YouTube to expand into NFTs
YouTube elaborated on plans to use emerging technologies, often referred to as Web3, suggesting on Thursday that they could cut fraud in the fast-growing digital art market and even allow fans to “own” content.
In a blog post, Neal Mohan, the streaming site’s chief product officer, said that Web3 technology “opens up new opportunities for creators,” and will allow them to develop deeper relationships with their fans.
“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 audience,” the blog said.
YouTube also suggested they could make NFTs safer bets by introducing verification tools within its video library. NFTs, or non-fungible tokens, are cryptographic blockchain assets, which have been racked by copyright theft and other predatory behavior.
It is unclear what YouTube means when suggesting that fans could “own” NFTs, as the tokens do not inherently transfer copyright to owners.
NFTs also have environmental downsides, as the amount of energy required to mint an item on the blockchain is massive. Estimates suggest that the average NFT has a carbon footprint equivalent to the average EU citizen’s monthly carbon output.
YouTube’s parent firm, Google, “aims to be the first major company to operate carbon free.” Incorporating NFTs into YouTube’s offering may compromise these objectives.
The world’s largest streaming service also said it was exploring ways to incorporate the growth of the Metaverse into its operations but remains unsure as to how that would look.
Mohan envisions their Metaverse interaction will focus on “gaming, where we’ll work to bring more interactions to games and make them feel more alive.”
