Neal Mohan, the incoming CEO of YouTube, has expressed his bullish sentiments on Web3 and NFTs. Following the resignation of former CEO Susan Wojcicki, Mohan took over the top job at the social media platform. Despite Wojcicki’s departure, she is in full support of her replacement, citing Mohan’s experience as Chief Product Officer at YouTube as a reason for her confidence in him. In fact, Mohan’s appointment bodes well for proponents of Web3, as he is a strong believer in the technology and its potential to revolutionize various industries.
Many in the industry are now speculating whether YouTube could launch its own Web3 initiative in the near future. Given that the social media giant ranks second only to Google, its parent company, in terms of monthly users, a move in this direction could be significant for the entire industry. According to Statista, between September and November of 2022, YouTube averaged over 74 billion visits per month.
As Chief Product Officer, Mohan has kept an open mind about the evolution of the internet, which has allowed him to keep YouTube on top through its offerings, such as YouTube TV and YouTube Music. Wojcicki notes that the new CEO understands YouTube both as a business and as a platform where most communities congregate.
Mohan’s interest in Web3 is intriguing, given his experience in identifying the next big thing. In a blog post last year, he disclosed that YouTube was keen to explore Web3 technology and how it could integrate it on its platform. This could be achieved by making YouTube more immersive through the Metaverse route or by utilizing NFTs to offer creators new ways to bond with their audiences.
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” Mohan said. “There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”
NFTs could offer a “verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators,” he added, which could enable creators and audiences to collaborate in new ways. With Mohan at the helm, it seems likely that YouTube will continue to explore Web3 and its potential to transform the digital landscape.