Many speculate that Web3 will not amount to anything and the blockchain frenzy will die out sooner or later. However, we are witnessing major multinational companies such as Google, Amazon, Meta, and Ebay jump into the Web3 pool as they invest in blockchain-based projects. Just recently, the global online video-sharing platform YouTube appointed Web3 bull Neal Mohan as its new CEO. This came after several announcements regarding the platform’s future implementation of NFTs as a way for creators to monetize their videos. We can say that YouTube’s Web3 journey has kickstarted officially.
YouTube’s Web3 Vision
After 9 years of leading the Google-owned video streaming platform, CEO Susan Wojcicki announced her stepping down from her role, giving the wheel to YouTube’s chief product officer Neal Mohan.
Thank you, @SusanWojcicki. It's been amazing to work with you over the years. You've built YouTube into an extraordinary home for creators and viewers. I'm excited to continue this awesome and important mission. Looking forward to what lies ahead… https://t.co/Rg5jXv1NGb
— Neal Mohan (@nealmohan) February 16, 2023
Wojcicki stated in a personal update the reasons for her resignation as she wrote “I’ve decided to step back from my role as the head of YouTube and start a new chapter”. The former YoutTube CEO is planning to focus on her family, health, and her personal projects.
Wojcicki mentioned that the new CEO, Neal Mohan, played a major role in the launch of some of YouTube’s biggest products. Products such as YouTube Music, YouTube TV, and premium membership. Mohan has also been on the team that oversaw the removal of the dislike button and the implementation of the TikTok-like short video format, YouTube Shorts.
Wojcicki’s Initial NFT Claim
In a letter written by Susan Wojcicki outlining the 2022 priorities last year, the former CEO announced her interest in the Web3 space. “The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) have highlighted a previously unimaginable opportunity to grow the connection between creators and their fans,” Susan wrote.
The initial view of expanding the YouTube platform to the Web3 space highlighted the option for creators to “capitalize on emerging technologies”. There are many ways creators on YouTube can monetize their videos. That includes YouTube ads, paid sponsorships, channel membership, YouTube shorts fund, and much more. However, the possibility of NFTs becoming a tool for video monetization isn’t that far ahead.
Mohan’s Web3 Vision
The new Web3 bullish CEO offered in a blog post last year insights on YouTube’s vision and future products, where he fully admitted that the integration of blockchain-based technologies like NFTs will “allow creators to build deeper relationships with their fans.
He further addresses YouTube’s Web3 future by emphasizing what NFTs can do for creators. For instance, NFTs can allow fans to own original and verifiable videos through video tokenization. Imagine having a YouTube video that can be tracked on a decentralized ledger, where creators can earn ongoing royalties through video trading. Imagine trading the song Never Gonna Give You Up as an NFT. I mean, that’s taking rickrolling to a whole new level.
Even though the blog post received backlash from the YouTube community regarding the integration of non-fungible tokens, Mohan was still very bullish on blockchain-based technological advancements and what they can offer to the platform.
My Youtube content is not meant to be owned. That's why I make it available FREE. Who the hell thinks this is a good concept?
I am so tired of this garbagehttps://t.co/3kjKzTnCjw
— Brad Lynch (@SadlyItsBradley) February 10, 2022
Mohan continued in the blog to mention including the metaverse as an immersive viewing experience. Although in its early stages, Mohan stated that “The first area in which you can expect to see an impact is gaming. Where we’ll work to bring more interactions to games and make them feel more alive.”
Although it’s been a year since Mohan’s blog post, the Web3-related visions haven’t been implemented yet. However, seeing now that he is in the lead, these blockchain-based plans might start integrating with the global platform.
The news of Mohan becoming the new CEO has divided the community into two perspectives. Those who are pro-NFT and those who are NFT skeptics. The Crypto community would sure be overjoyed at such an announcement, seeing that big tech’s involvement in the space will only bring more mainstream attraction, thus, elevating the now-bearish market.
New YouTube CEO @nealmohan is into NFTs! 🚀 https://t.co/RVqqJngnv6
— Altcoin Daily (@AltcoinDailyio) February 17, 2023
However, many NFT skeptics and haters took to Twitter to express their disappointment in getting a Web3 bullish CEO.
The new CEO of Youtube is an N/F/T and Crypto head who pushed for the dislike button to be removed
Youtube literally can't win. pic.twitter.com/gpLpVBBdXf
— TRAFON(s Backup Account) (@RiseFallNickBck) February 17, 2023
Apparently the new YouTube ceo wants to add N/FT integration. pic.twitter.com/bjnhWYAq6Q
— Isaac Lyons-Wooff (@villager_64) February 16, 2023
Just found out YouTube’s new CEO supports nfts, approves the removal of ad blockers, and was the reason of the dislike removal pic.twitter.com/MoNteo22AV
— The Dark Beings (Parody) (@BerserkStingy) February 17, 2023
Some were just overjoyed at the fact that Susan Wojcicki is stepping down. Regardless of who is coming as a replacement.
Me when Susan Wojcicki finally steps down as CEO of YouTube pic.twitter.com/VIzTftQeMG
— Moopy (@MoopShit) February 16, 2023
NFTs Going Mainstream, a Gift or a Curse?
Seeing the big influx of big tech companies investing in Web3 technologies says something about the future of blockchain-based assets. Google, Ebay, and Amazon have already curated a dedicated Web3 development team to work on implementing the new era of the internet into their products. Making Web3 mainstream is becoming the race that every major company wants to participate in. We might not be sure if these big corporations actually believe in what these decentralized technologies can offer. Or if they are just capitalizing on the hype. Either way, they might induce the bull market that we’ve all been waiting for.