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Friday, August 12, 2022

YouTube Plans To Swiftly Integrate NFTs in 2022

YouTube, which is owned by Google, has expanded on its ambitions to use the Metaverse and cryptocurrency technologies as part of its 2022 strategy.

On February 10, YouTube’s chief product officer, Neal Mohan, revealed in an official weblog that the company was looking into ways to make video viewing more engaging, starting with gaming.

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Since 2016, YouTube has enabled virtual reality videos.

YouTube Hopes That New Strategy Will Allow Creators To Build Deeper Connection With Viewers

The phrase “metaverse” refers to an online 3D environment in which users may work, meet, play games, and communicate with friends and colleagues using digital avatars. Although the concept has been around for a long time, it has only recently received large investments from IT behemoths that see it as the next great computing platform.

In addition, the business is buying Activision Blizzard for $68.7 billion in an all-cash purchase, which Nadella claims will be crucial in the creation of metaverse platforms.

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YouTube might also use emerging technologies such as blockchain and non-fungible tokens (NFTs) to assist creators in developing deeper ties with their audiences and new revenue streams.

In a blog post published on Thursday, ouTube expanded on its NFT (non-fungible token) plans for 2022, reiterating its belief that the crypto assets might have a tremendous upside for their founders.

NFTs offer great potential, according to Neal Mohan, the video hosting platform’s chief product officer, and allow producers to earn money in ways not before imaginable.

NFTs, on the other hand, do not automatically transfer copyright to new owners, thus it’s unclear how YouTube would do this. YouTube did not react to Blockworks’ request for comment right away.

In a statement last month, YouTube CEO Susan Wojcicki said that NFTs may be another source of money for producers. The platform’s blockchain integration initiatives have yet to be given a timeframe.

The news of YT’s blockchain integration comes on the heels of allegations that rival Meta is also incorporating NFTs into its social media services. Users of Instagram and Facebook would be able to display their crypto assets on their accounts as a result of the prospective new capabilities.

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