Despite the time, efforts, and resources content creators put into their work, they seem not to earn much from it as they should. Their works are easily accessible and can be used by anybody. Having complete ownership of work is the reason to Invest In Bitcoins.
Non Fungible Tokens (NFT) simply mean something unique and irreplaceable. They can be anything digital such as music, arts, etc. As the growth of the NFT industry increases rapidly, numerous companies, producers, and artists are connecting to it. According to DappRadar, it was recorded that the sales of NFT in the first half of the year rose to over $2 billion.
Mark Zuckerberg, CEO of Facebook said his goal is to become the center for the sales of NFTs in total security. Artists can convert their arts into NFT by attaching it to a crypto-based token thereby making content creators highly recognizable.
However, some social media platforms are now considering ways by which their users can benefit from their digital content. Acid from bridging the gap between buyers and sellers could initiate direct sales on their platforms. Social media platforms may grow to a trillion-dollar industry in the next 5 years if they adopt NFTs.
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Social media and use of NFTs
There have been plans by Twitter to support NFTs. The announcement made by Twitter in September 2021 about the authentication of NFTs is now active. According to Mada Aflak, Twitter’s senior software engineer, it was reported that users can now connect their accounts to a cryptocurrency wallet.
Users are allowed to upload their NFTs to their Twitter account, meaning they must own an NFT before uploading. Their picture appears in a hexagonal-shaped mask signifying the authenticity of the NFT. Links can also be displayed to show their NFT collections
Instagram is exploring ways it could bring NFT to its platform and make them accessible to its two billion users. Adam Moseri, the company’s CEO said there is nothing to announce yet but they are working on creating features that will incorporate NFTs.
According to an app developer, Alessandro Paluzzi, he reported that the platform has been working on integrating NFT. After the integration, the system would mark messages containing NFT as collectibles. Furthermore, metamask and Coinbase wallets are likely to be supported by Instagram. This could lead to direct bidding of NFTs on the app.
TikTok has announced the release of its first NFT collection named TikTok Top Moment. It comprises six videos from the most famous users in the world that are considered remarkable. This will provide ways for content creators to be rewarded and recognized for their content. The NFTs will be hosted by Immutable X and operated on the Ethereum blockchain.
YouTube using NFTs
YouTube being the second most visited platform in the world is a good source for education and knowledge sharing. The CEO of Nimbus Platform, Alex Lemberg, said the contents produced by YouTube are absolutely good for leveraging NFTs and smart contracts. Attention might shift from them if they refuse to integrate NFT functionality.
Unfortunately, some executives such as Ryan Wyatt (YouTube head of gaming) and Jamie Byrne (senior director of creator partnership) are leaving the company. They would be joining the NFT space and the metaverse to lead and oversee operations.
According to a letter published by the company’s blog, Susan Wojcicki, YouTube CEO addressed the priorities of this year. The possibility of including NFT features for video creators was mentioned. Aside from the 10 ways available by creators to monetize their businesses, the CEO is exploring other ways creators can earn massively.
Wojcicki also reported that they always concentrate on expanding their ecosystem to help creators make money from emerging technologies such as NFT. Keegan Francis, a bitcoin and cryptocurrency analyst said that Youtube has the budget and skills to cits their own metaverse. Perhaps they are waiting for a metaverse that has emerged and that they can profitably become partners with.
In conclusion, Web3 has been a source of inspiration for YouTube, notable for making people aware of decentralized autonomous organizations (DAOs). The form NFTs would take on YouTube is not clear at the moment but they hope to be the big player in the game.