YouTube’s New CEO Neal Mohan Is Optimistic About NFTs and the Metaverse – What Does This Mean for the Crypto Industry?

YouTube’s new CEO Neal Mohan has expressed optimism about the integration of new technologies into the video sharing platform, including NFTs, metaverse, and blockchain. 

Mohan, who has recently replaced Susan Wojcicki as the new CEO of YouTube, said Web3 "opens up new opportunities for creators." He added that these innovations can help creators and their fans connect on another level and make money in new ways. 

"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."

He specifically mentioned that creators can use NFT to give a verifiable way for fans to own unique videos, photos, art, and even experiences. However, Mohan insisted that they need to approach these new technologies "responsibly."

"And across all these formats, you’ll see even more ways to help creators make money and build a business," he added, noting that new technologies like NFTs could open up new streams of revenue not only for creators but also for fans and viewers. 

Mohan also touched on the subject of the metaverse, claiming that they are "thinking big" about how to make viewing more immersive. He noted that this will likely first impact gaming, where they would try to bring more interactions to games and make them feel more alive. 

Last week, Wojcicki stepped down from YouTube after nine years at the helm, outlining plans to start a “new chapter” focused on family, health, and personal projects. During her tenure, she oversaw the pivotal introduction of the revenue-sharing model, among other things.

A Stanford graduate, Mohan joined Google in 2008 as its chief product officer at YouTube. He was involved with some of the biggest developments and changes in the platform, including YouTube Shorts and Music.

YouTube's sister company Google has also made a foray into the world of cryptocurrencies and Web3. Last year, the company announced the launch of a cloud-based service for Ethereum projects and developers called the Blockchain Node Engine. 

While Ethereum became the first blockchain to be supported by Blockchain Node Engine, the tech giant revealed the following month that it would expand its Blockchain Node Engine to the Solana Blockchain as well, a feature set to launch in the first quarter of this year.

Furthermore, Google partnered with Coinbase to allow users to pay for cloud services using crypto. A select number of customers would be able to pay for its Cloud services using cryptoassets such as Bitcoin starting this year.