YouTube is getting ready to jump on the Web3 bandwagon, incorporating components like non-fungible tokens (NFTs) and the metaverse into its platform, which is utilised by over two billion people globally. Web3, which will be heavily powered by blockchain technology, is thought to be the Internet of the future, with cryptocurrencies, NFTs, and the metaverse as distinct features.
One of the key reasons YouTube wants to adapt to the new world of Web3 and its aspects is to connect artists with their followers on a deeper level. In a blog post published on February 10, YouTube’s Chief Product Officer, Neil Mohan, stated.
“By working together on new initiatives, they’ll be able to make money in ways they couldn’t before.” Giving fans a legitimate means to own unique movies, images, art, and even experiences from their favourite creators, for example, may be an appealing proposition for both creators and consumers,” Mohan wrote in the essay.
YouTube wants to make it possible for users to “own” creative content in the form of a digital collectible, or NFT. It is worth noting, however, that NFTs do not transfer the content’s copyrights to the buyer.
YouTube is also striving to make gaming a more engaging experience with metaverse integration as part of its 2019 strategy. The concept of metaverse is a fully functional virtual reality in which individuals would be able to interact with digital entities as virtual avatars.
“We’re brainstorming major ideas for how to make watching more immersive.” The first area where you can expect to see an influence is gaming, where we’ll aim to make games feel more alive by adding additional interactions. “We’re looking forward to seeing how we can make these virtual worlds a reality for viewers,” said Mohan.
While the social media behemoth enjoys rapid technological advancements, YouTube’s integration into the Web3 world is beset by problems.
The environmental difficulties associated with NFT minting are incompatible with Google’s goal of becoming “carbon neutral” by 2030.
“We are the first major corporation to promise to running all of our data centres and campuses throughout the world on carbon-free electricity 24 hours a day, seven days a week.” In 2020, Google CEO Sundar Pichai stated, “We’re working to get this done by 2030.”
A series of transactions emerging from a single NFT can waste a whopping 340kWh of energy, according to a recent analysis by Poster Grind. Artists, designers, NFT makers, and art directors make up Poster Grind.
With NFT revenues expected to exceed $25 billion (approximately Rs. 1,84,700 crore) in 2021, the sector’s carbon emissions are expected to be considerable.
YouTube is also seeing pushback on social media from producers who don’t want their content to be tokenized in the first place.