YouTube Sees Huge Potential in NFT Video Sales

YouTube is considering NFT integrations as a way for creators to connect with their audiences and generate new revenue streams.  The announcement comes just weeks after YouTube CEO Susan Wojcicki hinted that the platform could use Web3 as a source of inspiration for expansion and possibly implement NFTs.  In a blog post, YouTube’s Chief Product Officer Neal Mohan listed a large list of new products, tools, and features that the company plans to bring out in 2022. It includes Web3 technology, blockchain, NFTs, and the Metaverse.  Following comments from the community, Mohan indicated that YouTube is actively looking for new methods to provide extra support and opportunities for its two million associated creators. After mentioning that producers frequently have trouble coming up with fresh content ideas or determining what would be successful on the platform. Mohan has suggested Web3 technology like NFTs as a possible solution:  “Web3 also opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible.” Mohan stated that producers may tokenize their movies, images, art, and experiences as a method to engage with fans by using NFT technology.  He said: “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”  Mohan also alluded to the current main term — ‘Metaverse’, when he stated that viewers can expect new ways to enjoy content through virtual reality. The YouTube executive claimed that the company will focus on gaming first, but did not provide any other details at this time. “Finally, we couldn’t have a piece about innovation without touching on the Metaverse! We’re thinking big about how to make viewing more immersive. The first area in which you can expect to see an impact in gaming, where we’ll work to bring more interactions to games and make them feel more alive.” He further said: “It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers.”  In the current atmosphere, a large internet corporation like YouTube outlining any plans to do something with NFTs is brave, given the public outrage that has occurred following NFT announcements from companies like Discord, Ubisoft, and Team17.

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