In a blog post, the company said it is looking at Web 3.0 “as a supply of inspiration” and planning to leverage its capabilities to better connect its creators with the audience. Following the announcement, YouTube is now looking to incorporate NFTs into its business strategy such that alternate revenue streams may be established.
YouTube on Thursday detailed its plans in the non-fungible tokens (NFTs) space for the year. In a blog post, the company’s Chief Product Officer Neal Mohan pointed out how the company wants to connect artists with their audiences ‘on a deeper level’ and is keen to explore Web 3.0 and its elements.
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Talking about the potential of blockchain and NFTs, Mohan said, “For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favourite creators could be a compelling prospect for creators and their audiences.”
“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 said in the blog post.
Mohan listed out a series of products, merchandise, tools and more that the organisation wishes to launch this year. At the forefront of these rollouts will be blockchain, and NFTs, he said in the blog post. The media platform has been eyeing various ways to reward its creators and opened various channels to facilitate the same in 2021.
Not very long ago, YouTube CEO Susan Wojcicki had also outlined the 2022 plans for the media giant.
As per the blog, the company is looking at Web 3.0 “as a supply of inspiration” and planning to leverage its capabilities to better connect its creators with the audience. Following the announcement, YouTube is now looking to incorporate NFTs into its business strategy such that alternate revenue streams may be established.
In 2021, YouTube reached a notable milestone of a 2 million-strong army of creators. The company believes that with the integration of blockchain and NFTs in the existing ecosystem, fans and creators will be able to collaborate on unique projects and earn some revenue--a possibility that was previously unexplored.
YouTube also put a spotlight on user experience. Viewers can expect the media platform to step into the metaverse any time as it aims to enhance user experience significantly.
“We’re thinking big about how to make viewing more immersive. The first area in which you can expect to see an impact in gaming, where we’ll work to bring more interactions to games and make them feel more alive,” the blog stated.
On entry into the metaverse, Mohan wrote, “It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers.” A multitude of innovations is making its way into the metaverse as more possibilities unfurl. What YouTube has in store for us, we’ll wait and watch.