New YouTube CEO, Neal Mohan, Has Big NFT Plans For The Platform

Neal Mohan was recently announced to become the new CEO of YouTube, and has stated that the implementation of NFTs into the platform could enable “creators to build deeper relationships with their fans.”

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Former YouTube CEO Susan Wojcicki announced recently that she’s stepping down as YouTube’s CEO after seven years in the position. She made the announcement in a blogpost in which she also praised Neal Mohan, the individual who will be taking over her position. 

In her resignation announcement, Wojcicki praised YouTube for its “incredible leadership team” as well as Mohan for “playing a pivotal role in the launch of products like YouTube TV and YouTube Music, he’ll be a terrific leader.”

She went on to praise Mohan for his extensive understanding of YouTube as not only a business, but an online place for communities of all kinds to come together and bond over common interests.

“[Neil Mohan] has a wonderful sense for our product, our business, our creator and user communities and our employees.” 

For fans of NFTs and Web3 technology, this transition will be supposedly worthwhile. Mohan is known for his open mindedness regarding the evolution of the internet and its platforms, disclosing in a blog post last year that YouTube was already looking for ways to possibly integrate Web3 technology into the site. 

“Whether by making YouTube more immersive, by leveraging the metaverse or tapping technology like NFTs, unique digital tokens that are often used to assert ownership of online content,” Mohan expressed.

Mohan wrote that “NFTs could be a compelling, verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators; it would allow creators and audiences to collaborate in new ways.

In terms of the metaverse, the technology’s use is still in its early days but YouTube will work to bring more interactions to games and make them feel more alive.”

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“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their 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.”

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Google, which owns YouTube, has already begun to implement Web3 technology within its platform in the past year. They launched Blockchain Node Engine in the fall, a cloud-based service for Ethereum projects and developers.

The company stated the blockchain network will bring the “reliability, performance, and security people expect from Google Cloud computers.”

Former Global Head of Gaming at YouTube, Ryan Wyatt, who recently joined Polygon Studios as CEO, recently told Decrypt that he sees “parallels between YouTube and Polygon, a sidechain that runs in tandem with Ethereum and seeks to improve on its counterpart by offering faster transactions and lower fees while serving as a platform for interoperable blockchains.

There’s a lot of similarities between YouTube and Polygon in the sense [that] it’s a platform, and you’re helping people onboard onto it. It’s creators of all types, uploading gaming videos, all the way to now, [where it’s] games and projects being built,” he stated.