Neal Mohan, Chief Product Officer, YouTube wrote in a blog post released on February 10 that they want to connect artists with their audiences “on a deeper level” and wish to adapt to the emerging world of “Web3 and its elements”.
Mohan announced that YouTube is actively looking for new ways to provide more support and options to its 2 million creators after receiving much feedback from the community.
Looking at how creators are troublesome with new content ideas or figuring out what will bring success on their channel, Mohan points to Web3 technology, such as NFT, as a potential 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.”
In terms of potential ways creators could use NFT-based technology, Mohan suggested they could tokenize their videos, photos, art, and experiences as a way to engage with their fans:
“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 expressed praise for Metaverse, as he said that viewers can expect a lot of new ways to experience content through virtual reality. Mohan stated that Youtube will deal with gaming first, but did not reveal any specific details at this stage:
“Finally, we couldn’t have a piece about innovation without touching on the Metaverse! We’re thinking big about how to make viewing more immersive. The first area in which you can expect to see an impact is gaming, where we’ll work to bring more interactions to games and make them feel more alive.”
A giant tech like YouTube, when outlining plans to do with NFT, has taken lessons from companies like Discord, Ubisoft, and Team17 as they received public backlash following their NFT announcements.
Common arguments from opponents include treating the NFT as cash appropriation, scam, or responsible for environmental damage caused by the mining of certain cryptocurrencies. Today, a reporter for the left-wing UK media outlet The Independent – Adam Smith highlighted the public perception of progressives against the NFT Twitter:
“A YouTube spokesperson told me they have nothing more to share on huge environmental damage that NFTs cause even though Google is ‘dedicated to sustainability’ so that’s great.”
Advocates will of course point out that NFTs do not cause damage to the environment, since the blockchain they are encrypted on uses the same amount of electricity regardless of whether or not NFTs are transacted on them. And while the backlash focused on blockchain’s power consumption, other chains that host NFTs are more than 99% energy efficient.
(Reference: Cointelegraph)