YouTube Eyes Potential Of NFTs and Web3 For Future Products PlatoBlockchain Data Intelligence. Vertical Search. Ai.

YouTube Eyes Potential Of NFTs and Web3 For Future Products

Time Stamp: February 11, 2022 1:40 PM

YouTube eyes potential of NFTs and web3 for future products as it is looking to add blockchain integrations as well as per statements from executives as we are reading further in our latest cryptocurrency news.

YouTube’s Chief Product Officer Neal Mohan published a blog post about the upcoming plans of the company and new products as well as features in 2022 citing interest in blockchain, NFT, and Web3. NFTs are digital tokens that exist on the blockchain network like Ethereum which are used to verify ownership over an asset and these NFTs usually point to ownership of an image, video, music, or now even virtual land. Mohan even mentioned the new features planned for the YouTube creators like Channel Guidelines, sorted comments, and chats for YouTube shorts.

Mohan also 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.

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

Mohan added that he wants to take a very slow approach to Web3 integrations:

 “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”

While Mohan didn’t provide more comments, it is possible that YouTube can integrate NFTs in a way that the holders of ac collection can gain access to a creator’s content or special badges during live streams. Selling videos or segments as NFTs can provide more monetization mechanisms for the creators. This is not the first time that a youtube executive hinted at Web3 features. CEO Susan Wojcicki said that the company is looking to expand the ecosystem and this expansion can include things like NFTS. In addition to Mohan and Wojcicki, the former head of YouTube Gaming Ryan Wyatt is bullish on Web3. He departed for Polygon Studios recently which is a company focused on building on the Ethereum sidechain.

As recently reported, Youtube aims to add NFTs in its ecosystem as a part of the expansion efforts as the sector continues to see increased growth and adoption.

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