YouTube announced that it will expand into NFTs, so fans can "own" creators' videos.
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Neal Mohan, wrote in a post that Web3 – the controversial next stage of the internet – “opens up new opportunities for creators.”.
Technologies like blockchain and NFTs blockchain and NFTs can allow creators to build deeper relationships with their fans.
The technology will give “a verifiable way for fans to have unique videos, photos, artwork, and even experiences from their favorite creators, giving an exciting perspective for creators and their audiences.” Mr. Mohan added that there is “much that needs to be considered” for YouTube to “approach these new technologies responsibly.”.
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It's unclear exactly what YouTube means when it says creators can own creators' videos, as NFTs do not inherently transfer copyright to the owners.
We should also point out that NFTs are harmful to the environment because the amount of energy required to mint an item on the blockchain is enormous.
It has been estimated that the average NFT has a carbon footprint equivalent to the monthly footprint of someone living in the EU, while the environmental impact costs of Bitcoin have been documented – with analysis from the University of Cambridge suggesting that its network currently consumes more energy than the entire Netherlands.
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YouTube has said that “sustainability is a core value of Google” and says that “by 2030, Google aims to be the first major company to operate carbon-free.” It’s unclear how the integration of NFTs meets this claim.
Source of information: independent.co.uk
