Owners of old videos which went viral have been selling the videos as NFTs.
YouTube shared its blockchain and metaverse plans for 2022, saying that it will use the new age technologies to cut fraud in the digital art market and to enhance its users’ and creators’ experiences.
The Google-owned company has been trying to retain users with better guidance about upcoming features amid increasing competition with TikTok and Instagram.
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Catching Up To Competition
Twitter has raced ahead of competitors by launching hexagonal profile pictures for those wanting to use NFT artwork as avatars
It will also bring NFT authentication features along with Bitcoin and other crypto-based payments.
Last month TikTok owner ByteDance launched a mobile app for gathering in a metaverse.
Meta which owns Instagram is spending billions of dollars on virtual and augmented reality technology.
Understanding The New Tech
Last month YouTube said that it was exploring Web3 technologies such as non-fungible tokens (NFTs) which refers to digital assets recorded on a distributed database called Blockchain.
Art, music, GIF, videos, and even a selfie can be turned into an NFT.
It should be noted that NFTs do not transfer the copyrights of the content to its buyer.
Web3 is an umbrella term referring to the third phase of the internet based on transparency ledgers like blockchains.
The streaming site believes that the integration of blockchain and NFTs in the existing ecosystem would allow fans and creators to collaborate on unique projects and make money in ways not previously possible.
Tools To Sell Content As NFTs
It has introduced new tools for creators which will allow them to earn more on the platform.
They can now sell content as NFTs so fans can “own” videos.
These tools will offer fans a verifiable way to own unique media from their favorite creators.
Owners of old videos which went viral have been selling the videos as NFTs.
An NFT of the 2007 video “Charlie Bit My Finger” sold for $760,999.
Against Google’s Green Goals
The environmental consequences of NFT mining directly contradicts parent company Google’s ambition to go “carbon free” by 2030.
CEO Sundar Pichai had said in 2020 that Google is the first major company to pledge to operate on 24/7 carbon-free energy in all its data centres and campuses worldwide.
Other Problems With NFTs
NFT sales soared last year, but critics have pointed out scams, copyright theft and other predatory behavior which are associated and common with the concept.
It is also criticized for its harmful effects on the environment since the technology requires high amounts of power.
A series of transactions stemming from a single NFT can consume a whopping 340kWh of energy.
Considering that NFT sales have crossed $25 billion (roughly Rs. 1,84,700 crore) in 2021 it’s not hard to imagine the sheer levels of carbon emissions that went behind it.
The Metaverse Play
The company also spoke about the metaverse, part of the Web3 which refers to shared virtual worlds where people interact through avatars.
It would harness the tech to offer a more social viewing experience for gaming content and help connect artists with their audiences ‘on a deeper level’.
While it doesn’t have any firm ideas yet, it is possible that users will be able to watch videos together in a metaverse.
Its focus right now remains on videos related to gaming, where it will introduce interactive features to “make them feel more alive.”
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