YouTube has announced that it will enter the world of non-fungible tokens (NFT), metaverse powered by web3 and blockchain. The platform wants to connect artists with their audiences “on a deeper level” and wants to accommodate the emerging world of “Web3 and its elements,” Neil Mohan, YouTube’s Director of Product, wrote in a blog post published on February 10. .
In the blog post, Mohan said that YouTube wants to “provide a verifiable way for fans to own videos, photos, art, and even unique experiences from their favorite creators” in the form of NFTs. For the uninitiated, NFTs are digital assets that cannot be changed or modified and are recorded in a distributed database called a Blockchain. Art, music, GIFs, videos, and even a selfie can be turned into an NFT.
YouTube may be able to integrate NFTs in such a way that NFT collectors can gain exclusive access to a creator’s content or earn special NFT badges during live streams. This will provide additional monetization mechanisms for creators. However, more details about YouTube’s NFT plan are expected.
Speaking about YouTube’s metaverse integration, Mohan said one possibility would be to allow users to watch videos together in a metaverse. For now, the metaverse on YouTube will focus on videos related to “gaming, where we’ll work to drive more interactions into games and make them feel more alive,” the blog said. Metaverse is the next iteration of the Internet where users will be able to build virtual lives, share spaces, transact and collaborate in new ways.
Mohan added that he wants to take a responsible approach to any Web3 integration. “There is a lot to consider to make sure we approach these new technologies responsibly, but we believe there is incredible potential as well,” he added in the post.
Some of the other features Mohan mentioned in the blog are: “Channel Guidelines”, ordered comments for live streams, and Super Chats (tips) for YouTube clips.
Meanwhile, several of YouTube’s rivals have already jumped on the NFT trend. Twitter began allowing users post NFT as profile pictures and instagram is reportedly working on a similar offer, according to the Financial Times. In 2022, NFT trading volume nearly tripled in the month of January to $6.86 billion from $2.67 billion in December 2021, according to figures compiled by The Block Research.