Video hosting YouTube said that in 2022 it intends to develop a metaverse on its platform. The service also plans to use blockchain and NFT tokens to monetize content.
The NFT (Non Fungible Token) technology was created in 2017 based on smart contracts in the Ethereum cryptocurrency. NFT tokens are a digital certificate that contains encrypted information about any product, its owner and transactions. The user needs to have a crypto wallet and upload digital content to a special platform that he wants to convert into a token. It can be pictures, music, videos, 3D models, text, etc.
The YouTube blog says that the hosting management wants to add more opportunities for bloggers to interact with the audience. “We believe that new technologies such as blockchain and NFTs can enable creators to build stronger relationships with their fans. They will be able to collaborate on new projects and make money in new ways,” the press release says.
YouTube noted that the use of new technologies must be approached responsibly, but they “have incredible potential.” Speaking of the metaverse, the hosting management explained that they want to make watching videos “more immersive”. In particular, this will primarily affect the games released on the platform, which are planned to be made “more interactive and more alive.”
YouTube ranked third in the ranking of the most visited social networks in 2021. In October last year, video hosting introduced an updated video ad format to drive conversions. YouTube also entered the live commerce market: platform users were able to make purchases without leaving the app.