YouTube detailed its blockchain and metaverse goals for 2022 on Thursday, claiming it could use the emerging technology to reduce fraud in the fast-growing digital art industry and provide a more sociable game viewing experience.
In the face of increased competition from ByteDance Inc’s TikTok and Meta Platforms Inc’s (FB.O) Instagram, the world’s largest streaming service, which is owned by Alphabet Inc’s (GOOGL.O) Google, has worked to retain customers with greater advice about planned features during the past year.
YouTube announced last month that it was looking into Web3 technologies including non-fungible tokens (NFTs), which are video snippets, art, or other digital assets linked to the blockchain record-keeping system.
In a blog post published on Thursday, YouTube went even farther, claiming that it could make NFTs safer investments. Last year, NFT sales increased, but critics claim that frauds, copyright theft, and other exploitative practices are all too widespread.
One feature option, according to YouTube, would be to provide ways to authenticate the integrity of materials using its video collection.
“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 blog said.
The metaverse, a component of the Web3 movement that defines shared virtual worlds where people often communicate through avatars, has also been promoted by YouTube.
YouTube claimed it didn’t have any concrete plans yet, but one potential is allowing viewers to watch videos in a metaverse together. For the time being, it will concentrate on films relating to “gaming,” with the goal of “bringing more interactions to games and making them feel more alive,” according to the site.