Google subsidiary YouTube is seriously working on non-fungible tokens (NFTs) and exploring how it can offer users ownership of digital content. On Thursday, February 10, YouTube further elaborated its blockchain and metaverse plans for this year of 2022.
YouTube noted that it can harness the emerging tech of NFTs to cut down on fraud in the rapidly growing digital art market. Furthermore, YouTube believes that using the NFT technology, it can offer a more social viewing experience for gaming content.
Furthermore, NFTs can probably help YouTube to gain an edge in video sharing over its competitors in the market such as TikTok and Meta.
Google Exploring Web 3 and NFT Tech
In its blog post, Youtube said that it has been exploring major developments in the Web 3 space and NFT seems to be promising. Non-fungible tokens (NFTs) can help in tagging unique video art clips, art and other digital assets and maintain their ownership over the blockchain network.
In its blog post on Thursday, Youtube suggested that it can make NFTs a safer bet. The sale of NFTs skyrocketed last year in 2021 with the market registering multi-billion dollar trading volumes. However, the market is still in the nascent stage, there have been incidents reported about NFT scams and copyright thefts.
YouTube said that it will address this issue first-hand by offering ways to legitimize assets. YouTube said using its video library would be one of the feature possibilities. It further noted:
“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”.
Along with NFTs, YouTube is also exploring another Web 3 opportunity in the Metaverse space.
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