February 25, 2024

The popular video-sharing platform has revealed its following line of action to keep its network up to date with the latest technological trend on the World Wide Web.

A top executive of the video-sharing firm has disclosed that plans are underway to incorporate Web3 components into the platform as the company continues to look for the future and what it holds for the world of video-sharing.

Web3 has been a driving force for the internet since its creation, and YouTube intends to leverage the enormous possibilities it brings to scale up its content creation and development.

Additionally, Youtube influencers are increasingly looking to jump ship to promote cryptos, blockchain networks, and other related digital products and services, culminating in the team at YouTube developing interest in the Web3 ecosystem.

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YouTube Ecosystem and the Need for Expansion

According to the CEO of YouTube, Susan Wojcicki, the emergence of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) has been meteoric. It is now gaining traction in roundtable discussions among the YouTube team.

The CEO added that YouTube is focused on the future, and evaluating Web3 is the surest way to keep the development phases ongoing for YouTube.

Last year has shown that NFTs and DAOs are a pretty force to pay attention to due to their desired role in digital financial services and product development. More creators and their audiences can take a step further in sharing experiences.

YouTube is looking to enhance its platform to provide artists with the chance to leverage the emergence of NFTs and improve the experience for both viewers and creators in the YouTube ecosystem.

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By venturing into the NFT space, YouTube follows in the footsteps of other social media players like Twitter and Reddit, both of which have recently launched their beta versions of their platforms, allowing their users to use NFT as profile pictures.

YouTube’s CEO statement came after its parent company, Google, announced that it had launched a team of experts dedicated to researching blockchain technology and other cryptocurrency products.

Google has previously been known to venture into the crypto space, collaborating with one of the leading crypto exchanges, Coinbase. And the crypto payment service provider, BitPay – a project to allow users to load coins into virtual cards while charging them in fiat.

Also Read:  FIFA Teams Up With Algorand To Launch A New Non-Fungible Token Platform

YouTube Influencer Marketing

Content creators on YouTube are now shifting their attention to crypto promotion on the platform alongside blockchain technology and services. As influencers, promoting a product is the primary duty, and creating awareness of such products also helps convert visitors to buyers.

YouTube has been a handy tool in creating awareness and educating the general public about a product and service which they hitherto have no idea about its existence.

Crypto and blockchain service providers can leverage the popularity of the video-sharing platform to educate the public and reach millions of target groups all over the globe. The internet has evolved, and Web3 is the latest of such evolutions.

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