Effect of YouTube Recent Launch of NFTs so Fans Can Own Videos

YouTube recently announced its expansion into NFTs, allowing users to “own” videos produced by creators. In a blog post, the site’s chief product officer for streaming, Neal Mohan, wrote that the controversial new stage of the internet, Web3, opens up new opportunities for creators. Blockchain and non-fungible tokens enable creators to develop deeper relationships with their fans. “A verifiable way for fans to own exclusive videos, photos, artwork, and even experiences from their favorite creators could be an enticing prospect for creators and their audience,” the article states. However, Mr. Mohan commented in the report that YouTube must “approach these new technologies responsibly with considerable care.” What is The Effect of This Launch? YouTube’s statement that creators have the right to be the owners of their content is unclear. NFTs do not automatically transfer copyright to owners. They are also detrimental to the environment because the energy required to mint them is enormous. Researchers estimate that NFT has the same carbon footprint as someone living in the European Union (EU). In addition, Cambridge University has extensively documented and analyzed the price of Bitcoin’s environmental impacts. According to the University of Cambridge, the Bitcoin network consumes more energy than the entire Netherlands. In addition, YouTube asserts that sustainability has been a core value of Google since the company’s inceptio...