Youtube explained on Thursday his plans to blockchain Y metaverse by 2022, saying it could take advantage of the Emerging technologies to reduce fraud in the digital art market fast-growing and offer a more social viewing experience for the content of the video game.
The world’s largest streaming service, which is owned by Alphabet Inc’s Googlein the past year has tried to latch onto users with better guidance on upcoming features, amid growing competition with TikTok from ByteDance Inc. and Instagram from Meta Platforms Inc..
Last month, YouTube said it was exploring what advocates call Web3 technologies like non-fungible tokens (NFT), which are video clips, art, or other digital assets tied to blockchain record-keeping technology.
YouTube went further in a blog post on Thursday, suggesting it could make NFTs safer bets.
The NFT sales skyrocketed last year, but critics have said scams, copyright theft and other predatory behavior are all too common.
Offering ways to verify the legitimacy of assets using its video library would be one possibility to incorporate into its features, YouTube said.
“Offering a verifiable way for fans to own videos, photos, art, and even unique experiences from their favorite creators could be an attractive prospect for creators and their audience,” the blog said.
YouTube has also prioritized metaversean element of the Web3 movement that describes shared virtual worlds in which people often interact through avatars.
YouTube said it didn’t have clear ideas yet, but one possibility would be to allow users to watch videos together in a metaverse. In general, it will focus for now on videos related to “video games, where we will work to bring more interactions to games and make them feel more real,” according to the blog.
ByteDance launched last month mobile app to come together in a metaverse and Meta is spending billions of dollars on virtual and augmented reality technology.