YouTube Unveils Plans To Explore NFTs And Web3 Technology

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YouTube has announced its plan to explore the emerging NFT, Metaverse and Web3 technology.

The company stated it is keen to explore NFTs in a bid to broaden its services.

YouTube joins the growing bandwagon of social media companies actively exploring the Metaverse technology to attract a wider user base and expand their scope of services to accommodate the potential Web3 technology.

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YouTube explores Metaverse and NFTs

According to Chief Product Officer of YouTube, Neil Mohan, exploring NFTs and Web3 applications can help content creators to connect with their audience deeply and help fans own "verifiable" merchandise to establish genuine bonds. He said:

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.

The blog further added that YouTube believes in the potential of Web3 technology and will explore responsible ways to integrate the emerging Web3 tech in near future. It said:

There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.
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YouTube to venture into Metaverse gaming

YouTube is also planning a metaverse move into gaming, as per the latest blog post update. The video streaming giant is all set to explore the Metaverse technology adding that the company will be first experimenting with the concept of the Metaverse by integrating it into the sector of gaming. The post added:

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. It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers."

Last month, YouTube's CEO, Susan Wojcicki hinted at exploring the domain of NFTs adding that it might bestow the organization with the necessary power to capitalize on emerging technologies. Wojcicki also emphasized how YouTube can channel the power of NFTs to help creators and audiences and establish additional streams of revenue for creators and artists.