YouTube sees ‘incredible potential’ in Web3, NFTs and blockchain tech

The online media giant YouTube shared in a Thursday blog post which sported a positive view of Web3 technology like blockchain and non-fungible tokens (NFTs) for content creators. 

“Web3 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,” YouTube’s Chief Product Officer Neal Mohan wrote in the post. 

Potential use cases for Web3 tech on YouTube include fan verifiably and uniquely owning media such as videos, photos, art. YouTube gained over two million users in its Partner Program, a way for creators to earn income from their work. 

“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” Mohan wrote. 

Owned by Google, viewers watch over 700 million hours of YouTube content daily. The video-sharing website is also the second most used search engine behind Google. Should YouTube implement NFTs, blockchain, and other Web3 tech for its creators, the firm stands to legitimize this still rather niche tech space to a broad global audience — and potentially face significant backlash for doing so in some quarters.