On Thursday, YouTube announced it will explore blockchain and metaverse technology in 2022 to reduce fraud in the fast-growing digital art industry while also providing a more social viewing experience for gaming material.
Over the previous year, Google’s world’s largest streaming service has tried to retain users with improved information about forthcoming features in the face of increasing competition from ByteDance Inc’s TikTok and Meta Platforms Inc’s Instagram.
YouTube recently indicated that it was looking into so-called Web3 technologies such as non-fungible tokens (NFTs), which are video clips, art, or other digital assets linked to the blockchain record-keeping technology.
In an effort to boost the safety of its cryptocurrency, YouTube went a step further on Thursday, proposing that NFTs can potentially be safer bets.
NFTs enjoyed a tremendous rise in sales last year, but critics have pointed out that fraudulent behavior, copyright infringement, and other predatory behavior are too frequent.
A feature that YouTube may consider is utilizing its video library to authenticate assets.
Giving a verifiable method for fans to obtain unique videos, photographs, art, and even experiences from their favorite creators may be an appealing option for both creators and their fans.
The metaverse, a component of Web3 that refers to shared virtual environments where people typically interact via avatars, has been prioritized by YouTube.
According to its blog, YouTube hasn’t yet established any concrete thoughts but one possibility is to enable people to watch videos together in a metaverse.
The blog went on to say that the team is “focused on bringing more interactions to games” at this time and will later examine other areas of interest.
Last month, Meta launched a mobile app for gathering in a metaverse, and they’ve already sunk a huge amount of money into virtual and augmented reality technologies.