Sat, February 04, 2023

YouTube Interests in NFT – Despite Resistance Threat

YouTube app on smartphone.

YouTube discusses NFT integrations; To provide developers with new methods that have additional revenue streams. Susan Wojcicki, CEO of YouTube, hinted that the platform could use Web3 as a source of inspiration for growth; It is also possible to use NFTs on the website. On February 10, the Chief Product Officer of YouTube released a long list of new products, tools, and features; Which the firm plans to release in 2022. These include NFT, Web3 Technology, Blockchain, and Metaverse. YouTube is actively looking for new ways to start its two million affiliate partners; After receiving feedback from the community to provide additional support and options. Developers often have a hard time coming up with new content ideas or figuring out what will be successful on the platform: Web3 also opens up new possibilities for creators. They believe that new technologies such as blockchain and NFT can enable developers to build deeper relationships with their fans. Together they can to collude on new projects. At the same time, make money as efficiently as ever.

Of the potential ways developers could use NFT technology, Mohan offered to tokenize their photos, videos, art, and experiences; As a means of communicating with fans. Much needs to be done to make sure new technologies are mastered responsibly; However, there is also incredible potential.

Mohan also mentioned Metaverse. According to a YouTube executive, the firm was primarily concerned with the game; However, it did not disclose any specifics at this stage. He said the first area in which you should expect impact is play; Where the company will work to bring more interaction to the games.

Youtube Plans

YouTube is bold in the current climate, given the repeated public outcry following NFT announcements; Including Ubisoft Discord and Team17. Common opponents’ arguments include the formation of NFTs as cash withdrawals; Fraud or liability for environmental damage due to some cryptocurrency mining practices.

Proponents believe that NFTs do not cause enormous environmental damage at all. The blockchains are tokenized using the same amount of electricity, regardless of whether they are traded in NFTs. And while the response focuses on evidence of blockchain working on electricity consumption, other chains hosting NFTs work on proof of betting; Which is more than 99% energy efficient.

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