YouTube reveals more about its NFT and metaverse ambitions

YouTube has expanded on its approach towards digital collectables such as NFTs and its metaverse ambitions.

The global streaming service first announced its interest in the space in January with the idea of using NFTs and the Web3 space to benefit its creators via additional revenue streams and new opportunities to engage with audiences.

It has now opened the doors for its content creators and community to leverage Web3 to form new opportunities via its approach, which maintains a focus on utilising blockchain and non-fungible token technology to benefit its users.

First focusing on the emerging Web3 environment, a Youtube blog post said that “Web3 opens up new opportunities for creators”, with other new technologies like blockchain and NFTs allowing creators to build “deeper relationships with their fans”.

YouTube then noted the possibility of a “verifiable way” for fans to own “unique videos, photos, art and experiences from their favourite creators” – a premise that NFT technology can fulfil for the streaming service on a massive scale.

Dubbed a “compelling prospect for creators and their audiences”, YouTube said it has many ‘responsible’ considerations to make in its approach to the “new technologies” – which have “incredible potential” to change how creators and fans interact and engage with each other online.

YouTube also touched on the metaverse, which could enable its viewers to watch videos together in a virtual environment.

Although YouTube didn’t specify which metaverse environment it would use, Blockchain-based Metaverse platforms such as The Sandbox and Decentraland have become a massive attraction for brands and businesses worldwide looking for exposure in the virtual world.

It said it’s “thinking big about how to make viewing more immersive” – a niche that a metaverse environment can fulfil – with gaming being a particular area of interest.

“It’s still early days, but we’re excited to see how we can turn these virtual worlds into a reality for viewers,” read the blog post.