Youtube plans to implement NFT, web3 and metaverse

The site’s chief product officer of Youtube, Neal Mohan, detailed that YouTube could incorporate NFT so creators can tokenize their content this 2022.

He also sees Web3 and metaverse as potential tools to enhance the user experience.

The release mentions a long list of new products, tools, and features the company plans to implement that include NFTs, Web3, and the metaverse.

Mohan said that YouTube is actively looking for new ways to provide additional support and options to its millions of creators; especially when it comes to monetizing their content.

He also mentioned that creators have cited difficulties in generating new content ideas or figuring out what will be successful on the platform.

Neal Mohan noted that “new technologies” could provide a solution. As such, he noted that digital collectibles could help creators generate “unique experiences” for fans.

“We believe that new technologies, such as Blockchain and NFTs, can enable creators to establish 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.”

“For example, offering a verifiable way for fans to own videos, photos, art and even unique experiences of their favorite creators could be an attractive prospect for creators and their audiences” he said.

He suggests that one possible use case for NFTs could be tokenization of videos, photos and art as experiences to interact with fans.

It would also allow users to demonstrate unique and verifiable ownership of content. In 2021, YouTube gained more than two million users in its Partner Program, a way for creators to earn revenue from their work.

YouTube dives into the Metaverse

“Web3 also opens up new opportunities for creators,” Mohan had emphasized in the same paragraph. The term Web3 refers to an evolved version of the Internet that promises to be decentralized with the help of Blockchain, while giving netizens greater authority and autonomy of their data and web content.

The company noted the enormous “potential” of these technologies, though not without emphasizing its intention to adopt them in the most “healthy” way for creators and its ecosystem. “There’s a lot to consider to make sure we approach these new technologies responsibly, but we think there’s also incredible potential,” Mohan said.

Finally, YouTube also announced that it is taking its first steps into the metaverse, a concept that refers to interacting with virtual worlds online. “Finally, we couldn’t dedicate an article to innovation without talking about the metaverse.

We’re thinking big on how to make visualization more immersive. The first area where you can expect an impact is gaming, where we’ll be working to bring more interactions to games and make them feel more alive. It’s still early days, but we’re looking forward to seeing how we can turn these virtual worlds into a reality for viewers.