YouTube Recognizes the Prospects of NFTs Amid the Growing Voices of Disapproval
Non-fungible tokens are establishing a strong foothold on the biggest online platforms despite the growing environmental concerns coming from users.
Table of contents:
- YouTube plans to integrate NFTs to boost user engagement.
- The enchantment with NFTs changes to discontent.
YouTube plans to integrate NFTs to boost user engagement
In a blog post from a couple of weeks ago, we covered the story about direct hints regarding NFT integration coming from the chief executive of YouTube Susan Wojcicki, who outlined the company’s aspiration to become an integral part of Web3. And now, it seems that these hints are beginning to take concrete shape: in the blog post that followed the one authored by Wojcicki, the platform’s chief product officer Neal Mohan laid out an extensive list of solutions and products that the video hosting service plans to introduce this year, which, as many expected, included those closely tied to Web3 and the metaverse, such as non-fungible tokens (NFTs). Mohan noted that the company is striving to create new means for more than two million official content creators to connect with the audience and come up with more ideas for high-quality and engaging content. The production of unique content has proven to be a problem for YouTube contributors given the growing competition coming from aspiring creators and the exactingness of content consumers. The executive believes that the solutions related to Web3 will create “new opportunities for creators” and aid them in establishing more profound relationships with the followers.
As for the non-fungible tokens, Mohan suggested that the creators can use them to establish engagement channels through tokenizing the most popular bits of their video content and artwork. He added that this initiative is still in its early stages but it undoubtedly has a very promising outlook.
The enchantment with NFTs changes to discontent
And while the crypto community, including us, love the fact that non-fungible tokens are gaining wider traction among a broad population, celebrities, and big businesses, there is no denying the fact that some initiatives associated with NFT offerings face severe public backlash. Among those initiatives were token launches carried out by Team17, Ubisoft, and Discord.
People argue that NFTs were often used for shady schemes and outright scams. But their main concern lies in the fact that the process of minting non-fungible tokens on Proof-of-Work blockchains is hazardous for the environment, although it’s obvious that the tokens produced on Proof-of-Stake blockchain are practically eco-friendly. At the same time, some content creators on YouTube don’t share the executives’ excitement about the prospect of content tokenization as they simply don’t comprehend the concept of “owning” the content that is supposed to be free.