YouTube, the video arm of Alphabet Inc (NASDAQ:GOOG), said it will venture into the world of non-fungible tokens (NFTs) in order to allow content creators to ‘own’ videos.
‘Web3’ technology such as NFTs “opens up new opportunities for creators,” said the streaming platform’s chief product officer, Neal Mohan in a blog post.
Use of blockchain technology will, he said, give “a verifiable way for fans to own unique videos, photos, art, and even experience from their favourite creators.”
The idea was initially floated last month, when YouTube said it was exploring the possibility of introducing blockchain-based technologies.
YouTube also added it aims to enter the metaverse, with one possible idea allowing users to watch videos together in the virtual reality world.
It added that its immediate focus, however, is “gaming, where we’ll work to bring more interactions to games and make them feel more alive,” Mohan said.
Given the vast amount of energy that is required to mint an item on the blockchain, YouTube’s potential use of NFTs and other ‘Web3’ technologies has raised some questions about parent Alphabet's pledge to be the “first major company to operate carbon free”.
It is estimated currently that the average NFT carbon footprint is the equivalent to the carbon footprint of an average EU citizen for an entire month.