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YouTube looking for adding NFT and blockchain integrations

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Indrani bose Follow

INDIA

Feb, 11 2022

Feb, 11 2022

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On 10th February, YouTube’s Chief Product Officer Neal Mohan published a blog post consisting of a long list that highlights the company’s upcoming plans for new products and features in 2022 for YouTube creators. It shows an inclination towards Web3 tech, blockchain, NFTs, and the Metaverse. NFTs integrations will enable new ways for creators to build a deeper relationship with fans and develop further ways to monetize their Youtube content.  

As per Mohan, YouTube is actively looking for new methods that will give additional support and options to its two million partnered creators after receiving feedback from the community. Mohan highlights Web3 tech such as NFTs as a potential solution for the struggle that creators undergo to find the right content ideas that will be successful on the platform. The creators can utilize NFT tech by tokenizing their videos, or segments of videos, photos, art, and experiences as a way to engage with fans. In the blog post, Mohan mentioned some of the new features for the creators like “Channel Guidelines,” sorted comments for live streams, and Super Chats (tips) for YouTube Shorts (which are YouTube’s version of TikToks).

“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.”

Last month YouTube chief executive officer CEO Susan Wojcicki showed an interest that the platform can use Web3 “as a source of inspiration” for growth and mostly will adopt NFTs on the website. To expand the YouTube ecosystem, she said "things like NFTs" can be added.

Similarly, Ryan Wyatt, the former head of YouTube Gaming, is optimistic about Web3. Wyatt left YouTube in January to join Polygon Studios, an Ethereum sidechain company.

Blockchain networks, including Ethereum, use digital tokens called NFTs to verify ownership of assets. In most cases, NFTs refer to images, videos, pieces of music, or even virtual land.

 


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Indrani bose

CBW - External Analyst

INDIA

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