You’ve probably heard whispers about the future of the internet — Web3, crypto, NFTs. For marketers, staying on top of emerging technologies is part of the job description. Today, we’re diving into exclusive NFT videos.
While NFTs have existed since the 2010s, this strange art form has finally garnered mainstream attention. (Yes, we said art form.)
Decades from now, is it possible NFTs like the “Charlie Bit My Finger” video from 2007 — that sold for a cool $760,999 — will find their place alongside pop art and pointillism in art history textbooks?
So, marketers and content creators here’s exactly how to create empowering, monetized video NFTs that’ll fan the flames of the NFT craze.
NFT video school todo
- Back up — what is an NFT?
- What is an NFT video, then?
- How does it work?
- Should content creators make their own NFT videos?
- NFTs for marketers
- How do I own my own video NFT?
- Can video NFTs disrupt the video industry? 5 theories
- How do you make an NFT video from start to finish?
- 3 biggest video NFT marketplaces
- Putting it all together
Back up — what is an NFT?
NFT stands for a non-fungible token, and non-fungible basically means non-interchangeable. Following that logic, an NFT is basically an item that is unique and cannot be interchanged with anything else. You can trade it for something else, but what you get won’t be the same as what you gave. Because NFTs are digital assets that represent actual objects like art and video, they are swiftly becoming a popular way to buy and sell digital art.
What is an NFT video, then?
A video NFT is any video that’s been minted as an NFT or a non-fungible video token. Any moving picture NFT is a video NFT. Video NFTs are bought and sold just like image or GIF NFTs. They are mainly purchased with cryptocurrency and are usually encoded with the same underlying software as crypto. Because NFT videos are given unique identifying codes, they act as a way to create a digital scarcity that the video industry previously lacked.
How does it work?
NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency. In addition to ETH coins, the Ethereum blockchain also supports NFTs. A blockchain is a database that stores information in digital format.
Blockchains are responsible for maintaining a secure and decentralized record of transactions. NFTs require the storage of more information than ETH coins. NFTs aren’t limited to Ethereum. Other blockchains can implement their own versions of NFTs.
NFTs have been the butt of more than a few jokes as of late, considering anyone can right-click and download or view the same file on YouTube without paying anything at all. But owning an NFT isn’t really about having the digital file itself– it’s more about owning the rights to the original version of that digital asset. When you purchase an NFT, anyone can publicly confirm that you own the rights to that NFT on the blockchain. As the NFT goes up in value, the buyer can sell the rights to the digital asset.
Should content creators make their own NFT videos?
NFTs give artists and content creators a new method for selling work that might be difficult to monetize otherwise. You can set your NFTs so that you get a percentage every time they are sold, ensuring that you will benefit long after your work “blows up”.
The real reason why NFT videos are game-changers? Content creators can use them to sell their videos directly to a global community, without the need for a distributor middle-man. Some musicians like Kings of Leon, for example, are even selling their new albums as NFTs.
Tom Bilyeu is laying the groundwork for content creators looking to monetize content via NFTs. Instead of creating different NFTs for each event ticket, merch discount, insider access ticket, etc., Tom created just three NFTs. Each one offers a different tier of perks and insider access. It’s kind of like an alternative to Patreon in that way. Content creators can follow suit by creating NFTs that offer access to exclusive video content.
NFTs for marketers
They also act as a unique addition to your toolbelt as a digital marketer. Because the NFT marketing landscape is so new, marketers have less competition to contend with. Brands looking to build awareness in the metaverse can create NFTs that do just that.
Marriott partnered with three artists to create NFTs that were raffled off at Art Basel, a premier modern art show. In doing so, the brand utilized NFT buzz to increase awareness for the brand and the experiences they offer through their Bonvoy program.
Some brands are even using NFTs to protect their brand image and ward off copycats. Robert Mondavi Winery, for example, teamed up with artist Clay Heaton to create a wine collection featuring porcelain bottles, each accompanied by an NFT that authenticates the wine.
How do I own my own video NFT?
To own your first video NFT, you’ll first need to acquire a digital wallet that stores NFTs and crypto. You’ll probably need to purchase cryptocurrency, as this is what most NFT providers accept. Buy the crypto on your platform of choice (Coinbase, Kraken, eToro, PayPal, or Robinhood) then move it to your wallet of choice. You’ll usually encounter some fees at this stage. Once your wallet is ready to go, head to one of the many NFT marketplaces to start shopping.
Can video NFTs disrupt the video industry? 5 theories
Blockchain transforms the way video is stored, delivered, consumed, and purchased. Here are some of our predictions for this uncertain, exciting future:
1. Bypassing the middleman
NFTs are already disrupting the music industry by eliminating the need for distributors. Indie filmmakers are following suit. People who buy NFT films choose to monetize the films traditionally. Jennifer Esposito is trying out this tactic by funding her directorial debut movie Fresh Kills by way of NFTs and a unique public offering to sell shares in the film. Film director Quentin Tarantino also released NFTs based on some Pulp Fiction uncut scenes.
2. A new way to build up a fanbase before the video is released
Releasing posters or exclusive scenes as NFTs before a video or movie is released can build hype around the project.
3. Another way to release exclusive editions like in the blockbuster days
While the days of exclusive edition DVDs are behind us, NFTs provide a new format for releasing special versions of videos and films.
4. Easier monetization for smaller YouTube creators
These days, competition on YouTube makes it difficult for smaller creators to monetize their content. Most creators receive the majority of income from brand deals rather than ad sense. Video NFTs act as a new way for all creators to create unique, monetizable video content for their audiences.
5. Decentralized video storage means less censorship
Decentralized video storage allows video to be passed between users, free from the restrictions of any one platform. This will likely help creators bypass censorship, allowing them to share and monetize content that might not be accepted by YouTube or Instagram.
How do you make an NFT video from start to finish?
- Set up your accounts and wallet so that you can hold verified cryptocurrency.
- Register with an NFT marketplace and connect your crypto wallet.
- If using opensea.io, your next steps will be to create a collection and then create a new item. This is where you’ll upload your video.
- Add your descriptions, keeping in mind that this is how buyers will find your NFT.
- Pay the activation fee (opensea.io has an $80 fee) and click sell.
- Market your NFT until you find the right buyer.
3 biggest video NFT marketplaces
Possibly the most popular of the three, this peer-to-peer platform allows searchers to sort pieces by sales volume, giving smaller artists a chance at discovery.
Rarible is another democratic, open marketplace where artists and creators can create and sell NFTs. Token holders can even weigh in on the platform’s rules and fees.
Being the most exclusive of the three, Foundation requires artists to be invited by fellow creators before listing their art. The exclusivity and additional fees make this platform a place for “higher caliber” art sold at higher prices.
1. What does NFT stand for?
NFT stands for a non-fungible token, which basically means a unique item that only one person can own at a time.
2. What is an example of an NFT?
An NFT is any digital piece of art, like Nyan Cat by Chris Torres, that is registered/minted as non-fungible.
3. What is an NFT video?
An NFT video is any NFT that features moving pictures and auditory elements.
4. What’s the difference between an NFT and crypto?
Crypto is considered fungible, while NFTs are non-fungible. Essentially, cryptocurrency is interchangeable, but NFTs aren’t.
Putting it all together
As we hedge deeper into the metaverse age of technology where AI and AR become more mainstream, the concept of ownership on the internet will become more important.
Scarcity sells, and while you can save any file to your computer for free with a simple right-click, NFTs put a value on the ownership rights for digital assets. However arbitrary NFTs may seem, they offer a new avenue of monetization for creators and marketers alike. Decentralizing data storage democratizes the way we interact on the internet, giving anyone and everyone the ability to monetize anything online.
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