YouTube announced its 2022 blockchain and metaverse development plan. It believes that the digital art market is expanding, emerging technologies can help combat fraud, and provide a more social platform for video game content experience.
YouTube faces stiff competition from TikTok and Instagram, and in order to stick to users, YouTube is more careful when introducing new features that are coming soon. YouTube said last month that the company was exploring Web3 technologies, including NFTs. In a recent blog post, YouTube hinted that it could make NFTs more secure.
Sales of NFT technology have soared last year, but critics say fraud, copyright theft and other predatory practices are common. YouTube believes that it is possible to verify the legitimacy of NFT assets with a video library.
According to YouTube, NFTs may provide fans with a verifiable way to own unique videos, photos, art, and even experiences of their favorite creators, making them a unique experience for both creators and their audiences. An impressive prospect.
YouTube has also made no secret of its interest in the Metaverse. However, YouTube currently only sees a possible option for multiple users to watch videos together in the Metaverse. With YouTube’s focus right now on gaming videos, it hopes to bring more interactivity to games and make the experience more dynamic.