YouTube expressed a positive view of Web 3.0 technologies like blockchain and NFTs for content providers in a blog post on Thursday 10th February 2022.
“Web3 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,” YouTube’s Chief Product Officer Neal Mohan wrote in the post.
YouTube on NFTs and Web 3.0
Web3 technology might be used on YouTube to allow fans to verify and own material such as videos, photographs, and art. YouTube’s Partner Program, which allows artists to earn money from their work, now has over two million subscribers.
“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” Mohan wrote.
About YouTube
YouTube is owned by Google, and its users watch over 700 million hours of video every day. Behind Google, the video-sharing website is also the second most used search engine. If YouTube implements NFTs, blockchain, and other Web3 technology for its creators, the company risks legitimizing a still-nascent tech field for a worldwide audience – and risking considerable reaction in certain places.
YouTube to help digital creators make money
There are some Web 3.0 technologies that YouTube is looking into that could help YouTube creators make money. One of these is a way to certify digital assets stored on the blockchain called NFTs (non-fungible tokens).
This was written by the CEO in a letter on the company’s official blog. It was called “Letter from Susan: Our 2022 priorities.”
Wojcicki said that the new innovations are coming up in the Web 3 world were a source of inspiration for new ideas on YouTube, but no specific plans were given on when to start.
YouTube CEO on NFTs
Wojcicki provided an update on the platform’s major concerns, including the condition of the creator economy, innovation, supporting creators’ work, and safeguarding the YouTube community.
“The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” she said, noting that the company is looking further ahead to the future and has been following everything in Web3.
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
key areas of innovation to expect from YouTube
Living Room Experience
As TV remained the fastest-growing screen last year, YouTube is investigating additional ways to bring the best of YouTube to TV and allow consumers to use their phones to more easily engage with YouTube videos they’re viewing on TV.
Shorts
YouTube has begun to roll out a new remix function that allows users to make Shorts utilizing audio from other YouTube videos. It is expected that this feature will be expanded in the coming months, with even more intriguing ways to remix YouTube material.
Gaming
YouTube has over 800 billion gaming-related views, over 90 million hours of live streaming, and over 250 million uploads in the first half of 2021 alone. Gifted Membership, one of the most desired features, will be rolled out this year, according to the video-creation material.
Music
Last year, the corporation reached a significant milestone, surpassing 50 million paid users, including trailers. Similarly, it said that it had paid the music business more than $4 billion in the preceding 12 months. However, by 2022, the platform claims it will be able to accomplish far more.
Shopping
While the platform has a creator tagging pilot program that allows viewers to browse, learn about, and shop products featured in their favorite videos, it says it is expanding its shopping capabilities this year by partnering with commerce platforms like Shopify to create a more interactive and entertaining experience for users.
Wrapping up
The decision by YouTube to take into consideration NFT comes only a week after Twitter introduced its first NFT feature, which was the addition of support for NFT Profile Pictures. Creators may use the functionality to display an NFT they own as a hexagon-shaped profile image, which, when clicked, will direct visitors to further information about the work.
The social media platform Instagram, like Facebook, has said that it is investigating NFTs, and recent reports suggest that Facebook may be developing an NFT marketplace.
