YouTube has announced that it will enter the realm of non-fungible tokens (NFTs), a web3 and blockchain-based metaverse. In a blog post published on February 10, Neil Mohan, YouTube’s Chief Product Officer, stated that the platform aims to link artists with their viewers “on a deeper level” and that it wants to adapt to the growing world of “Web3 and its aspects.”
YouTube hopes to “offer a verifiable means for fans to own unique films, images, art, and even experiences from their favorite creators” in the form of NFTs, according to Mohan’s blog post. NFTs, for the uninitiated, are digital assets that cannot be changed or updated and are stored on the Blockchain, a distributed database. An NFT can be made out of art, music, GIFs, movies, or even a selfie.
They may incorporate NFTs in such a way that collectors obtain unique access to a creator’s material or earn special NFT badges during live streams. This will provide creators with more monetization options. More information about YouTube’s NFT strategy is still pending.
When it comes to incorporating Metaverse into YouTube, Mohan says one option is to allow viewers to watch videos in a metaverse together. For the time being, YouTube’s Metaverse will focus on videos linked to “gaming,” with the goal of “bringing more interactions to games and making them feel more alive,” according to the blog. The Metaverse is the next generation of the internet, allowing users to create virtual lives, share spaces, transact, and cooperate in novel ways.
Mohan went on to say that he wanted to approach any Web3 integrations with caution. “There’s a lot to think about in making sure we approach these new technologies appropriately,” he wrote in the essay, “but we think there’s enormous potential as well.”
“Channel Guidelines,” sorted comments for live streams, and Super Chats (advice) for YouTube Shorts are some of the additional things noted by Mohan in his blog.
One feature option, according to YouTube, would be to provide ways to authenticate the integrity of materials using its video collection.
According to the blog, giving fans a legitimate means to own unique movies, images, art, and even experiences from their favorite creators might be an appealing proposition for creators and their audience.
YouTube has also prioritized the Metaverse, a component of the Web3 movement that refers to shared virtual worlds in which people communicate primarily through avatars.
The firm cautions that YouTube’s plans for the NFTs and metaverses reflect the platform’s need to innovate every year to maintain its leadership. According to the firm, its members watch over 1 billion hours of video per day, resulting in billions of daily views.
“Today, the world of video innovation on YouTube is growing so fast that it feels like we’re just getting started,” said Neal Mohan. Though it seems like we’ve been saying it every year since YouTube’s inception in 2005.”
“It is maybe because of the wonderful era of change and innovation that we find ourselves in a succession of fresh beginnings, not only for ourselves, but also for our artists, viewers, and partners,” YouTube’s chief product officer concluded the statement. And, with so much to look forward to in 2022, here’s to a new exciting beginning.”
Published by- Aashay Bhujbal
Edited by- Kritika Kashyap
