YouTube unveiled additional details on its blockchain and metaverse plans for 2022, stating that it may utilize new technologies to reduce fraud in the fast-growing digital art market while also providing a more social viewing experience for gaming content.
The world’s biggest streaming service, which is controlled by Google’s Alphabet Inc, has sought to retain users in recent years with more precise previews of future features amid rising competition from TikTok and Meta Platforms Inc’s Facebook.
YouTube’s metaverse plans
Last month, YouTube said it was exploring what proponents call Web3 technologies such as non-fungible tokens (NFTs), which are video clips, art, or other digital assets tied to the record-keeping technology blockchain. On Thursday, Google’s YouTube went further, proposing that NFTs might be a safer bet.
Although NFTs have been around for a long time, sales of them rose dramatically last year. Critics have charged, however, that scams, copyright infringement, and other predatory behavior are prevalent.
YouTube mentioned it may include functions that allow users to authenticate the validity of assets using its video library as a potential option.
“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 metaverse, a component of the Web3 movement that refers to shared virtual worlds where individuals typically interact using avatars, has been heavily promoted by YouTube.
It’s possible that YouTube will use blockchain technology to enable users to stream videos together in a metaverse, according to the company. In general, it will focus on games for now, where we’ll work to bring more interactions to video games and make them feel more alive.