BNC NEWS

The new CEO of Youtube is bullish on Web 3 and NFTs but what does that really mean for the future of the creator economy?

Susan Wojcicki is stepping down after nearly a decade-long tenure as the CEO of Youtube. She will be replaced by Neal Mohan who has previously served as Youtube’s chief product officer for 7 years. Neal has gone on record to discuss his positive outlook on Web 3 as he believes NFTs can have a major impact on the creator economy.

“Web3 also opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans.” Mohan wrote in an official YouTube blog post.

Instead of just watching a video on Youtube, fans could engage further by owning a piece of the content from their favorite creators.

“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.” — Mohan

You might be wondering if this is actually viable. After all, why would audiences want to shell out money for something they can already access for free?

Fans will pay to support their favorite creator. This is the fundamental premise behind Patreon which radically changed the landscape of the creator economy over the last decade.

Founded by Jack Conte, Patreon offers creators the ability to diversify their revenue streams by providing exclusive access to their work and a deeper connection with their communities. The fans who are willing to go the extra mile are super fans.

Super fans contribute to Patreon to get access to exclusive art, behind-the-scenes content, voting rights on future uploads, etc. Many of the things that currently exist behind a paywall on Patreon can easily be converted into NFTs.

“Together, they’ll be able to collaborate on new projects and make money in ways not previously possible.” — Mohan

The case for NFTs in this instance is far more compelling than the core premise of Patreon. That is because NFTs offer ownership over digital assets that can be traded on a secondary market. This opens up possibilities to have your digital assets accrue value as your favorite creator goes from relative obscurity to mass appeal.

Imagine owning an early NFT from MrBeast from when he was watching paint dry or counting to 100,000. That definitely has value to someone in the MrBeast community and would fetch a pretty hefty price on a secondary market today.

Youtube has every incentive to roll out NFT support directly on its platform so it can own a slice of the revenue that Patreon currently generates.

Web 3 integration with the creator economy is inevitable and has me very excited for the future of both industries.

“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.” — Neal Mohan

As always, thank you for reading.
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I can not believe we waited this long but the judge finally put this major scammer back in JAIL where he rightfully belongs.

Investment in artificial intelligence is growing rapidly and could have a bigger impact on US gross domestic product (GDP) than the discovery of electricity or the advent of personal computers, Goldman Sachs (GS) said in a report on Tuesday.

“
Generative AI
 has tremendous economic potential and could raise global labor productivity by more than 1 percentage point per year for a decade after widespread use,” write economists Joseph Briggs and Devesh Kodnani.

For such a massive transformation to take place, businesses will need to make “significant upfront investments in physical, digital and human capital to acquire and adopt new technologies and change business processes,” the report says.These investments could reach about $200 billion globally by 2025 and are likely to occur before “adoption and efficiency gains start to lead to significant productivity gains,” the bank said in a statement.In the long term, investment in AI could peak at 2.5-4% of US GDP and 1.5-2.5% of other AI leaders, the note said.

“Despite this extremely fast growth, the impact on GDP in the short term is likely to be quite modest given that AI-related investment currently makes up a very low share of US and global GDP,” the analysts wrote, adding that while investment has so far been focused on model development, “scaling generative AI will require significantly more investment in hardware and software.”

The introduction of AI is likely to begin to have a significant impact on the US economy sometime between 2025 and 2030, the report adds.

According to an Aug. 2 social media post by a protocol governing body member, the Curve Finance Lending Protocol has stopped issuing governance tokens for individual liquidity pools affected by the July 30 Curve exploit and the July 6 Multichain exploit.

The termination of the reward was handled by Curve Emergency Decentralized Autonomous Organization (Curve E-DAO), a committee made up of elected members of Curve DAO’s governing body. According to the announcement, the decision affected the pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto and multibtc3CRV. The decision may be reversed in the future by a full vote of the Curve DAO.

On July 6, more than $100 million worth of cryptocurrencies were withdrawn from a number of bridges that were part of the Multichain protocol.

The Multichain team stated that the withdrawals were “abnormal” and that users should stop using Multichain. At the time, the Curve team warned its users to “get out of multi-chain assets such as multiBTC (including the pool)”, implying that their own multibtc3CRV liquidity pool was at risk due to the Multichain incident.

On July 14, the Multichain team claimed that the withdrawal was made by an unknown person who accessed its CEO’s cloud computing account, implying that the funds were stolen and will never be returned.

On July 30, Curve Finance was already the victim of a reentry attack . Over $47 million worth of cryptocurrencies were lost during the exploit. The attack affected the alETH, msETH and pETH pools because they were created using the Vyper protocol containing the vulnerability. Other non-Vyper Curve pools were not affected. However, the Vyper vulnerability led to copycat attacks throughout the DeFi ecosystem , where an insecure version of the protocol was used. In particular, it is reported that DeFi protocols on the BNB Smart Chain lost $73,000 during similar attacks .

Despite these exploits, the affected pools still produced rewards in the form of Curve Finance (CRV) Governance Tokens . This meant that users could still contribute their tokens to pools to earn CRV. In an August 8 announcement, Shapiro stated that the emergency DAO has now removed these rewards to “avoid incentivizing further participation in these compromised pools.” In July and August, investors continued to suffer from hacks and fraud.

On July 23, payment provider Alphapo allegedly lost more than $60 million due to an attacker gaining access to the private keys of its hot wallet. The company has not confirmed the alleged attack, but sleuths online claim the transfers are abnormal and likely the result of a hack. On July 25, DeFi platform Era Lend on a blockchain using zkSync was also hacked for $3.4 million due to a read-only re-login error.