Youtube Aims To Expand Its Creator Tools Including NFTs, Live Shopping and More Video Effects
YouTube's CEO, Susan Wojcicki, gave a summary of the company's plans for the coming year, along with a clear implication that it was thinking of introducing NFTs to allow creators to interact with fans in a new way.
Neal Mohan, YouTube's chief product officer, has reiterated the notion in a blog post today, laying out more details on the company's overarching goal this year on creating more tools for creators.
Although NFTs appear to be the most intriguing aspect of the blog post, considering how huge it came to be and that YouTube's top contenders are concentrating on their initiatives as a valuable addition to their video-fueled ad businesses.
“We’re seeing lots of interesting applications, such as NFTs being used to help manage a community of common interests; enabling better crowdfunding for creators; helping artists mint and sell their own work in a verifiable way that also earns them a rev share for future sales,” a spokesperson told us. “We think YouTube can add a lot of unique value to what people are already doing in this space.”
The company will also provide shoppable videos, Live Shopping, and other purchasing options "across the app," according to Mohan. Those who are familiar with YouTube and what it does will be astonished to learn that these capabilities have been tested in recent months. According to YouTube, a test with Walmart and others garnered over 2 million views and 1.4 million Live Chat messages. Another addition to live streaming is collaboration, where creators can cooperate live on interactive streams, a new method to shake things up and breathe life into what is now a predictable video format in recent years.
Furthermore, there will be some substantial changes for creators in the aspects of video effects and analytics. This will help them improve their work and then determine if others enjoy what they're seeing. More video effects and editing capabilities will be included in new tools this year, according to Mohan, which is unsurprising given that many of them are already created off YouTube, giving creators even another reason to publish material elsewhere. Shorts — YouTube's short-form video equivalent to TikTok, Snapchat, and Instagram — will soon be capable of replying to comments on videos, an update that will likely keep creators on the YouTube platform.
Nowadays, the creator economy and user-generated content are the center of attention and all flurry of activity has flocked in, and money is quickly following suit. There's a good reason why YouTube is undertaking this and developing tools to keep creators coming back. As stated by one fintech that regularly works with e-commerce companies, TikTok, the behemoth that is a massively popular home for both high-profile creators and mass-market user-generated video, is already surpassing Pinterest and Snapchat for recommendations, and it's likely to go after YouTube and Meta's large array of apps next.
YouTube is currently caught in a difficult position since we've learned that Instagram and its parent company Meta are serious about establishing a larger business around NFTs, as well as the currencies that will support it. (It's currently in development, as reported by Financial Times last January. Either way, it would offer a place to everything the company has previously done for the Novi project.)
As per Google's spokesperson, the company's research into emerging technologies such as NFTs and web3 "can help deepen our mission to be the ideal destination for creators and viewers." “What’s unique about YouTube is the relationship between creators and fans and we think these new technologies can play a role in augmenting that.”
The question of whether Google will be collaborating with others or trying to construct a marketplace from the bottom up was left unanswered "at the time." However, given how many famous YouTube videos have already jumped on the NFT bandwagon to profit beyond YouTube commercials, it would be intriguing to see Google collaborating with established marketplaces and others.
“Our creators are already engaging with NFTs, so we believe it’s important to understand the space and help drive it in a direction that’s good for creators and viewers,” the spokesperson said. “We’ve done this already with our alternative monetization products — we saw that people were selling items, so we created a merch product. Creators are already engaging with NFTs and we want to help make that easier and better.”
NFTs will join what is already a modest base of alternative revenue sources, such as YouTube's Paid Digital Goods, which include Super Chat and Super Stickers, as well as other monetization tools.
“We found that those are extremely popular with creators and fans,” the spokesperson stated. “And a lot of this is about patronage and our fans wanting to financially support their favorite creators. So we’re looking into NFTs as another way to grow the connection between creators and their fans while giving creators a new way to make money.”