With the vast definition of what an NFT is, digital collectibles are exploding in the marketplace. Hence, why Twitter ex-CEO, Jack Dorsey, decided to put his first tweetup for sale and is getting bids as high as $2 million.
Because NFTs can be anything digital, let’s start exploring how you can make an NFT out of a video.
What is Video NFTs?
As we covered in a previous article, NFTs are non-fungible tokens that can essentially be anything digital (images, GIFs, videos, music, illustrations).
Video NFTs are non-fungible tokens created from content that involves moving pictures and (optional) auditory elements, capturing the human experience more realistically by using multiple senses (video NFTs can still be animated, illustrated, or constructed from fiction).
With videos becoming the #1 source of information for 66% of people on the internet, the combination of a video as an NFT becomes more powerful.
Think about it.
A video contains both visual and audio elements which, as an NFT, is certifiable and valuable in multiple ways. You can use video NFTs to ascribe creative authorship across social media content, create historical records, or even provide strong evidence to a serious court case.
Regardless of your intention behind creating an NFT, we’ll explore how to set up and create an NFT out of a video itself so you can sell or build on your own NFT collection.
Setting up an Account and Wallet for NFTs
Whether you want to buy or sell NFTs, you have to have your own accounts and wallet that holds your verified cryptocurrency.
Most NFTs are part of the Ethereum blockchain, a form of cryptocurrency similar to bitcoin or dogecoin. Under Ethereum, NFTs work differently than an ETH coin, since it’s a whole different type of token and has extra information stored for it.
Step 1: Set up a MetaMask account.
Before getting started, you’ll want to create a MetaMask account for your Ethereum wallet. This Ethereum wallet lives within your browser as a browser extension. It can connect to compatible websites like OpenSea.io and verifies everything in your wallet, including Ethereum, NFTs, and other tokens.
On Metamask.io, you’ll click the blue “Download” button and follow the steps to set up your own account.
Step 2: Make sure you have Ethereum to trade.
Use a crypto exchange platform like Coinbase. These kinds of platforms allow you to buy, sell, or trade cryptocurrencies like Ethereum. In this case, we’ll be using Coinbase, since it is the most popular crypto exchange platform today.
On Coinbase, set up your bank account to your account and buy Ethereum from that. Ethereum prices depend on gas fees in real-time, so be sure to do research on how to get ETH to your MetaMask until you’re comfortable with handling these tokens. You might want to buy at least a few hundred just to list an NFT, considering ETH gas fees are relatively high compared to only 100 USD. You can track ETH rates on either Etherscan.io or Coinmarketcap.com.
You might need to wait a few business days after completing any activities on Coinbase because they need to verify the money in your bank account before your ETH gets withdrawn into your MetaMask wallet.
Creating an NFT out of a Video to Sell
Once you’ve had your crypto exchange connected to your MetaMask, you’re ready to get started with handling NFTs.
- Go to OpenSea.io and connect your MetaMask wallet.
- Click “Create,” and follow each field.
- Click “Sell,” after confirming the price and duration settings you want for your listing.
Step 1: Go to OpenSea.io and connect your MetaMask wallet
OpenSea.io is the largest NFT marketplace where you can discover, collect, or sell NFTs from other creators and holders.
(Note: If you’re doing this for the first time, click on the “Create” button in the top right corner of the page will automatically take you to connect your wallet).
Step 2: Click the “Create” button
When you’ve connected your wallet to OpenSea, clicking the “Create” button will bring you to a page where you can upload your files.
The video specs for OpenSea NFTs require the video formatted as an MP4 and under 100 MB. If your video is in any other format, you cannot upload your video onto OpenSea.
(Tip: You can export your video from any other format into the needed MP4 format in Kapwing’s Studio editor and meet OpenSea’s further requirement that is below 100 MB).
Once you’ve uploaded your video, you can fill out and complete the following fields:
- External Link
Once you’re satisfied with your listed item, click “Create,” and you’ll be brought to your NFT’s item page where you can start listing your NFT for sale.
Step 3: Click the “Sell” button
On your NFT’s item page, you’ll have access to your NFT’s price history, its description and details, and other listings you may have in other collections.
From here, you’ll be able to click the “Sell” button where you’ll be able to start listing your item for sale on OpenSea’s NFT marketplace.
Complete the following fields based on your interests:
- Fixed Price vs. Timed Auction
Fixed Price allows people to buy your NFT instantly at a price you choose to set it at whereas the Timed Auction sets your NFT to sell to the highest bidder within the duration of time you set the sale too. Ultimately, each field is codependent on other fields as you choose the settings for your NFT’s sale.
If you have other NFTs you want to sell altogether, you can create a bundle to put up for sale (examples like these include digital card collections, jewelry boxes, etc). It’s important to remember there is a 2.5% service fee on OpenSea.io when you complete your listing, and you will be charged gas if you decide to cancel your listing after putting it up for sale.
Once you’re satisfied with your price and duration, click “Complete Listing,” and OpenSea will open your MetaMask wallet to confirm your ETH listing.
Congratulations! You’ve completed your listing for a new video NFT on OpenSea.io and will be posted on the blockchain you chose. If someone buys your NFT, the money will be sent to your MetaMask wallet automatically.