New YouTube CEO Is Bullish on Web3 Tech Including NFTs and the Metaverse

After serving as Chief Product Officer for YouTube for more than seven years, Neal Mohan was recently appointed as the leader of the Google-owned streaming platform following the announcement of former CEO Susan Wojcicki's resignation. Mohan's promotion is a positive sign for proponents and enthusiasts of Web3 technologies.

Wojcicki announced her departure via a blog post, in which she commended the "incredible leadership team" at YouTube and praised Mohan for his instrumental role in the development of products such as YouTube TV and YouTube Music. She expressed confidence in Mohan's ability to be an excellent leader and highlighted his deep understanding of YouTube as both a business and a popular gathering place for communities. Wojcicki lauded Mohan for his grasp of the product, the business, the creator and user communities, as well as the employees at YouTube.

The popularity and scope of YouTube as one of the most widely-used websites globally cannot be overstated, having ranked second only to Google in terms of usage from September to November last year, with an average of 74.8 billion visits per month, according to Statista.

Throughout his lengthy period of shaping the offerings of YouTube, Mohan has demonstrated an open-minded approach to the development of the internet and its various platforms. In a blog post last year, he revealed that YouTube was exploring methods of potentially integrating Web3 technology. This may include leveraging the metaverse to create a more immersive experience on YouTube or utilizing technologies such as NFTs - distinctive digital tokens commonly used to establish ownership of online content.

“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” Mohan wrote. “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”

Mohan suggested in his writing that NFTs have the potential to be a compelling and verifiable means for fans to possess unique videos, photos, artwork, and even experiences from their preferred creators. Furthermore, he emphasized that NFTs would enable creators and audiences to collaborate in innovative ways.

Mohan acknowledged that while the metaverse is still in its early stages, YouTube is committed to working towards incorporating more interactions in games and creating a more vibrant gaming experience.

Despite the fact that the metaverse concept doesn't solely rely on blockchain technology, it's worth noting that blockchain is utilized by popular projects such as The Sandbox and Decentraland to establish the ownership of digital land and other assets.
Over the past year, Google has increasingly been turning its focus towards Web3 services. In October, the tech giant launched the Blockchain Node Engine, a cloud-based service for Ethereum developers and projects. The service hosts and manages individual nodes that contribute to a blockchain network, providing the reliability, performance, and security that users expect from Google Cloud compute.

The company announced in November that it would expand its Blockchain Node Engine to support the Solana Blockchain, with the feature set to launch in the first quarter of 2023. Google also acknowledged Ethereum's transition to a less energy-intensive method of verifying transactions in September, with a "doodle" featured on its search engine that counted down the time until the process was complete, along with other statistics related to the shift in power consumption.

Some notable YouTube employees have fully embraced Web3, such as former Global Head of Gaming Ryan Wyatt, who left YouTube after seven years to become CEO of Polygon Studios in February 2022, and now serves as President of the rebranded Polygon Labs. In an interview with Decrypt, Wyatt observed similarities between YouTube and Polygon as both are platforms that help creators onboard onto them. He noted that Polygon serves as a sidechain that runs alongside Ethereum, offering faster transactions and lower fees while serving as a platform for interoperable blockchains.