Shalini Nagarajan

Crypto fans have another reason to be hopeful of Web2 giants going Web3: YouTube has a new chief executive officer who once floated integrating NFTs into the video sharing platform.



Susan Wojcicki, YouTube’s long-serving CEO and one of its earliest employees, stepped down last week, ending her 25-year-long stint at the Google subsidiary.



She has been replaced by Indian-American tech executive Neal Mohan, who joined Google in 2008 and became a senior executive in the company’s display and video advertising business.



Mohan, an engineering graduate from Stanford University, was appointed chief product officer at YouTube in 2015. He was instrumental in building some of the platform’s biggest projects including YouTube TV, YouTube Music and Premium.



He was once offered the role of chief product officer at Twitter, but turned that down after Google put forth a counteroffer of $100 million so he would stay, TechCrunch <a href="https://techcrunch.com/2011/04/06/google-said-to-have-high-level-mole-at-twitter-makes-massive-counteroffers-to-retain-employees/" target="_blank" rel="noreferrer noopener">reported</a> in 2011.



“He has a wonderful sense for our product, our business, our creator and user communities, and our employees. Neal will be a terrific leader for YouTube,” Wojcicki said in a <a href="https://blog.youtube/inside-youtube/a-personal-update-from-susan/" target="_blank" rel="noreferrer noopener">blog</a> announcing her departure.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Thank you, <a href="https://twitter.com/SusanWojcicki?ref_src=twsrc%5Etfw">@SusanWojcicki</a>. It&#39;s been amazing to work with you over the years. You&#39;ve built YouTube into an extraordinary home for creators and viewers. I&#39;m excited to continue this awesome and important mission. Looking forward to what lies ahead&#8230; <a href="https://t.co/Rg5jXv1NGb">https://t.co/Rg5jXv1NGb</a>&mdash; Neal Mohan (@nealmohan) <a href="https://twitter.com/nealmohan/status/1626294013254066176?ref_src=twsrc%5Etfw">February 16, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Early last year, incoming CEO Mohan <a href="https://blockworks.co/news/youtube-doubles-down-on-nft-integration-exec-says" target="_blank" rel="noreferrer noopener">hinted at potential future plans for NFTs</a>, saying YouTube believes in the underlying technology&#8217;s potential for helping creators develop deeper relationships with fans. 



“For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences. 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 also touched on the metaverse, saying YouTube was “thinking big” about how to make the viewing experience more immersive. He said it’s still early days, but YouTube would work to bring more interactions to gaming and “make them feel more alive.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">YouTube&#39;s newly appointed leader, <a href="https://twitter.com/nealmohan?ref_src=twsrc%5Etfw">@nealmohan</a>, has been widely criticized and praised. With the rise of Web3 infrastructure and AI, there&#39;s a huge opportunity for the platform to evolve and grow in new ways. A thread 🧵&mdash; Daniel Forero (!chaos🔥) (@danielforeroj) <a href="https://twitter.com/danielforeroj/status/1626758368902754306?ref_src=twsrc%5Etfw">February 18, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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That same month, Google CEO Sundar Pichai said the company was “definitely looking at blockchain” and “looking at how we might contribute to the ecosystem and add value.” It was one of his first public comments on the technology.



Pichai described an example in which Google’s Cloud team explored how to support customer needs in “building, transacting, storing value and deploying new products on blockchain-based platforms.”



Google parent Alphabet was <a href="https://blockworks.co/news/alphabet-poured-1-5b-into-blockchain-companies-over-10-months-study-finds" target="_blank" rel="noreferrer noopener">among the largest listed companies</a> to invest in blockchain last year. 



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YouTube Has a New CEO Who Actually Gets NFTs

Sebastian Sinclair

David Canellis

<div id="highlights-block_6315b5cb2096f" class="highlights">
 <ul>
 <li>This is the third hack in one week for South Korea&#8217;s official social media channels</li>
 <li>Google Korea is now investigating most recent YouTube incident along with Seoul’s cyber crimes unit</li>
 </ul>
 
</div>



Crypto fraudsters reveled over the weekend, hijacking an official South Korean government YouTube channel alongside accounting giant PwC’s Twitter account to promote scams. 



South Korea’s Youtube channel was commandeered on Saturday and renamed to “SpaceX Invest.” Hackers then broadcasted a crypto-related video followed by an interview with Tesla and SpaceX CEO Elon Musk, <a href="https://en.yna.co.kr/view/AEN20220903001700325" target="_blank" rel="noreferrer noopener">Yonhap News</a> reported.



Around the same time, the Venezuelan arm of PwC’s Twitter account was tweeting more than a dozen links to a classic crypto giveaway scam. 



The links led to a phony Ripple Labs website which encouraged users to send ripple (XRP) to a specific address, after which they were promised more in return. The account posted: &#8220;Want to see how #XRP will make you rich?&#8221; and &#8220;#XRP gogogo,&#8221; among other slogans.



It took at least eight hours for PwC Venezuela’s Twitter account to be cleaned up, while South Korea’s YouTube channel was restored after about four hours. Google Korea and Seoul’s cyber crimes unit are now reportedly investigating the incident.&nbsp;



The hack is the third such instance against South Korea’s official YouTube channels in a week, with one operated by the Korea Tourism Organization illegitimately operated last Thursday and Friday.



A YouTube channel belonging to South Korea’s National Museum of Modern and Contemporary Art was also compromised on Thursday, <a href="https://www.koreaherald.com/view.php?ud=20220904000123" target="_blank" rel="noreferrer noopener">The Korea Herald</a> reported.



Twitter and YouTube have <a href="https://www.tenable.com/blog/fake-bitcoin-ethereum-dogecoin-cardano-ripple-and-shiba-inu-giveaways-proliferate-on-youtube" target="_blank" rel="noreferrer noopener">long been critised</a> as platforms for the promotion of crypto scams, <a href="https://thenextweb.com/news/twitter-cryptocurrency-musk-ethereum" target="_blank" rel="noreferrer noopener">stretching</a> all the way back to 2018. The ruses commonly leverage likenesses of unwitting celebrities including MicroStrategy’s Michael Saylor and Ethereum’s Vitalik Buterin.



Musk <a href="https://www.bbc.com/news/technology-61749120">called out</a> YouTube earlier this year, claiming it was not doing enough to tackle fake advertisements using his identity to promote crypto giveaway scams. 



While not a giveaway scam, cybersecurity researchers <a href="https://threatpost.com/musk-spacex-cryptoscam-youtube-advertising/167219/" target="_blank" rel="noreferrer noopener">detailed</a> a recent fraud campaign purchasing legitimate YouTube advertisements for dodgy ‘SpaceX’ themed tokens, purchasable via Uniswap. YouTube said in June that it removes channels reported to be advertising crypto scams.



At the height of public interest in crypto beginning this year, Meta’s social media platform Facebook was also targeted by hackers for roughly the <a href="https://cms.blockworks.co/australian-billionaire-brings-criminal-case-against-facebook-over-fake-crypto-ads/" target="_blank" rel="noreferrer noopener">same purpose</a> — to swindle capital from prospective crypto investors.



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Crypto Crooks Push Musk, XRP Scams in Weekend Hacking Spree

Morgan Chittum

<div id="highlights-block_621641ed6f72e" class="highlights">
 <ul>
 <li>Ryan Wyatt announced his new role as Polygon Studios’ CEO on Jan. 25</li>
 <li>Polygon Studios partnered with artist Beeple, Dolce &#038; Gabbana, DraftKings and OpenSea</li>
 </ul>
 
</div>



Ryan Wyatt first heard about NFTs when he noticed an influx of venture capital flooding into the traditional gaming space from firms and hedge funds last year. Sequoia, Tiger Global and Andreesen Horowitz all invested millions of dollars in the gaming space in 2021 alone.



Wyatt was YouTube’s head of gaming for upwards of seven years and said he had never seen VC interest of this caliber in the industry. NFTs (non-fungible tokens) then quickly caught his eye for their “long-term” use cases in gaming, particularly as a way to prove “verifiable ownership.”



Last month, Wyatt joined Polygon Studios as the blockchain startup’s newest CEO. Polygon is a “protocol and a framework for building and connecting Ethereum-compatible blockchain networks,” according to its <a href="https://polygonstudios.com/" target="_blank" rel="noreferrer noopener">website</a>. The company has had big-name partnerships with NFT artist Beeple, Dolce &amp; Gabbana, DraftKings and OpenSea.



Blockworks&#8217; Morgan Chittum spoke with Wyatt about emerging NFT use cases, the value of blockchain integration in gaming and what makes a play-to-earn game financially sustainable.



<hr class="wp-block-separator"/>



Chittum: How do you think play-to-earn projects and gaming companies can ensure players stay interested without the money taking over as the players’ sole interest?



Wyatt: Blockchain gaming is in its early stages, and there is natural volatility that comes with that. When you take an open and free market like this, it comes with a lot of good and bad, but look at the alternative right now. The alternative is cash in and cash never out.&nbsp;



I think things like having governance tokens and allowing communities to really weigh in on developer decisions, macro level decisions and having users feel like they&#8217;re a part of things can help. Over time, this could help that user base build up and provide more stability.&nbsp;



<div class="wp-block-image"><figure class="alignright size-full"><img loading="lazy" decoding="async" width="300" height="300" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg" alt="" class="wp-image-17803" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=50 50w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption>Polygon Studios CEO Ryan Wyatt</figcaption></figure></div>



Chittum: What other use cases for NFTs excite you the most right now? What emerging trends are you noticing in the space?



Wyatt: This is going to be a big year for music NFTs. You have the ability to have an NFT and put utility behind it now, whether it&#8217;s discounts on tickets, meet and greets or whatever the case may be, and that artist finally has the autonomy to do so. NFTs create less of a reliance on big music studios and publishers.



I think the music industry is fundamentally flawed and at a disadvantage to the artist. So much of the spirit of decentralization and Web3 is giving power to users and creators. This is the opposite of a lot of the mantras of Web2.&nbsp;



Chittum: Farmville creator Zynga said that they will launch a blockchain-based game this year but plan on making a separate studio to prevent any confusion with players. Ubisoft, additionally, had reports of employees resigning over the possibility of having in-game NFTs. Where do you think this potential tension and desire for separation between the two comes from?



Wyatt: There’s some necessary context of why they are separating church and state inside of these companies. Objectively, there is a subsection of the gaming market that wants blockchain games, and there&#8217;s a section that&#8217;s trying to preserve what they love. I think all of that is okay.



I think the big mistake around a lot of the polarizing conversation I&#8217;m seeing is people are thinking in absolute terms of what blockchain games are.&nbsp;



There&#8217;s a lot of things that we need to do as an industry in Web3, particularly with carbon footprints and with making sure we&#8217;re addressing scams and underlying issues that are happening in the NFT market. However, what I think we’ll see over time is all of these studios will aspire to launch a blockchain game. It will most likely be new intellectual property or a new franchise entirely. Studios will eventually be able to serve the total addressable market of gamers.



Chittum: When was the first time you heard the word NFT? Where were you? What was going through your head?



Wyatt: It was about early last year. I started to see a lot of developers fundraising from big venture capitalists. For the first time really in the history of the gaming industry, you saw a lot of capital for video games coming from big venture capital firms. There are a couple edge cases for this, but the influx of capital was pretty significant. So much of the gaming industry, in the past, largely came from other game publishers funding those studios.&nbsp;



At the same time, Covid also showed how much people were spending in digital worlds. Call it the metaverse, video games or digital worlds. People were spending more time in these immersive digital environments. And so then, I started to really think about what are the implications of that? What are the pros and cons? One thing that struck a really big interest of mine was ownership. Humans love peacocking, and they take a lot of pride in showing off what they own. You already kind of see this in video games with skins, but largely, players don’t really own them. The arrangements that users have with game developers is a licensing, and in most cases, that item is illiquid. I became pretty enamored with this idea of digital ownership after that.



Chittum: What can we expect to see from Polygon in the upcoming year?



Wyatt: You&#8217;re going to start seeing us bring in big talent that comes from traditional games and big tech. I can tell you that I won&#8217;t be the last one that comes over. And that I think that encompasses how many individuals that are in Web2 are excited about what the future of Web3 can be.



You&#8217;re also going to start to see some of our tech rollout that we acquired in the past year, as well, so more developer tools to build off of. You&#8217;re going to see more partnerships that are going to continue to emerge from Polygon.



This interview has been edited for length and clarity.



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Former YouTube Head of Gaming, Polygon CEO on the Value of Blockchain Integration

<div id="highlights-block_620533f08f7ed" class="highlights">
 <ul>
 <li>CEO Susan Wojcicki said last month that NFTs could be another form of revenue for creators</li>
 <li>YouTube competitor Meta will reportedly integrate NFTs into its platforms</li>
 </ul>
 
</div>





YouTube elaborated on its NFT (non-fungible token) plans for 2022 in a <a href="https://blog.youtube/inside-youtube/innovations-for-2022-at-youtube/" target="_blank" rel="noreferrer noopener">blog post</a> on Thursday, doubling down on the idea that the crypto assets could have a huge upside for its creators.



Neal Mohan, the video hosting platform’s chief product officer, said NFTs have “incredible potential” and allow creators to “make money in ways not previously possible.”



“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” Mohan said. “For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audiences.”



NFTs, however, do not inherently transfer copyright over to new owners, so it is unclear how YouTube will achieve this. YouTube did not immediately respond to Blockworks request for comment.



YouTube CEO Susan Wojcicki also said NFTs could be another form of revenue for creators in a <a href="https://cms.blockworks.co/youtube-considering-nft-strategy/" target="_blank" rel="noreferrer noopener">letter</a> last month. The platform has not yet specified a timeline on its blockchain integration efforts.



Talks of YouTube blockchain integration follow <a href="https://cms.blockworks.co/report-meta-will-incorporate-nfts-into-ambitious-metaverse-plans/" target="_blank" rel="noreferrer noopener">reports</a> from competitor Meta integrating NFTs onto its social media properties as well. The potential new features would allow Instagram and Facebook users to showcase their crypto assets on their profiles.



Shares of YouTube’s parent company Alphabet Inc. were trading 0.63% lower at $2,813 at the time of publication.


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YouTube Doubles Down on NFT Integration, Exec Says

<div id="highlights-block_61f02195423f5" class="highlights">
 <ul>
 <li>NFTs could be another revenue stream for YouTube creators, according to the CEO</li>
 <li>Shares of YouTube parent Alphabet Inc. traded 1.8% lower at time of publication</li>
 </ul>
 
</div>



YouTube may incorporate non-fungible tokens onto its platform in the future, the video hosting platform’s CEO Susan Wojcicki said in a <a href="https://blog.youtube/inside-youtube/letter-susan-our-2022-priorities/" target="_blank" rel="noreferrer noopener">letter</a> on Tuesday.&nbsp;



“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” Wojcicki said.



Wojcicki said that Web3 has been “a source of inspiration” for YouTube, adding that NFTs and decentralized autonomous organizations (DAO) have the “unimaginable opportunity to grow the connection between creators and their fans.”&nbsp;



Colin Fitzpatrick, founder and CEO of Animal Concerts, a startup focused on virtual concerts in the metaverse, described the possible NFT integration as “a great way for creators to monetize their channels without needing to rely on advertising revenue.”



“If YouTube is going to facilitate NFTs on their platform, it is possible that demonetizing content creators is something they are forced into by their advertising partners,” Fitzpatrick told Blockworks. “Introducing NFTs could be a way for them to circumvent corporate interests and give their users alternative methods to generate revenue.”



Indeed, YouTube&#8217;s CEO said NFTs could be another form of revenue for creators. She did not, however, provide additional details or specify a timeline.&nbsp;



The letter follows closely on the heels of Twitter’s <a href="https://cms.blockworks.co/twitter-integrates-nfts-with-new-profile-picture-feature/" target="_blank" rel="noreferrer noopener">announcement </a>of supporting verified NFT profile pictures. Users of the company’s Twitter Blue subscription service can link ether-based wallets to their account and display their NFTs as profile pictures.&nbsp;



Shares of YouTube’s parent company Alphabet Inc. were trading 1.84% lower at $2,567.99 at the time of publication.


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