Last month, YouTube CEO Susan Wojcicki revealed that they were exploring ways to integrate NFTs into their platform, possibly as a new revenue stream for their creators.
It is in YouTube’s best interest that their creators earn top dollar, but the cost of video production can often be much higher than the platform’s ad system can possibly support. That’s why they’ve been adding new revenue streams in recent years, such as direct merch sales, donations and subscriptions.
Adding an NFT option would be keep their big names well paid, and happy to remain on the platform.
It is therefore no doubt that the Alphabet-owned platform is still seriously considering this.
In a blog published on Thursday, Neal Mohan, YouTube’s Chief Product Officer goes into detail explaining how NFTs could work on the platform, but said that they should explore these possibilities responsibly.
This is what he said.
“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. For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite 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.”Neal Mohan, YouTube’s Chief Product Officer
Neal is literally the guy in charge of products at YouTube, so it’s fair to assume that he knows what’s coming.
YouTube holds a unique position where they can bring NFT to the masses in one fell swoop, which is very big news for Web3.