An American online video sharing, and social media platform owned by Google, YouTube has revealed its plan to enter the realm of non-fungible tokens (NFTs), a metaverse powered by web 3.0 and blockchain technology.
According to Neil Mohan, YouTube’s Chief Product Officer, in a blog post published on February 10, the site aims to link artists with their viewers ‘on a deeper level’ and adapt to the new world of ‘Web3 and its elements.’
YouTube Will Release New Products Relating to Web 3.0 Technology, Blockchain, NFTs, & the Metaverse
Mohan stated in the blog post that YouTube intends “to provide a verifiable way for fans to own unique videos, photos, art; and even experiences from their favorite creators” with NFTs. NFTs are digital assets that cannot be altered or updated and are stockpile on a distributed database known as Blockchain. An NFT is created using art, music, GIFs, films, or even a selfie.
YouTube may amalgamate in NFTs in such a manner that NFT collectors have unique access to a creator’s material or earn special NFT badges during live streams. This will give creators more revenue options. More information on YouTube’s NFT proposal, on the other hand, is look for.
When asked about collaborating Metaverse into YouTube; Mohan said that one option would allow people to view videos together in a metaverse. For the time being, Metaverse on YouTube will focus on videos about “gaming; where we’ll work to bring more interactions to games and make them feel more alive,” according to the blog.
The Metaverse is the next generation of the internet, allowing users to create virtual lives, share places, transact, and cooperate in novel ways.
Mohan has stated that he intends to take a prudent approach to any Web3 integrations.
“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well;” he said in the post.
Other features described in the blog by Mohan include “Channel Guidelines;” sorted comments for live streams, and Super Chats (tips) for YouTube Shorts.
YouTube’s Competitors Enter the World of NFT for its Users
According to a Twitter thread, on January 20; Twitter Blue decided to introduce another option for its users: linking a crypto wallet and submitting an NFT as a profile photo for mobile iOS users; which is join to fulfill overwhelming user demand.
However, Instagram is introducing its non-fungible tokens as part of its Collectibles initiative. Posts on Instagram that sell NFTs may have a label labeled “Collectible,” informing users about the NFT available for purchase.
According to data compiled by The Block Research, NFT transaction volume nearly tripled in January 2022 to $6.86 billion; up from $2.67 billion in December 2021.