Viral Videos Are Now Being Auctioned Off as NFTs

NFTs, or hyper-glorified Pokemon Cards for the ultra wealthy as I like to call them (gotta catch em all!) have evolved from turning pixelated images into digital assets into doing the same for viral TikTok and YouTube videos. NFTs offer a new way for those participating in the creator economy by way of viral videos to ride the crypto bandwagon and make a considerable buck doing so.

Examples of the latest viral videos that have been auctioned off as NFTs include YouTube throwbacks that we’ve all come to know over the years: the adorable “Charlie Bit My Finger” video, the infamous “Nyan Cat” gif, and the “Disaster Meme” girl, were all sold as NFTs for $760,000, $590,000 and nearly half a million, respectively.

Most recently, a viral TikTok made by Jordan Scott with over 54 million views called "I Ain't Never Seen Two Pretty Best Friends" is planned to be up for auction on June 2nd, 2021. Scott is working with a digital company called NetGems, a firm that works to release creator-backed NFTs for auction and helps creators reap the rewards of the lucrative cryptocurrency market. With NFT companies like NetGems around, viral-video makers can now monetize their creations in a new way that doesn’t rely on advertising revenues.

How NetGems Works (photo credit: NetGems)

My analysis

I believe that the NFT craze will spillover into lesser known creators monetizing their content, whether or not it goes viral. NFTs are providing a significant and new source of revenue for ordinary people, figures that no other market other than crypto is capable of pulling. In short order, I don't think NFTs are a bubble. I believe that this trend is a reflection of how the digital economy is going to function in the coming years and decades. Digital assets like NFTs will likely transform into a hedge against inflation, similarly to how we view gold today.

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