YouTube is working on NFT integrations to give creators new ways to engage with fans and develop additional revenue streams.
The news comes just weeks after YouTube CEO Susan Wojcicki hinted that the platform could use Web3 “as a source of inspiration” for growth and possibly adopt NFTs on the site.
In a blog post on Feb. 10, YouTube Chief Product Officer Neal Mohan outlined a long list of new products, tools and features the company plans to launch in 2022, mentioning Web3 technologies, blockchain, NFTs and Metaverse .
Mohan said that after receiving feedback from the community, YouTube is actively looking for new ways to provide additional support and choice to its 2 million creator partners.
After noting that creators often struggle to come up with new content ideas or figure out success on the platform, Mohan points to Web3 technologies such as NFTs as a potential solution:
“Web3 also opens up new opportunities for creators. We believe that new technologies such as blockchain and NFTs can allow creators to build deeper relationships with fans. Together, they will be able to collaborate on new projects and build on previous Impossible way to make money.”
Among the potential ways creators can leverage NFT technology, Mohan suggested that they could tokenize their videos, photos, art, and experiences as a way to engage with fans.
“There are a lot of factors that need to be taken into account to make sure we use these new technologies in a responsible way, but we also think they have incredible potential,” he said.
Mohan also paid homage to the current buzzword “Metaverse,” emphasizing the new ways viewers can expect to experience content through virtual reality. YouTube executives have said the company will address the gaming issue first, but gave no details at this stage.
“Finally, we can’t have an article about innovation without touching Metaverse! We’re thinking about how to make viewing more immersive. The first area where you can expect to see impact is gaming, and we’ll be working hard to bring More interactions, making them feel more alive.”
“It’s still early days, but we’re excited to see how we can make these virtual worlds a reality for viewers,” he added.
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Considering the numerous negative public backlash following NFT announcements by companies like Discord, Ubisoft, and Team17, big tech companies like YouTube who have outlined NFT plans are acting bravely in the current environment.
Common arguments by opponents include characterization of NFTs as theft, fraud, or environmental damage caused by the mining practices of certain cryptocurrencies.Adam Smith, journalist for the British left-wing media “The Independent” highlight On Twitter today, progressives took to public opinion on NFTs, stating:
“A YouTube spokesperson told me they have nothing to share about the massive environmental damage caused by NFTs, although Google is ‘committed to sustainability,’ so that’s fine.”
He then offered YouTube or Googlers an opportunity to ask him for an article.
Of course, proponents will point out that NFTs won’t cause “massive environmental damage,” as the blockchains on which they are tokenized will use the same amount of electricity, regardless of whether the NFTs are transacted on them. While there is strong opposition to focus on the power consumption of proof-of-work blockchains, other chains that host NFTs run on proof-of-stake which is more than 99% more energy efficient.
Must not own my Youtube content. That’s why I offer it for free. Who the fuck thinks this is a good concept?
I’m tired of this crap https://t.co/3kjKzTnCjw
— Brad Lynch (@SadlyItsBradley) February 10, 2022
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