Why Selling NFT Will Become the Norm for Youtubers
NFT for YouTubers is not the same as a collectible NFT such as Bored Ape Yacht Club (BAYC) or CryptoPunks. Although using the same technology, the intrusive value behind the launch serves a different purpose for both the YouTuber and the buyer.
How do Youtubers Monetize?
There are several ways for YouTubers to monetize their content:
- Paid directly from Youtube
- Obtain donations from supporters
- Through Patreon
- Selling Merch
- Promotional Videos
Although this seems like a lot of choices to monetize, realistically most YouTubers will never take FULL advantage of any of the above options. This is because:
- Low subscriber count.
- The channel theme is too niche.
- Channel content is highly correlated to the success of other content.
- YouTube content is not featured by the algorithm.
Despite this, most YouTubers continue to generate content. Why? Because most have managed to grow an active community on other platforms such as Discord, which enables them to form relationships through interaction with the community. Although they do not have the option to monetize, Discord activity still serves as a form of recognition for the YouTuber which motivates them to continue generating quality content for their fans.
Even with an active community, it is important for YouTubers to realize the practicality of running a channel as they are investing time and money in producing content. If there is a method for YouTubers to monetize, strengthen relationships with their community, and build towards their goals for a small cost, this would be the ideal solution for every YouTuber — this is where NFT comes in. Although the concept is relatively new, NFT serves all the benefits mentioned above and is a powerful technology for Youtubers to leverage today.
NFT for Youtubers
As mentioned, NFT serves as a bridge between subscribers and YouTubers to further strengthen their relationship. For example, purchasing an NFT from a limited selection will notify the YouTuber of your support towards him/her. Usually, the purchase will also include some sort of access to an exclusive discord channel, or a private meeting with the YouTuber online.
One of the most powerful elements of NFT is the ability to turn something “liquid” or “tradable”. For that reason, a lot of celebrities NFT the most significant moments in their lives. By doing so, the NFT captures the most precious moments that are relevant to families, friends, followers, and supporters. For YouTubers, this is very similar. Although the NFT seems like a screenshot or a trimmed video of an existing file, it is not something that anyone can copy on the internet. Only the YouTuber can verify his/her content being distributed in the form of NFT, which is similar to giving a signature on a book, t-shirt, or card. This “signed” digital asset is then represented on the blockchain network which enables anyone to verify that the NFT is indeed signed by the original YouTuber. Since there will only be 1 NFT capturing 1 specific moment, these are naturally rare and extremely valuable. How valuable correlates to the brand, IP, and the growth of the YouTuber. Hence, it is no surprise that only real supporters of the YouTuber would be interested in such products, which also translates to why it is worthwhile for the YouTuber to connect with the NFT buyer once the purchase has been made.
Finally, YouTubers that chose to NFT their custom content such as an intro video on youtube, avatar, profile picture, or any custom artwork usually bring a higher value to the NFT. The reason behind this is that it takes time and money for the YouTuber to develop these artwork and intro videos (most likely through the hiring of a 3rd party). So, there is an additional intrusive cost invested into the artwork. For that reason, the price of the custom NFT is easier to justify. The one-of-a-kind NFT can never be reproduced again, only traded in the global market via the blockchain network.
For a fan, purchasing an NFT is like owning a piece of IP from a YouTuber. The incentive behind the ownership is to hope the YouTuber will be successful, so more people will be interested in the YouTuber's IP in the near future. More importantly, it connects you to the YouTuber and lets him/her know that you are one of the few unique supporters out there who really care about their work. In the end, it’s about giving back to the content creators who have given their time to entertain and bring joy to our lives.