YouTube, in a recent blog post, has re-iterated that it is actively exploring Web 3 and NFTs as part of its efforts to enhance the creator experience on its platform.
Neal Mohan, the streaming site’s chief product officer, added that Web3, an umbrella term for the third phase of the internet based on transparency ledgers like blockchains, ‘opens up new opportunities for creators.’
In the blog post on the company’s outlook for 2022, chief product officer, Neal Mohan, wrote that blockchains and NFTs are being explored as avenues to expand tools for creator monetization.
Accordingly, the expanded tools will give a verifiable way for fans to own unique videos, photos, art, and even experience from their favorite creators.
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SEE ALSO: Twitter Rolls Out NFT Profiles – Only the Actual Owners Will Display NFT Avatars
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“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”
– YouTube
Reports also say that YouTube is thinking of integrating its service line with the metaverse, which is the idea of an immersive digital world.
Here are some of the use cases that YouTube is thinking about creating as part of the metaverse:
- Allowing users to watch videos together in a metaverse
- Bring more interactions to games and make them feel more alive
Some of these moves are likely in response to competitor moves given that other digital publishing companies such as TikTok’s parent company, Bytedance, Twitter, and Facebook’s Meta are also embracing NFTs and/or the metaverse.
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RECOMMENDED READING: The NFT Market Grew 200x to Over $20 Billion in 2021 – OpenSea Made Up 60% MarketShare
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