In the near future, the video streaming platform owned by Google may allow its approximately 75 billion monthly users to experience the immersive potential of the metaverse.
Neal Mohan served as YouTube’s Chief Product Officer for seven years
Neal Mohan, an Indian-American, who has recently been appointed as the CEO of YouTube, is eager to explore how Web3 can enhance the overall streaming experience. With almost 75 billion monthly visitors, the Google-owned platform could soon offer its audience an immersive metaverse experience. Mohan, who has served as YouTube’s Chief Product Officer for seven years, has expressed his interest in investigating Web3 for some time.
Mohan sees non-fungible tokens (NFTs) as a guaranteed means to enable art enthusiasts and collectors to securely own and authenticate online artwork.
Last year, in a blog published on YouTube, Mohan highlighted that responsible management of technologies such as NFTs and the metaverse is crucial. However, he acknowledged their enormous potential to broaden the application areas of existing Web2 services and products.
As CEO, Mohan is optimistic that the renovation of the metaverse on YouTube has the potential to revolutionize the gaming industry within the platform, creating a more captivating experience.
In the previous year, YouTube initiated the search for appropriate individuals to become part of their teams with a focus on Web3.
The platform received criticism as its intentions to experiment with Web3 features such as NFTs and metaverse went against its objective to become eco-friendly.
According to a report published last year by Poster Grind, a collective of artists, designers, NFT creators, and art directors, a single NFT can require a significant amount of energy, totaling 340kWh, for a series of transactions.
Despite the associated environmental risks, the NFT market has recorded a 16 percent increase in growth thus far this year.
According to research reports, the potential market for metaverse services is expected to grow to around $800 billion (equivalent to approximately Rs. 59,58,700 crore) within the next two years.
Recently, Google, the parent company of YouTube, has also demonstrated a proclivity towards Web3.
In October of last year, it unveiled the Blockchain Node Engine, a Cloud-based solution tailored for Ethereum developers and projects. This engine effectively hosts and autonomously oversees the individual nodes that bolster a blockchain’s network.
In addition, the web search titan initiated the incorporation of fresh recruits into its Web3 unit stationed in the Asia-Pacific (APAC) locality.
Rishi Ramchandani, who hails from India, was selected by Google in December 2022 to head its Web3 APAC team. Prior to this role, he was employed at BlockFi, a digital asset lender that filed for bankruptcy in November of the previous year.