YouTube, the world’s largest video platform, is debating whether to incorporate non-fungible tokens (NFTs) and blockchain interfaces into the site.
In a blog post, the video platform’s Chief Product Officer, Neal Mohan, outlined the company’s planned ambitions for new products and services in the coming year, which included a serious mention of NFTs. The CEO mentioned the company’s interest in Web3 and blockchain.
NFTs are digital tokens that are used to confirm asset ownership on blockchain networks such as Ethereum. NFTs are commonly used to signify ownership of a photograph, video, piece of music, or even virtual land.
‘Channel Guidelines,’ categorized comments for live broadcasts, and Super Chats or tips for YouTube Shorts, YouTube’s version of TikTok, are just a few of the new tools that the video platform firm plans to push out this year for video producers, according to Mohan’s post.
Mohan also speculated on future Web3 synergies, suggesting that NFTs could “enable producers to develop deeper links with their fans” and further monetize their YouTube material.
Mohan provided a few broad proposals in his blog about how NFTs or blockchain integrations on YouTube could look like.
“Giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect,” he said.
However, Mohan has stressed that any Web3 integrations will be handled with prudence.
“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 in the post.
While Mohan did not go into detail about the issue, it is likely that YouTube will incorporate NFTs in such a way that holders of a specific NFT collection would have exclusive access to a creator’s content or special badges will be granted to them during live streaming events.
Selling videos, or portions of videos, as NFTs could provide additional revenue streams for content creators.
Mohan is not the first YouTube executive to recommend that Web3 features be included in the video platform. YouTube CEO Susan Wojcicki hinted in January that the business was thinking about expanding its service to include NFTs.
She stated that at the time, the business was investigating the possibility of “growing the YouTube ecosystem,” and that such integration may include “things like NFTs.”
In addition to Mohan and Wojicki, former YouTube Gaming chief Ryan Wyatt believes in Web3. Wyatt left YouTube in January to join Polygon Studios, a company focused on creating content for the Ethereum sidechain Polygon.
(Adapted from DeCrypt.com)