YouTube joining the Metaverse wagon to increase talent on platform
YouTube wishes to create a better system for artists to connect with their audiences and make it easier to find content in the metaverse. With the world evolving, YouTube wants to stay ahead of the curve by adapting its business model.
According to Mohan’s blog post, 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. 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 from art, music, GIFs, movies, or even a selfie.
YouTube may incorporate NFTs so 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.
YouTube detailed its blockchain and metaverse goals for 2022 on Thursday, claiming it could use the emerging technology to reduce fraud in the fast-growing digital art industry and provide a more pleasant game viewing experience.
In the face of increased competition from ByteDance Inc’s TikTok and Meta Platforms Inc’s (FB.O) Instagram, the world’s largest streaming service, which is owned by Alphabet Inc’s (GOOGL.O) Google, has worked to retain customers with greater advice about planned features during the past year.
YouTube announced last month that it was looking into Web3 technologies, including non-fungible tokens (NFTs), which are video snippets, art, or other digital assets linked to the blockchain record-keeping system.
YouTube went even farther, claiming that it could make NFTs safer investments. Last year, NFT sales increased, but critics claim that frauds, copyright theft, and other exploitative practices are too widespread.
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.
The metaverse, a component of the Web3 movement that defines shared virtual worlds where people often communicate through avatars, has also been promoted by YouTube.
YouTube claimed it didn’t have any concrete plans yet, but one potential is allowing viewers to watch videos in a metaverse together. For the time being, it will concentrate on films relating to “gaming,” with the goal of “bringing more interactions to games and making them feel more alive,” according to the site.
Meta is investing billions of dollars in virtual and augmented reality technology, and ByteDance introduced a mobile app for gathering in a metaverse last month.