Online Video Platforms See Huge Potential of Moving to Web3 Blockchain and NFTs

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The biggest of the online video platforms, YouTube, is exploring the opportunities that exist in Web3, flagging the “incredible potential” for content creators through the use of blockchain technology and NFTs (non-fungible tokens).

Neal Mohan, Chief Product Officer at YouTube, said that YouTube was working on strategies to integrate some of these technologies. Some of Mohan’s suggestions regarding blockchain and NFTs include giving users the ability to own unique videos, photos, art and more from their favourite content creators. This also allows creators to better engage with their audience and access new ways of making money.

A Careful Approach to Web3

The approach, according to Mohan, is being taken in a “responsible manner”, as many companies have faced harsh backlash due to the environmental impact of using blockchain-based technologies such as Ethereum and its Proof of Work (PoW) consensus, which consumes an enormous amount of processing power.

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

-Neal Mohan

The other aspect is that the NFT sphere is full of scammers and other malicious actors, and YouTube has been vulnerable to hacking attacks before. Two weeks ago, Crypto News Australia reported how more than 30 crypto YouTube Channels had been hacked in a coordinated attack.

Will There Be NFTs on YouTube Anytime Soon?

While Mohan didn’t disclose if YouTube would integrate NFTs, the integration of Web3 features opens up many possibilities. For example, we might see an NFT minting feature on the platform, or one that allows NFT holders exclusive access to a creator’s content.

NFTs can help creators find new ways to make more money, and YouTube can take a cut out of that in transaction fees.

This isn’t the first time YouTube has flagged its intentions of integrating Web3 technologies. Just last month, CEO Susan Wojcicki hinted at a possible NFT integration.

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