Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Can a Video be an NFT? – All about NFT
Proof of ownership, NFTs, NFT marketing, and decentralized longevity are no longer just mere words. They carry a substantial impact on the crypto landscape. These words have the power to shape digital media’s future. It would be fair to state that NFT news continues to be exciting. Not to mention crypto news and trends are also endless. This heightened sense of curiosity and interest will garner more attraction in the market and make NFTs mainstream on a global stage.
No other technology can touch on the human experience with the utmost authenticity in the video. Video continues to inspire more innovation and revolutionize communication. Video has become the answer to recording history, telling stories, experimenting with VR, and live-streaming sessions. Through a decentralized network, video format opens up endless possibilities.
Importance of Video NFTs for Video Creators
In a short time, NFTs have managed to reshape digital imagery. Tech experts and video curators believe that the value of video paired with NFT makes it a perfect combination. Like GIFs and JPEGs, video NFTs can be incredibly artful collectibles.
Since NFTs came into the spotlight, a digital artist like Beeple has managed to make $69 million for a JPEG image. So the idea of getting creative rights over a TikTok meme is exciting. But whether it’s minting YouTube-recorded videos or creating immutable video records of news organizations, NFTs offer a path to empowerment.
What Exactly Is a Video NFT?
A video NFT refers to a linked non-fungible token to a specified video frame. Furthermore, a video NFT reflects ownership of any asset under the digital media umbrella. Like other NFTs, non-fungibles represent a set of unique traits that separate each collectible from others. A video NFT is a crypto token with the digital signature of an individual file on a decentralized blockchain platform like Ethereum.
It is vital to understand that video NFT works as a non-fungible token, just like an ERC-721. Therefore, video creators can use this technology to showcase a portion of record media on the decentralized blockchain. From video clips to animated GIFs, owners can leverage NFT to sell the used collectible for payment.
Mechanics of Video NFT
Technically, a video NFT functions as a non-fungible token and represents different types of digital media assets. No one can duplicate or change these assets as long as they’re on the blockchain. Blockchain technology is the main reason that makes video content unique.
Through blockchain, you can trade video files between multiple people without added complexity. On the surface, video NFT may sound complicated, but its function and process are straightforward. Moreover, the creator can upload the video file to a YouTube channel or other platform for sharing purposes.
NFT comes into the picture when video creators need unique identifiers for each token or coin. Any video NFT that records and stores digital video files categorize as a non-fungible token. As a result, owners can use NFT videos on decentralized platforms to prove ownership, just like physical properties.
What Does it Take to Sell Video NFT?
Like tweets and contracts, owners can sell their video NFTs like a video clip, image, 3D model, or animation. Typically, supported digital files revolve around PNG, JPEG, SVG, WEBM, MP3, Mp4, OGG, WAV, and GLB. Also, you can choose from various platforms to sell your video NFT files. Opt for attractive NFT marketplaces that can support a wide range of file formats with bigger file sizes.
So, if you have a precious moment on video, you can sell it and make money. For instance, the NBA sold LeBron James’ top shot dunk video for around $387,000. Hundreds of examples like this prove a high demand for NFT videos, and the market is ready to make decent cash for video owners. So, whether you want to use Final Cut Pro or Adobe Encoder, creating a video NFT for video creators is straightforward.
How Much Can it Cost to Mint a Video NFT?
On average, you can mint your first video NFT from $100 to $200. But you will need to cover the cost of Ethereum gas to mining your video NFT on the decentralized blockchain. After that, you can check prices on various Ethereum sites and make a comparative analysis. Many sites help NFT owners save money, making it easier to mint over time.
There is More Than One Reason to Tokenize Video as an NFT
On top of money-making possibilities for video creators, NFT also brings more perks than traditional video distribution and storage solutions.
Anything you record on the decentralized blockchain becomes immutable. It means no one can alter, fake, or change the records.
Tokenization occurs through smart contracts on a decentralized blockchain platform. And artists can store and sell NFTs quickly without depending on a middleman, whether video clips, motion designs, or animations.
Another reason and perk to opt for video NFT is transparency and security. Video creators can track their NFT origin, transaction history, and issuance date and eliminate potential fraud from the system.
Today, video creators are selling NFTs that continue to increase their adoption rate. You can expect more video artists competing to make their videos online. More and more video artists have realized that they should tokenize their videos.
Video NFT is an innovative and new way to make the most out of video marketing. Through video NFTs, brands can target people with minimal effort and save high advertising costs. Also, the potential of video NFT is brighter than ever.
Cryptocurrency technology can now certify the items of the original owner on a dedicated and decentralized blockchain. So, in retrospect, you can expect more video curators to reap the NFT world’s many benefits. And they can do so by minting and selling their favorite artwork.