YouTube to Explore Opportunities in NFT and the Metaverse

With the growing enthusiasm surrounding Non-Fungible Tokens (NFTs) and the metaverse, the world’s largest streaming giant is not planning to sit by and watch all the actions. As contained in a Blog Post published on Thursday, YouTube’s Chief Product Officer, Neal Mohan confirmed the platform’s proposed ambitions that digital collectibles or NFTs have an “incredible potential” that can creators to “make money in ways not previously possible.”

YouTube is not a stranger when it comes to the adoption and integration of new technologies, and it operates an application that leverages Artificial Intelligence in such a way that it has redefined entertainment. While there has been a growing ecosystem of YouTubers who takes to the platform to share content relating to NFTs, the streaming giant has by itself not made an active push to wade into the space, until now.

“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” Mohan said. “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 NFT integration plans have long been considered by YouTube as the platform’s CEO, Susan Wojcicki has earlier hinted at the possibility of integrating the digital collectibles as early as last month. While the facts surrounding the integration of NFTs are no longer to be disputed, the question remains the potential timeline the company is looking at for the full rollout of the feature.

NFTs Journeying Unto Mainstream Adoption Cycle

There is hardly a mainstream digital content brand that has not contemplated integrating support for NFTs in recent times. From Twitter to Facebook and Instagram, the list is growing, and infact, automobile brands like Italy-based Lamborghini have even launched a collection as reported earlier by TheCoinRise.

Beyond the hype in the potentials of NFTs to revolutionize the arts and creative industry, many have seen the usefulness of NFTs in preserving Intellectual Properties and as an easy conduit for the transfer of real-world assets.

With the broad embrace, NFTs is fast journeying into its mainstream adoption curve. As a primary ad monetizing platform, YouTubers will get to benefit immensely from this trend and remain a formidable competitor to TikTok which has doled out over $200 million to empower creators.