YouTube has stepped up its NFT and metaverse efforts to rival TikTok and Instagram. Here are YouTube’s NFT plans.
YouTube detailed its NFT and metaverse plans, saying it could use emerging technologies to reduce fraud in the fast-growing digital arts market and provide a more social viewing experience for gaming content.
The world’s largest video service, owned by Alphabet Inc (or Google), said last year it wanted to better guide users on upcoming features while increasing competition with TikTok and Instagram. YouTube is now known to work for both metaverse and NFT.
YouTube hits the gas for NFT and metaverse
Last month, YouTube 2015 2015 1 Web 3.0 said it was researching technologies based on blockchain-connected irrevocable token (NFT’s) advocates. YouTube went even further in its latest blog post, suggesting it could bring NFT to its platform.
NFT sales grew massively last year, but critics said fraud, copyright theft and other dangerous behavior were very common. YouTube said it believes it can verify the legitimacy of assets using its video library.
“We can provide a verifiable way for fans to have unique videos, photos, artworks, and even experiences of their favorite creators through YouTube,” YouTube said in a blog post.
YouTube also said it prioritizes metaverse, where people interact through avatars in web 3.0 research. The company said it does not yet have a definitive study of metaverse, but may allow users to watch videos together in the metaverse.
“We see many interesting applications, such as the NFT, to help manage the community of common interests. Providing better crowdfunding for creators; We want to help artists print and sell their own works for future sales. We think YouTube can add a lot of unique value to what people are already doing in this area.”
But YouTube’s Chinese rival ByteDance launched a metaverse app last month and, as you know, Meta is spending billions of dollars on virtual and augmented reality technology.