YouTube, one of the largest video sharing platforms, believes in the potential of Web3 technology like blockchain and non-fungible tokens (NFTs) that could be beneficial for content creators.
According to a recent blog post, YouTube says it is exploring the idea of opening a new NFT marketplace where YouTubers can sell their own digital content including limited-edition videos, art, and more. The post, titled A Look at 2022: Community, Collaboration, and Commerce, outlines upcoming changes aimed at three specific groups: creators, viewers, and partners.
YouTube Plans To Enter Web3
YouTube plans to enter the Web3 metaverse merging advertising, immersion, and blockchain in a cohesive ecosystem that can be monetized across all segments. The video sharing platform also plans to include new ways for creator revenue streams and subsequently, company revenue streams.
YouTube’s Chief Product Officer Neal Mohan said that Web3 technology can pave a way for fans to own unique videos, photos, art, and even experiences from their favorite creators. He went on to add,
“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.”
The Burgeoning NFT Industry
This isn’t the first time YouTube has hinted into the possible integration of Web3. Last month, YouTube CEO Susan Wojcicki had suggested that the company is considering the possibility of widening YouTube’s offering to include non-fungible tokens (NFT).
The NFT industry seems to have hit nitro boosters amassing huge traction from celebrities, sports stars, media houses, global conglomerates as well as start-ups. This industry has become a billion-dollar industry as digital collectible marketplaces are seeing tens of millions in sales every month. Recently public figures such as Ozzy Osbourne, Melania Trump, Tom Brady, and multinational corporations like Samsung, NVIDIA, The Associated Press among others have indulged in the world of digital collectibles.
