We’ve lately heard of a few examples: Pablo Rodriguez-Fraile, an art collector in Miami, shelled out over $67,000 for a 10-second video piece. Just a few months later, the NFT was sold for $6.6 million.
Isn’t it incredible? In the meantime, let’s have a look at the following:
As one of the earliest videos on YouTube in 2007, “Charlie Bit My Finger” became an instant classic.
A few videos can rival the virality of this one, but this one is truly unique. NFT was just sold for $760,999, according to recent reports. As a result, it has been removed from YouTube.
Even TikTok has its own collection of memes, the NFT, out now.
How Does the Phenomena of NFT Even Work?
The Ethereum blockchain is a component of most NFTs, not a stand-alone device.
NFT is already a significant deal and will only grow in importance in the years to come. The problem is this. Only the Louvre has the original artwork of the Mona Lisa.
But… What if any of us can create something significant, like a work of art—at sensible scales, we’re not talking about a second Mona Lisa—and wish to make it the only one original in the world? —
It’s all possible thanks to NFT technology, the concept, and the entire philosophy behind it. Everything may be a one-of-a-kind item, and it will never stop being so.
In other words, everyone who has ever had to deal with copyright issues on a piece of work may now say goodbye to it.
What the Hell is Even NFT?
NFTs are non-fungible tokens, which means that you can’t swap one NFT for another.
One of the most powerful forces driving the NFT in a decentralized environment is the need for more openness. Promises we have never heard in the digital age: no more fakes. Exactly how is it feasible for this to happen?
Whether it’s an animated short, a full-length record, or simply a viral internet joke, NFTs serve as digital proof of ownership.
Digital artist Beeple posted a new work of art online every single day for 5000 days.
Those pieces have been brought together in one digital collage EVERYDAYS: THE FIRST 5000 DAYS, minted as an NFT and is being auctioned off by Christie’s.
The current bid is $3M pic.twitter.com/rwwa64YXNV
— Tanay Jaipuria (@tanayj) March 1, 2021
In What Way is the NFT Market Different from the Stock Market?
Markets that let users purchase, trade, and generate their own digital tokens are nothing more than a basic idea. Tokens are only a representation of the one-of-a-kind item that can only be found in possession of the owner.
These items can be purchased or sold in markets. The nicest part is that anything may be sold by anyone. Alternatively, you can purchase.
Which is the largest? Opensea is the current leader. Nearly $10 billion has been traded in the past.
How to Create Your Own NFT Video?
First of all: it can be anything, even one of the photos you took at sunset. After all, the NFT game is all about turning artworks into pieces that can’t be copied.
Okay, let’s proceed step by step:
Setting up the Ethereum Wallet: The first step in creating NFT is actually to create something else: a digital wallet where you will be able to store the cryptocurrency that is used to buy, sell, and create NFTs. Without the wallet, you couldn’t sign in and create accounts on NFT marketplaces.
Get some Ethereum: Yeah, you’re going to need that. Most of the marketplaces will charge you fees associated with turning any content into an NFT. So, your first NFT will cost you a bit of money, but it can bring you even more soon. And not only money.
Get your wallet connected to any NFT marketplace: Now, you are one step from creating your first NFT – you just have to connect your wallet to a marketplace that allows exchanging NFTs.
You are right there! Create an animated video, put it on the listing, and you’re done.
You have some cool digital art to share in the form of NFT. Right? Let’s make it step by step right now.
We are going to use as an example a marketplace called Rarible. Why? It is quite cheap, and it links to another giant – OpenSea.
So, without any further ado, let’s get started.
- Click “Create” on Rarible.com to get started.
- Produce a single or a series of collectibles to showcase your work.
- Upload a file by clicking “Choose File” and selecting the type of file you wish to convert. The maximum file size is 30MB.
- Or, if you’d like, simply put your items on sale.
- Enter the name and description of your NFT.
- It’s now time to establish your royalties.
- Next, connect your digital wallet to the marketplace and create a new account.
- Make a Gas payment.
- Then hit the “Start” button. This is where you’ll use your digital wallet to seal the deal.
And that’s all. You’re ready to roll!
Grimes is the latest in a long line of NFTs to make a splash. At the auction, she was able to recoup almost $6 million in digital artwork sales.
Beeple, a digital artist, sold a JPG file for about $70 million. One thing this shows is that we don’t know how high prices can go here and that even GIFs can be non-fungible.
Content Creators and Buyers
NFT’s audience is made up of people from each of these perspectives. With buyers, things are a little more complicated: You put your work up for sale in order to make money.
NFT Art Collectors make up the vast majority of buyers. Yes, you read that correctly! More and more consumers are looking to acquire a collection rather than just one or two items.
Customers of NFT Art Collectors are searching for artists that make one-of-a-kind tokens. The problem isn’t that simple. Collectors of NFT Art are also on the lookout for artists that create unique works of art.
Another benefit for artists, designers, and other creators is that their work may be protected against piracy while simultaneously helping them avoid getting underpaid.
How Can a Content Creator sell NFTs?
NFT can be in any form. If you have a particular digital skillset, you can make NFTs, mine them, and earn a good fortune from them.
Let’s take a look at some of the most popular forms of NFTs currently being sold in the marketplace:
In terms of non-monetary exchange (NFT), art is the most popular form. Most costly NFTs are currently pieces of art.
A close second on the list of NFT’s most popular categories is music. The explanation is simple: musicians now have the ability to keep nearly all of the money they get from the sale of their albums or songs, which was impossible in the past.
It is possible to purchase and sell virtual trading cards and collectible items on the market and possess them as actual objects here.
On the NFT market, memes can also be bought and sold. Go ahead and make your meme NFT if you have a chance to come up with one. Honestly, there’s no way around it.
‘Disaster Girl’ meme NFT sells for $500,000 at auction https://t.co/TUmAlzQgrx
— Mashable (@mashable) May 3, 2021
A domain name can be bought and sold on the NFT market. As a result of this idea, they are truly one-of-a-kind.
A wide range of videos, from viral snippets to footage promoting your business, can be animated.
The Significance of Story in the NFT Space
The story behind NFT is the most meaningful thing to many of us. A viral video from YouTube, for example, is one of the most well-known instances. Not all NFTs need to be like this, of course. Without a backstory to support their work, most marketplaces are searching for people who can produce something engaging and relevant right now.
Ready to Roll in the NFT World with Videos? Hire Team BuzzFlick
We at BuzzFlick believe in staying up-to-date. As a video animation studio in Vancouver, our ultimate goal is to follow all the market trends and offer all the video animation and related services to our clients.
Here’s the good news, now, as a video animation company, we are offering NFT video services.
Our animators are genuine artists that can transform any concept into a unique video, so if you want to get an animated video and turn it into an NFT video that you can own, visit the BuzzFlick NFT design services page to view our work and connect with us.
In a Nutshell
To put it in simple words, NFTs have changed the whole outlook of the digital marketing space, and there’s more to come. It’s high time you should jump on this bandwagon, or less be ready to lose out on a lot of things.
NFT Videos – FAQs
- Can I use videos as NFT?
Short videos can be monetized and sold as NFTs by their creators. A new set of tools for artists is now available on YouTube, including the ability to sell non-fungible tokens (NFTs) so that users may “own” video content.
- How long should my NFT video be?
The video file should not exceed more than 30MB, which is a drawback.
- Can I use YouTube videos as NFTs?
There have already been some high-profile digital companies like YouTube exploring the use of NFTs on their platforms, including Meta and Twitter. Web3 technologies like NFTs, as recently acknowledged by YouTube CEO Susan Wojcicki, have the potential to generate new sources of income for YouTubers.