Indian-American Neal Mohan, YouTube’s newly appointed CEO, is open and quite excited to explore ways Web3 can improve the overall streaming experience. The Google-owned video-streaming platform could soon see its nearly 75 billion monthly visitors witness just how immersive the Metaverse experience could be. Mohan, who has been in the role of YouTube’s Chief Product Officer for the past seven years, has been vocal about exploring Web3 for some time.
for Mohan, Non-Fungible Tokens (NFTs) appear as the safe way to get art enthusiasts and collectors to hold authentic and credible online artworks with full ownership.
in one to blog Posting for YouTube last year, Mohan had noted that technologies like the metaverse and NFTs need to be managed responsibly, they have “incredible potential” in terms of expanding the use cases of currently popular Web2 services and products.
Under his role as CEO, Mohan hopes the Metaverse revamp will bring about that youtube could convert that gaming area on the platform, making it more immersive.
YouTube had started last year reconnaissance for suitable people for his Web3-focused teams.
The platform faced some judgment because its plans to delve into the Web3 elements such as NFTs and Metaverse contradicted its goal of becoming carbon neutral.
Like last year report by Poster Grind, a series of transactions originating from a single NFT can consume a whopping 340 kWh of energy. Poster Grind is a group of artists, designers, NFT creators, and art directors.
The market for NFTs is in spite of the environmental risks involved registered a growth of 16 percent so far this year.
The market for Metaverse services could reach an estimated $800 billion over the next two years recommend.
YouTube’s parent company, Google, has also shown a lean towards Web3 lately.
Last October, it announced a cloud-based service called the Blockchain node engine for Ethereum projects and developers. Both automatically host and manage individual nodes that contribute to a blockchain’s network.
The search giant also began adding new members to its Web3 team, which is deployed in the Asia Pacific (APAC) region.
In December 2022, Google appointed Rishi Ramchandani to lead his Web3 APAC team. The Indian-origin techie previously worked at BlockFi, the digital asset lender that filed for bankruptcy in November last year.
