The significance of digital video content in today’s marketing world cannot be emphasized enough. Various types of videos, such as interactive videos, 360-degree videos, live streams, and more, are now being used effectively to engage customers and boost brand awareness. With the growth of social media and video-sharing platforms, video content has become crucial to any digital marketing strategy.
Moreover, innovative technologies like non-fungible tokens (NFTs) have opened up new opportunities for content creators to earn from their digital video content. Video NFTs, especially, have caught the attention of collectors and enthusiasts who want to possess unique and valuable video content. Through NFT videos, creators can securely sell their content, ensuring each piece is unique.
Interestingly, the rise of NFT videos has also created a fresh market for video art, offering artists and creative individuals a platform to explore innovative forms of self-expression. A recent example is the digital artist Beeple, who sold a single NFT video for nearly $70 million, highlighting the immense potential of this emerging market.
So, what exactly is an NFT video?
An NFT video, short for Non-Fungible Token video, is any video transformed into a unique digital asset by minting it as an NFT. In simple terms, if you have a moving picture turned into an NFT, it becomes a video NFT. Like image or GIF NFTs, video NFTs can be bought and sold within the NFT market. Typically, they are purchased using cryptocurrencies and are encoded using the same underlying technology as cryptocurrencies.
What sets NFT videos apart is their uniqueness. Each NFT video is assigned a distinctive code, making it one-of-a-kind in the digital realm. This uniqueness introduces a concept of digital scarcity that the video industry didn’t have before, adding value and collectibility to these digital creations.
Key features of NFT Videos
- Ownership: When you own an NFT Video Token, you have a special and exclusive claim to a particular digital video. It’s like having a certificate of ownership for a rare item in the digital world. Others can’t claim that exact video as theirs if you own its NFT.
- Authentication: NFTs use blockchain technology to prove who owns a video. Blockchain is like a digital ledger that records all transactions. When you own an NFT Video, your ownership is securely recorded on the blockchain. This makes verifying that you are the rightful owner easy and prevents anyone else from claiming false ownership.
- Value: NFT Videos can be bought and sold like valuable items in the physical world. The value of an NFT Video is determined by how much people are willing to pay for it. If many people want a specific NFT Video, its price can increase, just like how the demand for rare collectibles can increase prices.
- Uniqueness: Each NFT represents the uniqueness of the digital video it is associated with. It’s a way to say, “This video is one-of-a-kind.” Think of it like owning an autographed copy of a famous book or a rare trading card. No one else can have the same NFT for the same video, making it special.
It’s important to know that owning an NFT Video doesn’t mean you have copyright or licensing rights. One great thing about NFTs is that creators can keep control of their work and make money by selling these tokens.
How Does It Work?
NFTs are stored on the Ethereum blockchain, a cryptocurrency type. This blockchain not only handles Ethereum currency but also allows NFTs to exist. A blockchain is a digital database used to store information securely.
Blockchains serve as a decentralized and secure ledger of transactions. NFTs require more storage than Ethereum currency because they hold additional data. It’s worth noting that Ethereum is not the only blockchain that supports NFTs; they can be utilized in various blockchains in different ways.
Now, you might wonder why NFTs have become the butt of many jokes, especially when you can easily right-click to download or view the same content on platforms like YouTube for free. The key distinction lies in ownership rights. When you own an NFT, you essentially have the rights to the original version of the digital asset rather than just the file itself.
This ownership is openly recorded on the blockchain, making it verifiable by anyone. As the value of an NFT increases, the owner can choose to sell the rights to the digital asset to someone else.
Things to Consider Before Creating NFT Videos
Before diving into NFT videos, here are some important factors to remember. Once your video NFT meets the industry standards, you’ll be well on your way to selling it in a suitable NFT marketplace.
Here are five key considerations for NFT videos:
Choose the Right NFT Marketplace
Numerous NFT marketplaces are available online, each catering to different industries and niches. It’s crucial to select the platforms that align with your video NFTs. Here are a few notable options:
OpenSea.io: This marketplace is an excellent starting point for emerging artists. It allows you to categorize your art by sales volume, offers a free sign-up, and simplifies uploading your NFT videos. OpenSea.io also supports 150 payment tokens, opening up a world of opportunities.
Rarible: Another NFT marketplace suitable for newcomers and seasoned artists. You can easily sell your NFT videos, images, and collectibles here. Notably, Rarible has its token, so you’ll need it to sell your NFTs on this platform.
Foundation: Foundation.app, a rising NFT marketplace, is gaining attention as a credible alternative to established platforms like Nifty Gateway and SuperRare. Notable artists like Blake Kathryn are embracing it as part of the new creative economy. The marketplace launched in 2021, it has already seen more than $100 million in NFT sales, making it a promising platform for creators.
SuperRare: This NFT platform accommodates artists of all kinds, allowing you to sell various art forms, including images, NFT videos, 3D animations, and collectibles. Similar to OpenSea.io, SuperRare uses Ethereum for transactions. Additionally, SuperRare has introduced a new token to discover fresh talents on the platform.
Before venturing into the NFT video world, carefully consider your options, choose the marketplace that suits your needs, and ensure your video NFTs meet the standards for successful sales.
NFT Video Size and Format
Regarding NFT videos, their size and format can vary depending on the NFT marketplace you choose to kickstart your creative journey. Here, we’ve outlined the acceptable NFT video sizes to remember. Once you’ve decided on your preferred marketplace, you can create a video NFT that adheres to their specified size requirements:
- OpenSea: Maximum file size of 100 MB.
- Rarible: Maximum file size of 30 MB.
- Foundation.app: Maximum file size of 50 MB.
- SuperRare: Maximum file size of 50 MB.
For the best results, a square video format with an aspect ratio 1:1 and a resolution of 1080 pixels is recommended. This format works well for NFTs and ensures your video looks its best in the marketplace.
NFT Video Formats
Let’s break down the various NFT video format options according to the requirements of different marketplaces:
- OpenSea: Accepts: MP4, MP3, GIF, WAV, GLB, OGG, GLTF, JPG, PNG
- Rarible: Accepts: MP4, MP3, GIF, WebP, JPEG, PNG
- Foundation.app: Accepts: JPG, MP4
- SuperRare: Accepts: MP4, WebM, 3D model files
Ensure you have a digital wallet that supports the right cryptocurrency. Currently, Ethereum is the most commonly used blockchain for trading NFTs. This wallet will be essential for covering the costs of listing your NFTs on the marketplace. It’s wise to keep an eye on cryptocurrency prices before listing your video NFTs, and you can use trading journals to track your trading performance and make informed decisions.
Creating NFT Video Art: A Guide
Creating NFT video art is a straightforward process that allows you to earn money, even if you need to become an expert in video production. Follow these steps to transform your videos into NFTs
Select Your Artistic Style and Software
The first step in creating NFT video art is to make choices about your artistic approach and the software tools that align with your creative vision. Various software solutions are available depending on the style you wish to achieve. For example, if you’re interested in crafting 3D animations, software like Blender or Maya can be excellent choices. Conversely, if you aim to produce 2D animations, Adobe After Effects or Toon Boom Harmony may be more suitable.
Craft Your Video Art
Once you’ve made your software selection, you can dive into the creative process of crafting your video art. The possibilities are vast, ranging from abstract concepts to lifelike visuals. You can experiment with various techniques, such as live-action footage, exploring rotoscoping, or diving into stop-motion animation.
Enhance and Export Your Video
After creating your video art, you can enhance it further. This can involve adding elements like sound effects, background music, or text overlays to create a more immersive experience for viewers. Once satisfied with your video’s final form, you must export it in a format compatible with NFT marketplaces.
Transform Your Video into an NFT
Now, it’s time to turn your video masterpiece into an NFT. This step involves publishing your video on an NFT marketplace such as OpenSea or Rarible. These platforms offer intuitive interfaces that guide you through the process. You’ll need to provide a description, set a price for your NFT, and link your digital wallet.
List Your NFT for Sale
With your NFT officially created, it’s time to list it for sale. You can set a fixed price or opt for an auction format, where potential buyers can place bids until the sale’s conclusion. Once your NFT finds a new owner, you’ll receive payment in the form of cryptocurrency, such as Ether or Sol.
Promote Your Video NFT
To maximize the exposure and potential earnings of your video NFT, it’s essential to promote it effectively. Start by sharing your NFT on platforms like Twitter, where you can reach a broad audience interested in digital art.
Additionally, consider leveraging Reddit, which hosts numerous NFT-related subreddits. Engage with the community authentically and offer value rather than merely spamming your content.
Video NFTs have emerged as a game-changer in the digital content landscape. They offer creators an avenue to monetize their work uniquely while retaining control and ensuring fair compensation. Collectors, on the other hand, can own exclusive digital art and support their favorite artists.
The potential for NFTs goes beyond what’s mentioned here, with programmable capabilities and exciting possibilities in the digital realm. With millions of transactions already taking place and record-breaking sales, Video NFTs are reshaping how we value and experience digital content in the 21st century.