The ‘Incredible Potential’ Of NFTs And Web3 Being Considered By YouTube In Its Future Offerings
YouTube, the largest video platform globally, is contemplating whether to add non-fungible tokens (NFTs) and blockchain integrations into the platform.
A blog post by the Chief Product Officer of the video platform, Neal Mohan, jotted out the company’s upcoming plans for new products and features in the current year, which included severe mention of NFTs. The executive cited an interest of the company in Web3 and blockchain.
NFTs are digital tokens that operate on blockchain networks such as Ethereum and validate asset ownership. NFTs are typically used to denote ownership of an image, video, piece of music, or even virtual land.
‘Channel Guidelines’, sorted comments for live streams, and Super Chats or tips for YouTube Shorts, which is YouTube’s version of TikTok, are among some of the new features that the video platform firm intends to roll out this year for video creators, said Mohan in his post.
Mohan also suggested future Web3 synergies, stating that NFTs might “allow creators to create deeper ties with their viewers” and monetize their YouTube content further.
Mohan made a few broad suggestions in the blog concerning what the integrations of NFTs or blockchain on YouTube could look like.
“Giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favourite creators could be a compelling prospect,” he said.
But Mohan has stated that he intends to handle any Web3 integrations with caution.
“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 said in the post.
While Mohan provided no elaborate details of the issue, YouTube may likely incorporate NFTs in such a manner that holders of a specific NFT collection will have exclusive access to the content of a creator, or special badges will be awarded to them during live streaming events.
Selling videos, or portions of videos, as NFTs, could also generate alternative income mechanisms for content creators.
Mohan is not the first YouTube executive to suggest incorporating Web3 features into the video platform. The fact that YouTube was contemplating the potential of further expansion of its offering to include NFTs was suggested in January by its CEO Susan Wojcicki. She said that at that time, the company was examining the potential of “expanding the YouTube ecosystem” and added that such integration could include adding “things like NFTs.”
In addition to Mohan and Wojcicki, Ryan Wyatt, the former head of YouTube Gaming, believes in Web3. Wyatt left YouTube in January to join Polygon Studios; a firm focused on developing on the Ethereum sidechain Polygon.