Monday, May 29

YouTube praises cryptocurrencies and wants to leverage their use cases

In a note published this Tuesday (25), Susan Wojcicki, CEO of YouTube, stated that the company is looking closely at the cryptocurrency sector. After praising its use cases, he admitted that adopting some of them might be interesting as they can help content creators.

This appears to be a change of direction for all Alphabet companies, parent company of Google, Youtube and others, as last Wednesday (19) it said it had its eye on cryptocurrencies after hiring a former PayPal.

Currently, giants from various sectors are studying cryptocurrencies and trying to understand how they can use them to their advantage. In this way, countries that do not meet this evolution will be left behind.

YouTube with an eye on the web3, NFTs, DAOs and cryptocurrencies

In recent months we have seen a growing interest in web3, an evolution of the internet that, among other things, aims to give more control and financial gains to content creators. Since YouTube is powered by such people, it’s only natural that the company is keeping an eye on this.

Furthermore, NFTs are almost passing Bitcoin in terms of public interest. In addition to the recent integration of NFTs on Twitter, YouTube also did not lag behind and launched a collection that was distributed to some youtubers.

All this interest from YouTube was confirmed by YouTube Executive Director Susan Wojcicki this Tuesday (23). In the opportunity, she says that cryptocurrencies are a great opportunity for both the company and content creators and consumers.

“We are also looking to the future and following everything that happens on Web3 as a source of inspiration to continue innovating on YouTube. The past year in the world of cryptocurrencies, non-fungible tokens (NFTs) and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to increase the connection between creators and their fans. We are always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, as we continue to strengthen and enhance the experiences creators and fans have on YouTube.”, said Susan Wojcicki, CEO of YouTube

With this, we can expect the content creation industry to become increasingly decentralized. As an example, we can imagine the purchase of video copyrights using tokens, the revenue of which is distributed among its holders. Or YouTube could copy Twitter’s tipping system.

In addition, the use of cryptocurrencies would also facilitate payment to such entrepreneurs. Currently the system is slow and full of fees, the same goes for other Alphabet services like AdSense.

If Google and YouTube adopt cryptocurrencies, the big question is which one will be chosen. On the one hand, we have Bitcoin, apolitical, on the other, stablecoins paired in dollars, with stricter policies due to centralization. The last option would be to create your own, however the case of Facebook’s Libra/Diem may discourage your attempt.

Finally, cryptocurrencies and their use cases are inevitable, and it is only a matter of time for large companies to adopt them if they do not want to lose ground to new competitors.