YouTube is considering NFT integration to provide creators with new ways to engage with fans and generate additional revenue streams.
The news comes just weeks after YouTube CEO Susan Wojcicki hinted that the platform could use Web3 “as an inspiration” for growth and possibly implement NFT on the website.
In a Feb. 10 blog post, YouTube Chief Product Officer Neil Mohan laid out a long list of new products, tools, and features the firm aims to release in 2022, including Web3 technology, blockchain, NFT, and the Metaverse.
Mohan said that YouTube is actively looking for new ways to provide additional support and opportunities for its two million partner creators after receiving feedback from the community.
Mentioning that it is often difficult for creators to come up with new content ideas or figure out what will be successful on the platform, Mohan pointed to Web3 technologies such as NFT as a potential solution:
“Web3 also opens up new possibilities for authors. We believe that new technologies such as blockchain and NFTs can enable creators to build deeper relationships with their fans. Together they will be able to collaborate on new projects and make money in ways that weren’t possible before.”
Potentially, creators could use NFT technology, Mohan suggested tokenizing their videos, photos, art and experiences to interact with fans.
“There are many things to consider to make sure we approach these new technologies responsibly, but we believe they also have incredible potential,” he said.
Mohan also paid homage to the current buzzword “Metaverse” as he emphasized that viewers can expect new ways to view content through virtual reality. YouTube’s chief executive said the firm will focus on games first, but hasn’t revealed any details at this stage.
“Finally, we couldn’t write an article about innovation without touching the Metaverse! We think a lot about how to make the viewing experience more immersive. The first area where you can expect changes is in games, where we will be working to make games more interactive and make them feel more alive.”
“It’s still early, but we’re excited to see how we can turn these virtual worlds into reality for viewers,” he added.
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A major tech firm like YouTube outlining any NFT plans is being bold in the current environment given the many negative public reactions following NFT announcements from firms like Discord, Ubisoft and Team17.
Common arguments by opponents include presenting NFTs as a money grab, fraud, or liability for environmental damage due to the mining practices of certain cryptocurrencies. British left-wing media reporter The Independent Adam Smith tweeted earlier today underlining the Progressives’ public opinion against the NFT, stating that:
“The YouTube rep told me they had nothing more to say about the massive environmental damage NFTs are causing, even though Google is ‘committed to sustainability’ so that’s great.”
He then invited YouTube or Google employees to complain to him about the article.
Proponents will, of course, point out that NFTs do not cause “huge environmental damage” at all, as the blockchains they are tokenized on will consume the same amount of electricity whether NFTs are traded on them or not. And while the backlash is focused on the power consumption of proof-of-work blockchains, other networks hosting NFTs are running on proof-of-stake, which is more than 99% more energy efficient.
My Youtube content is not meant to be owned. That’s why I’m making it available for FREE. Who the hell thinks this is a good concept? I’m so tired of this garbage https://t.co/3kjKzTnCjw — Brad Lynch (@SadlyItsBradley) February 10, 2022