YouTube is looking into NFT integrations to help creators engage with fans and generate revenue. A few weeks ago, YouTube CEO Susan Wojcicki hinted that the platform could use Web3 as a source of growth and possibly adopt NFTs.
YouTube’s Chief Product Officer Neal Mohan detailed a long list of new products, tools, and features planned for 2022, including Web3 technology, blockchain, NFTs, and the Metaverse.
According to Mohan, YouTube is actively seeking new ways to provide additional support and options for its two million partnered creators.
Creators often struggle to come up with new content ideas or determine what will work on the platform, so Mohan suggested Web3 tech like NFTs as a 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.”
Mohan suggested that creators use NFT technology to tokenize their videos, photos, art, and experiences to engage with fans.
Mohan also referred to the “Metaverse” as a new way for viewers to experience content via virtual reality. The YouTube executive said the company would first focus on gaming but gave no further details.
“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.”
The company didn’t say whether NFT ownership would violate their copyright laws. Buying an NFT gives you ownership of a digital asset and a public record of all transactions. However, it doesn’t provide the buyer with the original owner’s copyright.
It will monetize Shorts, a platform like TikTok and Instagram Reels. Creators will respond to comments with short videos, similar to TikTok’s direct engagement feature.
YouTube is competing with Twitch by adding live streaming. In addition, the company will introduce collaborative live streaming for creators. It’s also going to test giving paid memberships as gifts.
YouTube isn’t the first to use NFTs. For example, Twitter users can now show off their NFTs in a unique profile picture.