YouTube, the world’s largest video-sharing website, has announced that it will expand into NFTs (Non Fungible Tokens), allowing viewers to “own” producers’ content.
Youtube’s chief product officer, Neal Mohan, recently stated on his blog that Web3 – the next stage of the internet – “opens up new options for creators.”
Furthermore, technology such as “blockchain and NFTs blockchain and NFTs can allow creators to create stronger relationships with their audience,” according to the article.
The technology, according to Mohan, will give “a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audience.” Mr Mohan added that there was “a lot to consider” for YouTube to “approach these new technologies responsibly”.
Given that ownership of NFTs does not automatically transfer copyright, it’s unclear what YouTube means when it implies that producers can own their own videos.
In addition to NFTs, YouTube is introducing additional editing tools and effects for its TikTok-style Shorts, as well as the ability to respond to individual comments by producing a Short.
Producers will be able to create channel guidelines to better control comments on their videos, and collaborative live streaming will be enabled to “open up streams to more casual chat and interactions with other creators.”