an eye on what's happening in Web3 as an inspiration to continue innovating on YouTube. In 2019, in the world of cryptocurrencies, NFTs, and even decentralized autonomous organizations (DAOs), a previously unimaginable opportunity to strengthen the connection between creators and their fans has been highlighted. We have been focused on expanding the YouTube ecosystem to Helping creators take advantage of emerging technologies, including technologies like NFTs, while continuing to enhance and elevate the experience for creators and fans on YouTube."

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

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Social media giants collectively embrace NFT

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

• TikTok

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

TikTok Top Moments. This series focuses on influential creators and their popular videos in entertainment, culture and community, making and releasing their wonderful moments as NFT, 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 for their favorite creators. Launched on Ethereum, the series of NFTs is powered by Layer 2 scaling solution (Layer2) Immutable X.

Nick Tran, Head of Global Marketing at TikTok, said: "The creation that happens on TikTok helps drive culture and spark trends beyond the platform. As the creator economy continues to grow, we're constantly looking for new and differentiated ways to support our creators. Fans can now have a moment on TikTok that helped 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 most popular creators on the internet. A welcome cultural milestone."

To this end, TikTok took out a full-page ad in The New York Times to promote its popularity. The final sentence of the ad also seems to reveal the next step for the company to reward short-form video creation: "We want to be a platform that is constantly finding innovative ways to recognize and reward our creators."

• Twitter

Dating back to September last year, social media giant Twitter first announced its NFT plans. At the time, Twitter said identity verification would allow creators to better showcase their work on Twitter, and said it was exploring it.

Last week, Twitter officially rolled out the new feature, which allows users to display their NFTs. Twitter Blue subscribers on iOS devices can connect an Ethereum-based crypto wallet to their account and set their NFT as their profile picture. The feature will roll 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 the user's NFT, Twitter will not be able to verify the authenticity of the user's NFT.

The Twitter Blue subscription service is not yet available globally, which will limit the adoption of NFT profile pictures to only 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 the social network for discovery, conversation, and education around NFTs, blockchain, and encryption.”

The launch comes after Twitter expressed interest in "incorporating decentralized technologies into the platform," including support for bitcoin as a tipping tip. The company also experimented with minting its own NFTs last year and distributing them to users for free.

A spokesperson for Twitter said in an interview: "Twitter is a place for people to talk about things they care about, and it's often where people get their first exposure to 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

As early as August last year, David Marcus, head of Facebook's financial department, said that the company was "definitely considering" this matter, so Facebook made a major hint about getting involved in the NFT market for the first time.

"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 need 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're creating Or, 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. "

Meta also embraced the industry shortly after Twitter began allowing its iOS users to display NFTs in their profile photos.

According to the British "Financial Times", Meta Company (formerly Facebook) is discussing the possibility of establishing an NFT market and studying the possibility of allowing users to mint and sell NFT. In addition, Meta plans to allow users to display NFT on Facebook and Instagram platforms.

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

Serwah Attafuah, an Australian artist specializing in Afrofuturistic abstract NFTs, once had 20,000 followers on Meta's subsidiary Instagram platform. With scams, data privacy concerns and copyright violations of artwork on Instagram becoming commonplace, 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: “Somebody scraped my Instagram, they took all the work from it, posted it on OpenSea, and then they started trying to sell it .”

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

Merav Ozar, a blockchain expert and fintech professor at Rutgers Business School, believes that decentralized art sales "do not resonate well with companies like Facebook."

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NFT wave continues

Although the crypto market has fallen by more than $500 billion since the beginning of the year, the NFT market does not seem to be affected.

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

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, while others have purchased <Boring Ape>,<Cryptopunk> and other top encrypted artworks. In addition, global auction houses and financial institutions are also pouring in.

According to the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions" issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any operation and investment behavior. Participate in any illegal financial practice.

risk warning:

According to the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions" issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any operation and investment behavior. Participate in any illegal financial practice.