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This news comes less than a month after YouTube CEO Susan Wojcicki hinted that the platform was looking to integrate emerging technologies like NFTs to increase creator revenue.
Streaming service YouTube has announced its plans to incorporate non-fungible tokens (NFTs) into the platform this year. This is in an attempt to leverage the relatively new blockchain technology in strengthening creator-viewer relationships and making viewing of gaming content more immersive.
In a February 11 blog post, YouTube Chief Product Officer Neal Mohan detailed the potential of NFTs to benefit both content creators and viewers. The post, titled “A Look at 2022: Community, Collaboration and Commerce”, detailed the streaming giant’s new products, tools and features for this year.
YouTube is hoping to use blockchain tech and NFTs to strengthen relationships between creators and their fans. Using this technology, fans will be able to collaborate with their favourite content creators and even make money. Mohan noted that there was great potential in blockchain technology but also acknowledged the need to be cautious in the use of this new technology. He stated:
“[…] 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 audiences. There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”
NFTs on YouTube: The Race For Visual Content Dominance
This news comes less than a month after YouTube CEO Susan Wojcicki hinted that the platform was looking to integrate emerging technologies like NFTs to increase creator revenue. The use of NFTs could also serve as an alternative source of revenue for creators who largely rely on ad revenue. NFTs will join the fairly new features “Super Chat” and “Super Stickers”.
NFTs are not the only blockchain case use YouTube is looking into. There is also talk of the metaverse. The streaming platform has not made its metaverse plans clear. Mohan did, however, mention that gaming would be the first area to experience metaverse innovation.
“We’re thinking big about how to make viewing more immersive. The first area in which you can expect to see an impact is gaming, where we’ll work to bring more interactions to games and make them feel more alive. It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers.”
These changes are especially important if YouTube is to maintain its top position as a visual content creation platform. Rivals Meta and Tik-Tok parent company ByteDance are exploring ways to apply blockchain technology to their platforms. Meta is reportedly spending billions of dollars on augmented reality (AR) and virtual reality (VR) technology in response to the rising popularity of the metaverse. In addition, the company is working on integrating NFTs into its social media platforms. Beijing-based ByteDance launched a mobile app, “Party Island”, that allows users to access the metaverse.
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