Recently YouTube, Google’s video and streaming platform, confirmed that it is working to make inroads into the new technologies offered by NFTs and Web3 in general. In this NFTexpress article I explain what this announcement is all about.
YouTubethe leading Internet video platform, commented on the possibility of venturing into NFTs and Web3 in general. On this occasion, YouTube’s new CEO, Neal Mohan, said he is optimistic about the potential of these new technologies and the adoption they have achieved in the communities of other social networks such as Twitter and Reddit.
Neal Mohanserved as YouTube’s chief product officer for more than seven years, but after Susan Wojcicki announced she was stepping down as CEO, Mohan was introduced as the company’s new CEO.Mohan was introduced as the company’s new CEO.
Now, Neal talked about the excitement about NFTs and also listed some examples of how this industry could be integrated into the Google-led video platform. Among other things, he said he believes that new technologies such as blockchain, Web3 and NFTs can allow creators to build closer relationships with their fans and together, collaborate on new projects to make money in ways that have not been possible until now.
Another example he gave of the advantages of these new technologies is the possibility of offering a verifiable way for fans to own photos, art, videos and even unique experiences of their favorite creators.
YouTube and NFTs
YouTube as a platform is gradually entering this new industry and the new CEO will continue the work left behind by former CEO Susan Wojcicki to begin the full integration of NFTs into the Google company.
In this new incursion of YouTube to provide different experiences to its users, creators can be expected to be more empowered in the new era. In addition, there will be more tools to monetize content with NFTs such as: fans can purchase a non-fungible token to give them access to exclusive content. Also, selling segments of videos as NFTs for fans to create value from their creators.
Clearly this is another great news for the NFT industry, as, YouTube is one of the most popular websites in the world and as of September last year, the platform ranked only behind Google in terms of usage, with more than 74 million average visits per month.
On the other hand, this is not the first time that YouTube is interested in these new technologies. Last year, YouTube’s official blog posted an article about how the platform is looking for new ways to integrate Web3 technology with the goal of making YouTube more immersive with the use of industries such as the metaverse, NFTs or unique digital tokens to assert ownership of online content by creators.
Conclusions
It is clear that the Web3 ecosystem, along with its technologies such as NFTs, is taking over the entire landscape for technology giants to generate new ways to attract users and innovate their services.
YouTube is following in the footsteps of Web2 companies such as Google, Twitter and Instagram, which have already begun the process of integrating different Web3 tools.
Twitter has already announced that it will soon allow users to buy, sell and display NFTs directly through tweets in partnership with four marketplaces. Also, add that through the premium Twitter Blue service, NFTs can now be displayed as a profile picture in a hexagonal shape (usually photos are displayed in a circular shape).
Finally, Instagram has already welcomed NFTs on its platform and users’ profiles can already display digital collectibles hosted on Polygon’s network, thanks to Meta’s partnership with this blockchain.
All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.