Let’s discuss how to turn a video into an NFT.
NFTs have proven to be the one investment vehicle currently weathering the generally bullish market tendencies. Although powered by the same blockchain technology that supports cryptocurrencies, digital collectibles have proven to be a lucrative and important part of the wider metaverse. We’ve seen things as diverse as tweets, graphics, and videos sell for extraordinary amounts. Keen to get your own slice of the action? This guide will help you turn a video into an NFT easily.
What are Video NFTs?
Non-fungible tokens, or NFTs, are any digital property that’s tied to an underlying blockchain algorithm to help verify ownership, creator, and more. You can always see who the creative authorship was, track the spread of the content, and prove who owns what. Video, whether live action content, animation, illustration or anything else, is one of the most popular content types currently. Giving us both audio and visual elements, you can impart a lot of information quickly, and in an easily digestible format that people love.
In order to buy or sell an NFT, you need to have an account and wallet with a verified cryptocurrency. Currently, most NFTs are opting for the Ethereum blockchain, so it’s best to focus on that if you’re new to the NFT arena.
Make sure you don’t confuse the underlying Ethereum blockchain with the Ethereum, or ETH, coins however. It’s a different type of token, and has a ton of extra info associated with it. Think of the blockchain as a type of never-expiring, unremovable ‘contract’ attached to your work. For digital creators, it’s another way to sell on your work safely. Monetizing your work is always nice, right?
Most Ethereum wallets ‘sit’ within your browser, and run as a browser extension. You can then use it on any compatible website to buy and sell coins, NFTs, and other token types. Metamask and OpenSea.io are a compatible platform and wallet combo that many opt for. Next, you will need to have some Ethereum coins. Many people opt for the crypto exchange platform Coinbase to purchase. Here you can sell, buy, and trade. While Coinbase is the most popular crypto exchange platform, there are others- but sometimes it’s smart to go with the easiest and best known, especially in the sometimes murky crypto waters.
Set up your account, and buy some Ethereum. Prices fluctuate in real time, so be careful of your timing. You will typically need at least a few hundred to list an NFT, and it can get pricey. Be aware that there can be a delay in purchase, as Coinbase verifies your money in your bank account before completing the trade. When your coins are purchased, they will show in your wallet of choice.
Creating the NFT
This should leave you with some Ethereum in-hand, a crypto exchange account, and a connected wallet. Now you can create your NFT video. Create something worth buying that will appeal to others. Video editing software can help you create a polished and professional piece. Videos for NFT typically have to be under 100MB and in MP4 format. When your piece is ready, it’s time to take the next steps.
Now, head to an NFT platform (we recommend OpenSea.io) and connect your wallet. Follow the leads to their ‘create’ option, and follow the steps that appear there. When the listing looks correct, and you’ve set the price and duration for the listing, you can click ‘sell’.
Fixed price options mean a person can buy your NFT immediately for the listed price. A timed auction sells to the highest bidder within the time limit you set for the auction. If you want to sell multiple pieces, you can consider creating a bundle for these pieces. There will, of course, be a service fee charged by the platform- OpenSea.io has a 2.5% charge. There is likely also to be fees if you decide to cancel your listing after you list it for sale.
When you confirm the listing, it will be linked to your crypto wallet. Congratulations, you now have a video NFT listed for sale, and it will be tied to the blockchain you chose. When you get a buyer, the money will be uploaded to your crypto wallet automatically.
Also read: 10 Things You Should Know About Crypto
Promoting your NFT
Many artists and celebs are already selling their work as NFTs. You may have heard that Grimes, or the Kings of Leon, have had great success monetizing their work this way. You could be one of them- but you probably don’t have the popularity and pulling power of those star-encrusted names. While it’s perfectly possible that a well-crafted and interesting piece will sell off the bat on the platform, it helps if you do something to put your name and work out there.
If you’ve been working as an artist for any length of time, you probably already have some marketing efforts underway. It’s time to leverage those channels for your new NFT, too. Make sure to publicize what you’ve done, and sell it to your fans. Hopefully, one of them will be rushing over to buy your piece in no time.
Remember that it is a saturated marketplace. We have everything from new works by popular artists, through to ‘iconic’ piece of digital history like famous memes, vine videos, and other collectable pieces for sale. So don’t see this as just an ‘easy’ way to get money, but rather add it to your ongoing efforts to build your own portfolio and online presence as an artist and video creator. The more generally appealing your work, and the more effort you put into creating a truly great piece, the better your chances of getting market traction.
NFTs are a novel new way for artists and creators to sell their work, in a vehicle that gives both you and the purchaser more security, authenticity, and solid ways to ensure your rights to the IP are maintained. It’s well worth considering selling your video work as an NFT, and it couldn’t be easier to do, either.