YouTube includes NFTs and Web3 in new creator tools – Metaverse
NFTs and Web3 Updates
Google LLC-owned video-sharing giant YouTube said Thursday it's considering web3 technologies such as nonfungible tokens and blockchain to help enhance the relationships between creators and their fans and develop new experiences.
How Do NFTs and Web3 Work?
"Web3 opens up new opportunities for creators," Neal Mohan, chief product officer at YouTube, said in a blog post. "We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they'll be able to collaborate on new projects and make money in ways not previously possible."
An NFT is a type of blockchain asset that can represent a virtual item such as artwork, music, video, or even a ticket. What makes NFTs worthwhile is that they are unique and can be bought, sold, and traded. As a result, YouTube creators could use them to produce additional revenue streams related to their YouTube videos, turn their videos themselves into NFTs, and sell them to their fans to create deeper relationships.
The company didn't clarify whether NFT ownership would conflict with copyright law. Buying an NFT establishes ownership of a specific digital asset and provides a public record of each transaction involving the asset. It doesn't transfer copyright from the original owner to the buyer.
What can one expect? YouTube will add features that mirror competing platforms like NFTS and Web3.
It will monetize Shorts, the short-form video platform similar to TikTok and Instagram Reels. For example, creators will reply to comments with short videos, a feature widely used on TikTok to engage with viewers directly.
In addition, YouTube is adding live streaming features, further competing with Twitch. The company will launch collaborative live streaming so creators can go live together. The platform is also testing giving paid memberships as gifts.
Let the Metaverse wars continue.
