The new CEO of YouTube has ideas for integrating crypto into the platform that could give it a cutting edge.
- YouTube CEO Susan Wojcicki announced on Friday that she would be stepping down after nine years running the company, handing her position to new CEO Neil Mohan.
- Mohan joined the company in March 2008, migrating after Google purchased his ad firm Double Click, and rarely speaks to the public, according to Fortune.
- However, cryptocurrency fans are excited about his promotion, pointing to a 2022 blog post where he described NFTs as having “incredible potential” and saying blockchain technology could play a role in YouTube’s means of building relationships between users and content creators.
Why It’s Important
The cryptocurrency space is in an awkward position. Despite being targeted by the federal government, facing devaluation of major currencies, the NFT market drying up, and significant players backing away, crypto investors remain as bullish as ever. Notable investors such as ARK Investor CEO Cathie Wood have gone as far as to bet against the trends, buying more shares of CoinBase and predicting the market to rebound.
With the Securities and Exchange Commission pushing heavily against the crypto markets, having the support of a large corporation like YouTube, integrating blockchain technology and NFT into user experience, could be a notable push in the right direction for crypto investors.
It could also serve YouTube with an advantage. Just as Microsoft was able to curb the search engine market by implementing ChatGPT into Bing, YouTube could curb the short-form video market by allowing greater crypto integration. TikTok does not offer such a feature. Twitter is experimenting with improving monetization features, Fortune notes.
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well,” says Mohan. “[NFTs offer a] verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators.”