YouTube sees ‘incredible potential’ in NFTs

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. 

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 in a blog post published on February 10th, including Web3 technology, blockchain, NFTs, and the Metaverse.

“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” said Neal Mohan, YouTube Chief Product Officer.

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 creators often have trouble coming up with fresh content ideas or determining what will be popular on the platform, Mohan 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,” said Mohan.

He further stated that creators may tokenize their videos, images, art, and experiences as a method to engage with fans by using NFT technology. “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.

Mohan also referred 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. 

“It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers,” said Neal Mohan, YouTube Chief Product Officer.

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