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Highlights
- Earlier this year, YouTube’s CEO Susan Wojcicki had shared the firm’s plans to explore Web3 and likes.
- Last week, Youtube’s CTO Neal Mohan hinted that it could possibly adopt NFTs on the website.
- One of the first areas that YouTube could target seems to be videos related to gaming, which could bring more interactions to the games.
With the market for metaverse exploding on a day-to-day basis, it’s not surprising that major brands are looking to make an early entry to grab their pie. Not just the tech platforms, but social media networks and content sharing platforms are too getting into it to get a slice of the US$800-billion market.
With metaverse being the convergence of the physical and digital realms, it is practically opening doors for leading online entertainment and social media companies to capitalise on newer revenue streams.
The latest social media platform to explore the NFT and metaverse bandwagon is YouTube. Earlier this year, YouTube CEO Susan Wojcicki had shared the firm’s plans to explore the likes of Web3. Last week, Youtube CTO Neal Mohan hinted that it could possibly adopt NFTs on its website.
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YouTube’s plan
With YouTube exploring the NFTs, metaverse and other blockchain-based technologies, Mohan in a blog suggested that it could help several creators to maximise their potential through such emerging technologies.
Although YouTube hasn’t revealed much about its plans but going by what Mohan said in his blog the social media platform can provide opportunities to its users to own unique videos, photos, etc., in a verifiable manner. One of the first areas that YouTube could target is videos related to the games, which could bring more interactions to the game.
Another area that YouTube could be exploring is the shopping world. With e-commerce platforms exploding, Mohan feels it could open doors to many brands to maximise their potential.
YouTube entering the NFT and metaverse race could widen the competition and perhaps revolutionise the way we look at content sharing and content viewing. In fact, a few creators on YouTube have already shown examples of how it could explore the domain.
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In fact, The Charlie Bit Me NFT, a video, was auctioned for US$761,000. The video NFT depicted a baby biting his brother’s finger. Another popular NFT video of a disoriented child in a post-anesthesia state was sold for over US$11,000.
Competition with others
YouTube can expect stiff competition from other social media platforms such as Twitter, Meta. Twitter offers users to post NFTs as their profile pictures. Meta is also working on similar plans wherein the users can display their tokens.
With YouTube’s advanced across apps platforms such as YouTube TV, YouTube Shorts and YouTube Music, its foray into the blockchain world might redefine the video experience in 2022 and beyond.
Why YouTube’s NFT, Metaverse plans could be a game changer
Conclusion
YouTube whenever its able to initiate its plans could well be a game-changer in the content sharing and content producing platform. Although the plan is still in its infancy, but users would love to have their own content as NFTs and manage them in order to earn money.
The year 2022 could be a defining year when YouTube may witness new milestones and innovations on its platform.
