YouTube sees the ‘incredible potential’ of NFTs and metaverse

    12 Feb 2022

    YouTube believes in the ‘incredible potential’ of NFTs and Web3 for future products. A few weeks after mentioning that the world’s largest video platform will enter the world of blockchain, NFT, and metaverse, the company has provided more details.

    On Thursday, YouTube’s CPO Neal Mohan published a blog post about the company’s upcoming plans for new products and features in 2022, citing an interest in blockchain, NFTs and Web3.

    Mohan mentioned some of the new features planned for YouTube creators this year, like “Channel Guidelines,” sorted comments for livestreams, and Super Chats (tips) for YouTube Shorts (which are YouTube’s version of TikToks).

    Furthermore, Mohan hinted at future Web3 integrations, citing the potential for NFTs to “allow creators to build deeper relationships with their fans” and further monetize their YouTube content.

    Regarding the NFT and blockchain integration on YouTube, Mohan made a few common suggestions:

    “Giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect.”

    “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” he added, citing a thoughtful approach to any Web3 integrations.

    YouTube’s CPO noted the possibility of a “verifiable way” for fans to own “unique videos, photos, art and experiences from their favorite creators” – a premise that NFT technology can fulfill for the streaming service on a massive scale.

    Dubbed a “compelling prospect for creators and their audiences,” Mohan said it has many ‘responsible’ considerations to make in its approach to the “new technologies” – which have “incredible potential” to change how creators and fans interact and engage with each other online.

    He also touched on the metaverse, which could enable its viewers to watch videos together in a virtual environment.

    It said it’s “thinking big about how to make viewing more immersive” – a niche that a metaverse environment can fulfill – with gaming being a particular area of interest.

    “It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers,” read the blog post.

    This isn’t the first time a YouTube executive has hinted at Web3 features coming to the video platform. Last month, YouTube CEO Susan Wojicki said she was looking into “expanding the YouTube ecosystem” and noted that this could include adding “things like NFTs.”

    In addition to Mohan and Wojicki, the former head of YouTube Gaming, Ryan Wyatt, is also bullish on Web3. In January, Wyatt departed YouTube for Polygon Studios, a company focused on building on Ethereum sidechain Polygon.

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