YOUTUBE has announced plans to expand into NFTs as it looks to make the most of Web3’s “incredible potential”.
The streaming site’s chief product officer, Neal Mohan, confirmed the development in a blog post as he set out the platform’s plans for 2022.
Writing of his “excitement” for the year ahead, he said NFTs – non-fungible tokens – would allow creators on the platform to “build deeper relationships with their fans”.
The technology, which allows people to purchase ownership of a digital asset such as an image, video, or virtual land in a metaverse game, has soared in popularity over the last two years.
There was more than $23billion of trade in NFTs completed in 2021, up from $94.9million in 2020.
Mohan wrote of YouTube’s plans: “We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans.
“Together, they’ll be able to collaborate on new projects and make money in ways not previously possible.
“For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favourite creators could be a compelling prospect for creators and their audiences.
“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”
YouTube is the latest video streaming service in the world, with more than 163 million users.
Last month alone, over 700 million hours of YouTube content was watched on average every day.
The platform’s decision to move into the blockchain space is yet another sign the technology is increasingly becoming a part of how big tech companies see the future.
Facebook’s Mark Zuckerberg announced his intentions to delve into Web3 last November by developing a metaverse, while Microsoft have also announced their plans to use the new technology to change the way their Teams video calling software operates.
Disney also started to hire NFT experts last week as the company predicted an “explosion” in the technology’s potential.
Mohan did not go into detail of exactly how YouTube would integrate NFTs.
However, it is possible ownership of some videos could be sold by creators, or those with NFTs could receive special access to content.
“It’s perhaps thanks to the incredible age of change and innovation that we find ourselves in a series of new beginnings — not just for us, but also for our creators, viewers, and partners,” Moran concluded his blog.
“With so much to come in 2022, here’s to another exciting beginning.”
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