I can't help think that for a hackathon, it's a pretty good use case for something like this. The organizers can then take the files from wherever and post them to their YouTube channel for exposure and monetization if that's what they want.

I'd be furious if I ended up posting some video, mandatory on YouTube, for a fun week-end hackathon and ending up with my entire YouTube account suspended. So if I ever do end up organizing a hackathon or similar event, I'll keep in mind that it might be better to ask for the video files as just files and then handling the posting on my side so as to not expose participants to this risk.

If participants want to ensure their names are linked to the video bits used from their films, they can go through the all the blockhainy-web3-y trouble, if not they can just zip them.

I can't tell if this is satire.