YouTube is set to include NFTs in its update of creator tools.
Creators are getting some new capabilities, as the video streaming platform has introduced the ability to create NFTs or nonfungible tokens. Now, creators can sell their content, and fans can “own” it.
On Thursday, YouTube announced the news in a blog post, saying it would be opening up “new opportunities for creators.” In the post, YouTube’s chief product officer, Neal Mohan said Web3, which is a term that refers to the third level of the World Wide Web, based on blockchain technology, will create new realms for its users.
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” said Mohan. “Together, they’ll be able to collaborate on new projects and make money in ways not previously possible. For example, giving 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 audiences. There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”
NBC News reports that there are no details on how copyright laws will fit into the new move to allow users to own creators’ content.
