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Do Youtube have plans for Metaverse?

YouTube has announced that it will be stepping for the world of Non-fungible-tokens (NFTs), metaverse fueled by web3 and block-chain. The platform wants to connect artists with their audiences ‘on a deeper level’ and adapt to the emerging world of “Web3 and its elements”,  in 2022, YouTube shared its block-chain and metaverse plans, saying that it will use for the latest 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 good guidance about upcoming features amid increasing competition with TikTok and Instagram.

Metaverse

The Metaverse was also mentioned, which allows its users to watch videos together in the virtual world. Its focus on the videos related to gaming, where it will introduce interactive features to make them feel more alive. Nevertheless, YouTube hasn’t stated which metaverse environment it intends to adopt. Because Block-chain based on the Metaverse platforms likeThe Sandbox and Decentraland have become a massive draw for companies or marketers wanting to get publicity in the virtual world, including Disney’s upcoming streaming service. The company also spoke about the metaverse, part of the Web3 which refers to shared virtual worlds where people interact through avatars. While it doesn’t have any firm ideas yet, it is possible that users will be able to watch videos together in a metaverse. 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’.

Catching Up To Competition
 

Twitter has raced ahead of competitors by launching the hexagonal profile pictures for those wanting to use NFT (Non-fungible-tokens) artwork as avatars. It’ll also bring Non-fungible-tokens authentication features along with the Bitcoin and other crypto-based payments. In previous 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.

Against Google’s Green Goals

By 2030, The environmental consequences of Non-fungible-tokens mining directly contradict parent company Google’s ambition to go ‘carbon free’. In 2020, CEO Sundar Pichai had said that Google is the first major company to pledge to operate on  24*7 carbon-free energy in all its data centres or campuses worldwide.

Understanding the New Tech

In previous month,YouTube said that it was exploring Web3 technologies like 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 Non-fungible-tokens (NFT). It should be noted that Non-fungible-tokens don’t transfer the copyrights of the content to its buyer. Web3 is an umbrella term referring for the third phase of the internet based on transparency ledgers such as blockchains. The streaming site believes that the integration for block-chain and Non-fungible-tokens in the existing ecosystem would allow fans and creators to collaborate for the unique projects and make money in ways not previously possible.

Tools To Sell Content As Non-fungible-tokens

• It has introduced latest tools for creators which will allow them to earn more on the platform.
• They can now sell content as Non-fungible-tokens so fans can “own” videos.
• These tools will offer fans for verifiable way to own unique media of their favorite creators.
• Owners of old videos which went viral have been selling the videos as Non-fungible-tokens. 

Other Problems with Non-fungible-tokens

It’s also criticized for its harmful effects on the environment since the technology requires high amounts of power. In previous year, Non-fungible-tokens sales soared, but critics have pointed out scams, copyright theft and other predatory behavior which are associated and common with the concept. A series for transactions stemming of the single NFT can consume a whopping 340kWh of energy. In 2021, considering for the Non-fungible-tokens sales have crossed 25 billion, it isn’t hard to imagine the sheer levels of carbon emissions that went behind it.