YouTube exploring metaverse as the platform hits 2M users

YouTube is considering NFT integrations as a way for creators to engage with their audiences and generate new streams of revenue. The announcement comes just weeks after YouTube CEO Susan Wojcicki hinted that the platform could use Web3 as a source of inspiration for expansion and potentially implement NFTs.

Neal Mohan, YouTube’s CPO, listed in a blog post a list of new products, tools, and features the company plans to release by 2022. It includes Web3 technology, blockchain, NFTs as well as the metaverse. Following community responses, Mohan said YouTube is actively seeking new ways to provide additional support and opportunities to its two million affiliated creators. Mohan has suggested Web3 technology, such as NFTs, as a possible solution:

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“Web3 also opens up new possibilities for creators. We believe that new technologies such as blockchain and NFTs can enable creators to build deeper relationships with their fans. Together, they can collaborate on new projects and earn money in ways that were not possible before.”

Neal Mohan, YouTube’s CPO

Mohan also stated that producers can tokenize their movies, images, art, and experiences as a method of engaging with fans by using NFT technology:

“There’s a lot to consider to make sure we approach these new technologies responsibly, but we think there’s also incredible potential.”

Neal Mohan, YouTube’s CPO

Mohan also spoke about the metaverse when he stated that viewers can expect new ways to enjoy content through virtual reality. Mohan claimed the company will focus on gaming first and gave no further details.

“Finally, we couldn’t have a piece on innovation without touching the metaverse. We think carefully about how we can make viewing more immersive. The first area where you can expect an impact in gaming, where we will 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 reality for viewers.”

Neal Mohan, YouTube’s CPO

Additionally, YouTube CEO Susan Wojcicki recently revealed that the company sees NFT as a potential way to help content creators take advantage of emerging technologies.

YouTube can integrate NFT in 2022
YouTube CEO Susan Wojcicki announced today that the company is exploring more NFT features that could provide creators with another source of income.

“We’ve always been focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including things like NFT, while continuing to empower and improve the experience of creators and fans on YouTube.”

Susan Wojcicki, CEO of YouTube

Web3 filing and NFTs are part of Wojcicki’s letter to the YouTube community outlining the company’s priorities for 2022.

She also added that YouTube has “followed everything that happens in Web3 for inspiration”, especially given the opportunities that cryptocurrencies, decentralized autonomous organizations, and non-fungible tokens offered to the creators.

Further expansion

Aside from potential NFT integrations, the company is also looking to expand further into the gaming, shopping, learning, and podcasting markets.

While Wojcicki didn’t share any details regarding YouTube’s potential for NFT integration, it marks the first time Alphabet Inc., the parent company of Google and YouTube, has entered the digital collectibles space.

Several other content creation and sharing companies have also capitalized on this trend. Meta-owned Facebook and Instagram are said to have explored NFT integration as part of the group’s expansion to the metaverse, whilst Twitter has already taken the step to allow NFT collectors to verify their digital collections and display them as profile pictures on the platform.

Wojcicki’s letter also signals a potential change for the company’s cryptocurrency industry.

In particular, the world’s largest video streaming platform was previously known in the crypto community for its censorship and removed the channels of many crypto influencers including Ivan on Tech, Bitboy, Pro Blockchain, Tone Vays and others.