YouTube may implement NFT to monetize content, and founder of O’Reilly media recommends preparing for the collapse of non-fungible tokens
YouTube may integrate non-fungible tokens to allow users to monetize their own content. In addition, the company intends to start developing the metaverse on its platform this year.
“Web3 opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible,” said Neil Mohan, YouTube’s Chief Product Officer.
According to him, the technology can be used to verify the owners of unique videos, photos, music, etc. YouTube wants to provide users with more options for interacting with the audience.
As part of the development of the metaverse, the video hosting management plans to make watching videos “more exciting”. First of all, this will affect the games released on YouTube, they want to make them “more interactive and more alive.”
However, NFT and Web3 have stern critics who predict the collapse of these industries. According to Tim O’Reilly, the founder of O’Reilly media, due to the hype around collectible tokens and metaverses, such projects receive “sky-high” ratings. However, they can show little, which is alarming.
O’Reilly does not exclude that Web3 has a development prospect, but it is still far from practical implementation.
“It is very difficult to convince a person of something when his financial benefit depends on the trust of other people in any project,” he said.
The entrepreneur drew a parallel between NFT and Web3 and dot-coms in the early 2000s. He recalled the history of the FTP and Telenet packet switching networks that arose even before the creation of the Internet. The assessment of their potential was incredibly high, but in reality, they were not ready for their “prime time”, O’Reilly said.
Do you think it is worth waiting for the explosive development of the NFT and metaverses in the coming years? Or will projects in these areas fail?