These digital assets might soon play a significant role in the video platform.
Only a few days after revealing intentions to join the world of blockchain technology, Alphabet Inc.’s video arm YouTube has outlined its plans to join the non-fungible token (NFT) bandwagon in order to allow its content creators to ‘own’ videos. While stating its blockchain and metaverse plans, the firm said in a blog post it stands to benefit from emerging technologies and halt fraud in the rapidly-growing digital art market and provide a more social viewing experience for gaming content.
Alphabet floated the idea last month when YouTube said it would explore the possibility of dipping its toes into the world of blockchain-based technologies. This decision may have resulted from cut-throat competition from ByteDance Inc.’s TikTok and Meta Platforms Inc.’s Instagram, the world’s largest streaming service, is aimed at retaining customers’ views. YouTube also added it seeks to enter the metaverse, with one possible idea allowing users to watch videos together in the virtual reality world.
Fans can own videos of their favorite creators
The firm’s chief product officer Neal Mohan reiterated via a blog post that their immediate focus would be on Web3 technologies such as NFTs. He stated further about the potential of the Web:
“Opens up new opportunities for creators,” giving “a verifiable way for fans to own unique videos, photos, art, and even experience from their favorite creators […] gaming, where we’ll work to bring more interactions to games and make them feel more alive.”
Focus on videos related to gaming
YouTube also prioritizes the metaverse, an element of the Web3 movement that creates shared virtual worlds where people typically interact through avatars. The firm said it didn’t yet have firm ideas, but one possibility would be allowing users to watch videos together in a metaverse. Generally, it will focus for now on videos related to gaming. The blog explained:
“Gaming, where we’ll work to bring more interactions to games and make them feel more alive.”
Last month, ByteDance launched a mobile app for gathering in a metaverse, and Meta is spending billions of dollars on virtual and augmented reality technology.