YouTube Positive About Web3

YouTube Positive About Web3

Play To Earn Games | 08 May 2024 12:19 UTC

YouTube New CEO Neal Mohan is Positive When it Comes to Web3

Last week, a super appointment within the giant video streaming company was the talk of the town. Neal Mohan was appointed to head the Google-owned YouTube, following his tenure of over seven years as YouTube's Chief Product Officer. This announcement came after former CEO Susan Wojcicki declared her intention to step down. Web3 supporters and enthusiasts laud the rise of Neal Mohan.

Wojcicki Resigns and Praises Mohan

In a blog post announcing her resignation, Wojcicki praised YouTube's outstanding leadership team. She specifically highlighted Neal Mohan's significant contributions to the successful launch of products such as YouTube Music and YouTube TV. She expressed confidence that Mohan would excel as a leader, describing him as a "terrific" choice.

Furthermore, Wojcicki lauded Mohan's extensive knowledge of YouTube as a business and a popular hub for communities to gather. She noted that Mohan has a deep understanding of the product, the business, as well as the creator and user communities, and employees, and recognized his ability to make sound judgments based on these insights.

Mohan’s Focus on Web3

YouTube is one of the most visited websites in the world, which shows how popular and influential it is. According to Statista, between September and November of last year, the platform had an average of 74.8 billion monthly visits, ranking second only to Google in terms of usage.

Throughout his extended tenure of shaping YouTube's product offerings, Mohan has demonstrated a willingness to explore and adapt to the changing landscape of the internet and its various platforms. In a blog post last year, he revealed that YouTube was exploring possibilities for incorporating Web3 technologies. These include leveraging the metaverse to make YouTube more immersive. It will also help in exploring the use of unique digital tokens (NFTs). These non-fungible tokens establish ownership of online content.

“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” Mohan wrote. “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”

Youtube on NFTs

As an instance, Mohan suggested that NFTs could provide a convincing and reliable way for fans to possess unique videos, photos, art, and even experiences created by their favorite content producers. He further explained that NFTs could facilitate novel collaborations between creators and audiences, opening up new possibilities for engagement.

Youtube on Metaverse

Regarding the metaverse, Mohan acknowledged that the technology is still in its nascent stages. Nevertheless, he affirmed that YouTube would strive to enhance the level of interactivity within games, and foster a more vibrant and engaging experience for users.

While the concept of a metaverse was not originally founded on blockchain technology — the term was first introduced in Neal Stephenson's 1992 science fiction novel "Snow Crash" — current ventures like The Sandbox and Decentraland rely on blockchain technology to establish the ownership of digital assets, including virtual land.

Google's Focus on Web3

Over the past year, Google has also demonstrated a growing interest in Web3 services. In October, the tech giant unveiled the Blockchain Node Engine, a cloud-based service aimed at Ethereum developers and projects.

The Blockchain Node Engine helps to host and manage individual nodes that play a role in a blockchain's network. By doing so, the service offers the same level of reliability, performance, and security that people have come to expect from Google Cloud computing in the digital assets industry.

In the subsequent month, the tech behemoth announced its intention to extend the use of the Blockchain Node Engine to the Solana Blockchain. The feature will launch in the first quarter of this year.

Last September, as Ethereum shifted to a more energy-efficient mechanism for verifying transactions, known as the "merge," Google acknowledged the development. The search engine featured a "doodle" that counted down the time remaining for the completion of the process, as well as other statistics related to Ethereum's transition to the new power consumption system.

Ryan Wyatt on Web3

A number of high-profile YouTube employees have fully embraced Web3, including Ryan Wyatt, the former Global Head of Gaming. After seven years with YouTube, Wyatt left in February 2022 to become the CEO of Polygon Studios. He has since transitioned to the position of President at the rebranded Polygon Labs.

In a recent interview with the media, Wyatt drew parallels between YouTube and Polygon. Polygon is a sidechain that operates alongside Ethereum. Likewise, it aims to enhance its functionality by providing quicker transactions and lower fees. It also serves 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,” he said. “It's creators in all types, uploading gaming videos, all the way to now, [where it’s] games and projects being built.”

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