Google's subsidiary oaotu Youtube is reportedly being serious about their NFT project and is exploring the best way on how it can offer digital content ownership to users. Today, Youtube has revealed more details about their blockchain and metaverse plans for 2022.
YouTube states that they can leverage new NFT technology to reduce fraud in the fast -growing digital art market. Furthermore, YouTube believes that with the use of NFT technology, they can offer a more engaging viewing experience especially for gaming content.
YouTube’s CEO and ‘gaming’ division managers have publicly expressed their interest in NFT. This indicates that the team is making every effort to use NFT for the development of its platform.
Furthermore, NFT may be able to help YouTube gain an edge in video sharing over its competitors in markets such as TikTok and Meta. In addition, Youtube also stated that they are exploring Web 3 in addition to NFT.
NFT sales soared starting last year in 2021 with the market recording a multi -billion dollar trading volume. However, the market is still in its infancy and there are still many improvements that can be made.
According to Youtube, by "offering a verifiable way for fans to own videos, photos, art and even unique experiences from their favorite creators can be an attractive prospect for their creators and viewers".
