YouTube welcomes NFT video sales and Web3 technologies to allow creators “make money in ways not previously possible”
YouTube is reported to have been looking at NFT integrations for providing new methods for creators for engaging with their fans and developing additional revenue streams.
The news comes weeks following YouTube CEO Susan Wojcicki’s hinting that the platform would potentially use Web3 “as a source of inspiration” for its current growth and potentially adopt NFTs on the website.
In a blog post dated Feb 10, YouTube’s Chief Product Officer Neal Mohan has outlined a long list of new tools, products, and features that the platform plans on rolling out in 2022. Web3 tech, NFTs, blockchain and the Metaverse have found mention on the list.
Mohan has detailed that YouTube is actively seeking new ways for providing additional support and options to its two million partnered creators after it has received feedback from the community. He referenced that creators are often struggling with new content ideas or figuring out what can run successfully on the platform and found that Web3 tech like NFTs could be a potential solution.
Mohan explained that Web3 new technologies like blockchain and NFTs would open up new opportunities for creators as well as let them “build deeper relationships with their fans,” as a result of which the platform is collaborating on newer projects to “make money in ways not previously possible.”
While suggesting potential ways that creators could utilize NFT technology, Mohan indicated they could tokenize their creative work, including videos, photos, art and experiences, in order to engage with fans.
Mohan also said that with the “Metaverse”, viewers could expect exciting new ways to experience content via virtual reality as the platform would first of all tackle gaming. However, the exec did not reveal any specifics at this stage.
A major technology platform like YouTube outlining any plans to include NFTs is a courageous move considering the current climate of numerous public backlashes after NFT announcements from firms like Discord, Ubisoft and Team17.
Common issues relating to NFTs include cash grabs, scams, or environmental damage owing to the mining practices of some cryptocurrencies.
A reporter for UK’s The Independent, Adam Smith, has highlighted the public perception among progressives against NFTs on Twitter, stating that a YouTube spokesperson has shared with them that the firm has “nothing more to share on huge environmental damage” that NFTs would cause even though Google is ‘dedicated to sustainability’ and that is “great.”
Proponents of NFTs, however, can point out that “huge environmental damage” is not caused by them as the blockchains that they are tokenized on the same amount of electricity regardless of whether NFTs are traded on them or not.
Rather, the backlash is centred on the electricity consumption of proof of work blockchains, and other chains hosting NFTs that run on proof of stake are over 99 per cent more energy efficient.