He can do certain Nintendo content on his channel but Nintendo will claim the video, earn the ad revenue, then give him a percentage.
Or, he can have a channel dedicated to Nintendo coverage and earn a higher percentage.
Here is a copy/paste of a previous comment I made on the subject.
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Nintendo's new program (links below) basically licenses their content for YouTubers to be able to use.
1. If you submit individual videos with Nintendo content, the deal is 60/40.
2. If you connect your whole channel to Nintendo's MCN, you get a better deal, 70/30.
They get 30% of every video you do even if it doesn't contain Nintendo content.
I should note the guide states that "This rate may be changed arbitrarily". I don't know if this means that Nintendo would negotiate a better percentage for larger channels or if it means they can arbitrarily change the agreement unilaterally during the duration of the contract.
How do these terms related to the music industry? What percentage are the rights-holders getting for people doing cover songs? What is the percentage that the artist/YouTuber keeps?
If you know of other licensing agreements from other industries, what are the licensing rights and the revenue share agreements. It could be audio or visual.
https://r.ncp.nintendo.net/terms/
https://r.ncp.nintendo.net/guide/