YouTube sees ‘incredible potential’ in NFT video sales despite backlash threat

New ways for creators to interact with their audiences and generate cash are being explored by YouTube, which is why the platform is considering NFT integrations. It comes only a few weeks after YouTube CEO Susan Wojcicki stated that the platform may utilize Web3 “as a source of inspiration” to develop and perhaps implement NFTs on the internet.

When YouTube’s Chief Product Officer Neal Mohan wrote about the company’s plans for 2022 on Feb. 10, the company promised a slew of new products and services, including Web3 technology; block chain; NFTs; and the Metaverse. As a result of input from the community, YouTube is looking for new methods to assist and empower its two million partnered creators.

NFT tech might be used by producers to tokenize their content and make it more accessible to their audiences, according to Mohan. Despite the challenges, “we believe that these new technologies have the potential to transform our lives,” he added.

Additionally, Mohan referenced the term “Metaverse,” which is now a prominent buzzword in the entertainment industry, when he explained that viewers should anticipate new ways to engage with material in virtual reality. However, no specifics were given by the YouTube CEO, who claimed that the company will first focus on games.

A large digital company like YouTube announcing any plans to use NFTs in the present atmosphere is daring, considering the public outcry that has happened following NFT announcements from companies like Discord, Ubisoft, and Team17 in the past few years

Opponents sometimes claim that NFTs are only a means to an end, that they are nothing more than a hoax, or that they are to blame for the pollution caused by cryptocurrency mining. Earlier today, Adam Smith, a journalist for the left-leaning UK media publication The Independent, tweeted about the negative view of NFTs among progressives:

That’s wonderful, since a YouTube spokeswoman informed me that they had no further information to provide on the environmental damage caused by NFTs, despite Google’s stated commitment to sustainability. It was then suggested that YouTube or Google workers may contact him with their grievances.

There is no “vast environmental damage,” as NFT supporters would have you believe, because blockchains, on which they are tokenized, utilize the same amount of power whether NFTs are traded or not. Other blockchains hosting NFTs use proof of stake, which consumes 99 percent less energy than proof of work, which has prompted a reaction.

My Youtube content is not meant to be owned. That’s why I make it available FREE. Who the hell thinks this is a good concept?

I am so tired of this garbagehttps://t.co/3kjKzTnCjw

— Brad Lynch (@SadlyItsBradley) February 10, 2022