YouTube on Thursday elaborated on its blockchain and metaverse plans for 2022, saying it could harness the emerging technologies to cut fraud in the fast-growing digital art market and offer a more social viewing experience for gaming content.
The world’s largest streaming service, which is owned by Google, over the past year has sought to hang onto users with better guidance about upcoming features amid increasing competition with ByteDance Inc’s TikTok and Meta Platforms Inc’s (FB.O) Instagram.
Last month, YouTube said it was exploring what proponents call Web3 technologies such as non-fungible tokens (NFTs), which are video clips, art or other digital assets tied to the record-keeping technology blockchain.
YouTube went further in a blog post on Thursday, suggesting that it could make NFTs safer bets.
Sales of NFTs soared last year, but critics have said scams, copyright theft and other predatory behavior are too common.