Skip to main content

Youtube Sees ‘Incredible Potential’ In NFT Video Sales Despite Backlash Threat


(Source- Coinointelegraph) “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” said YouTube Chief Product Officer Neal Mohan.

YouTube is looking at NFT integrations to provide new methods for creators to engage with fans and develop additional revenue streams.


The news comes just a few weeks after YouTube CEO Susan Wojcicki hinted that the platform can use Web3 “as a source of inspiration” for growth and possibly adopt NFTs on the website.
 

In a Feb. 10 blog post, YouTube's Chief Product Officer Neal Mohan outlined a long list of new products, tools, and features that the firm intends to roll out in 2022, with Web3 tech, blockchain, NFTs, and the Metaverse all getting mentioned.

coolRevealed In 2022
What indicators do professional traders use?


Mohan stated that YouTube is actively seeking out new ways to provide additional support and options for its two million partnered creators after receiving feedback from the community.
 

After referencing that creators often struggle with coming up with new content ideas or figuring out what will be successful on the platform, Mohan pointed to Web3 tech such as NFTs as a potential solution:
 


 

In potential ways that creators could utilize NFT tech, Mohan suggested they could tokenize their videos, photos, art, and experiences as a way to engage with fans.
 

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

Mohan also paid tribute to the current major buzzword of the moment — “Metaverse”— as he outlined that viewers could expect some new ways to experience content via virtual reality. The YouTube exec stated that the firm will first tackle gaming, but did not reveal any specifics at this stage.

 

 

“It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers,” he added.

A major tech firm like YouTube outlining any plans to do with NFTs is courageous in the current climate considering the numerous times a public backlash has occurred following NFT announcements from firms such as Discord, Ubisoft, and Team17.
 

Common arguments from opponents include framing NFTs as cash grabs, scams, or responsible for environmental damage due to mining practices of some cryptocurrencies.

The reporter for the left-wing UK media outlet The Independent, Adam Smith highlighted the public perception among progressives against NFTs earlier today on Twitter, stating that:
 

“A YouTube spokesperson told me they have nothing more to share on huge environmental damage that NFTs cause even though Google is ‘dedicated to sustainability’ so that's great.”
 

He then offered a chance for YouTube or Google employees to complain to him for an article.

enlightenedRecent News:
Unilever Warns Of Hit From Inflation, Rules Out Big M&A


Proponents would of course point out that NFTs don't cause "huge environmental damage" at all, as the blockchains they are tokenized on would use the same amount of electricity regardless of whether NFTs are traded on them or not.

And while the backlash is centered on the electricity consumption of proof of work blockchains, other chains hosting NFTs run on proof of stake, which is more than 99% more energy efficient.



 

Labels:

Comments

Post a Comment

Popular posts from this blog

Staking ETH on popular exchanges contributes to Ethereum censorship.

The use of censoring MEV relays by crypto ecosystems and exchanges is one of the most significant factors undermining Ethereum's credibility. Compliance with federal sanctions has a negative impact on the global reach of most crypto ecosystems. When it comes to Ethereum, however, investors wield significant power over the ecosystem's level of compliance. Almost 60% of all post-Merge Ethereum blocks adhere to US sanctions imposed by the Office of Foreign Assets Control (OFAC). While the crypto community is opposed to this transformation, many are unaware of their own contribution to helping Ethereum achieve total OFAC compliance. The use of censoring Miner extractable value (MEV) relays by crypto ecosystems and exchanges is one of the most significant factors undermining Ethereum's credibility. MEV relays, which are used by prominent crypto players such as Binance, Celsius Network, Coinbase, Kraken, and Cream Finance, act as a mediator between block producers and block build...
Post a Comment
Read more

The Role of Traditional Banking in Today's Financial Landscape

In the constantly evolving realm of finance, traditional banking continues to play a pivotal role, shaping our global economic landscape. Traditional banking encompasses the services provided by banks that have been the backbone of financial systems for centuries. This comprehensive article explores the core functions of traditional banks, their historical significance, the challenges they encounter in the digital age, and how they are adapting to remain pertinent. It offers an insight into the role of Traditional Banking in Today's Financial Landscape, shedding light on its continued significance and evolution in the modern financial world. Furthermore, this article touches upon a related topic, which is the role of Private Finance in today's diverse financial market, providing a well-rounded perspective on various financial options available to individuals. What is Traditional Banking? Traditional banking refers to banks offering conventional financial services, such as savin...
Post a Comment
Read more

Stop the decline, dollar bulls are back

The EUR/USD pair advanced early in the week but failed spectacularly at parity, finishing at about 0.9750 with a slight weekly loss. Wall Street reported massive gains and government bonds extended their gains from the previous week. Risk appetite boosts EUR/USD. Market participants believed a global recession would force central banks to slow quantitative tightening sooner rather than later. The RBA raised the cash rate by 25 basis points, less than expected, fueling speculation and demand for high-yield assets. Good vibes faded quickly. The euro began losing value Wednesday after the EU proposed more sanctions against Russia for its Ukraine invasion in February. Following the illegal annexation of Donetsk, Luhansk, Kherson, and Zaporizhzhia, sanctions were imposed, including a price ceiling on Russian oil and import and export restrictions. EU in trouble. Slow EU statistics rekindled fears of an economic downturn, dampening risk-positive sentiment. S&P Global revised September PM...
Post a Comment
Read more