YouTube is Latest Tech Firm to See Potential in NFTs

Popular video platform YouTube believes that NFT videos are the future and will consider blockchain technologies. 

YouTube to Consider Blockchain Tech

Chief product officer, Neal Mohan, stated this in a blog post. According to him, “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”

This comes only a few days after Susan Wojcicki, YouTube CEO, hinted that the platform could adopt NFT. Then, she pointed to Web3, claiming it could be a source of inspiration for YouTube to achieve more growth. 

In the post, Mohan listed all the products, features, and tools that YouTube plans to launch in 2022. Notably, metaverse, NFTs, blockchain, and Web3 technologies are all on the list. 

In addition, the Chief Product officer claims that the platform is looking for new ways to provide its two million creators with better options and support.

He stated that Web3 and NFT could be a way for creators to develop new content and achieve more success on the platform:

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.

Institutional Interest in NFTs Continue to Rising

While brands have been lauding Web3 tech and NFTs as a solution to various challenges, the public view isn’t that optimistic. 

There’s currently a public backlash against NFT announcements by Discord, Team17, and Ubisoft.

The criticism against it is premised on it being that it’s more of a scam with no real utility. 

Many also point to mining practices and argue that NFTs and blockchain technologies ruin the environment.

However, several top brands ranging from social media platforms like Twitter and Reddit to car manufacturers like Mercedes and Lamborghini have incorporated NFTs into their products. Recently, the video platform OnlyFans launched its NFT profile picture feature. 

For YouTube, Web3 and NFT tech represents an opportunity for growth. The Alphabet-owned platform currently gets 700 million watch hours from viewers daily and is behind Google as the number two search engine in the world.