Doing the most basic research into this topic and this over whelming simple clear as day mentality should go through everyone's mind once you hear about this program Nintendo is "offering". They are offering to "allow" youtubers to use their content in their videos by signing up for it and allowing after profit cuts for said content, and only limited content at that.... Meaning if the game is not on the list you can't show anything from it even if you are reviewing it or else they will false DMCA claim you as you have Fair use clause under copyright law for any forms of criticism with and without financial gain.
Meaning Nintendo is completely abusing false DMCA claims openly right here already.... Content used in fair use is suppose to be protected but it clearly isn't being on youtube, and that is the #1 issue of legalize.
Issue #2..... This program Violates the FTC Act in all cases over reviews as it does not claim to be a endorsement, and requires the signed up individuals involved to claim they are not endorsed, but Nintendo is the one who pays them, payment is by all means endorsement, along with that that the means to get approved will surely is a misleading the general public with unhonest "word of mouth" as it is paid for endorsed spread of "word of mouth". As Nintendo is making the ad revenue and sharing it with the content creators, and claiming the content creators is the one making the ad revenue and sharing it with nintendo when that is a lie.
Meaning people will be unhonest with their reviews just to be approved just to receive financial gain from the IP rights owner, which is a FTC violation, along with this false DMCA claiming is in the eyes of the court perjury, and illegal by all means.
Fair use: http://www.copyright.gov/fls/fl102.html
DMCA claims: http://www.whitefence.com/corporate/dmca
Nintendo Creator Program: https://r.ncp.nintendo.net/guide/
PS: On a side note Popular youtubers are fighting back such as PewDiePie, none of which are tackling that this is a purely legal issue, and claim they have the right to when they don't due to the fair use clauses that do exist, and try to abuse users in the end which is only harmful to all. Along with spreading misinformation while ignoring the approval process.