What is an NFT video and how do I earn it?

NFT is a certificate that guarantees the ownership of a digital asset. It can be a picture, music, video or even a virtual world object. The certificate cannot be forged because it is based on blockchain technology.

Taken from: https://unsplash.com/photos/yscrM1AOEKI

What is blockchain technology?

It is a database that is stored on a large number of computers. When using the Internet, all devices are connected to centralized nodes, which can be servers or Internet service providers. However, the blockchain does not provide central nodes. The entities using blockchain technology have published blockchain information in their system.

Tokens are digital assets issued on a particular company’s blockchain with the intention of serving as the primary payment instrument. The idea of ​​fungibility sets most tokens apart. You can learn more about blockchain by visiting Forbes.

How to make money with an NFT?

Blockchain technology allows artists, animators and other content creators to monetize their work. For example, artists could no longer rely on galleries or auction houses to sell their works. Instead, they can sell their artwork as an NFT to the customer.

Animators, like artists, can sell their works. Also, even short footage taken on a phone can sell for hundreds of dollars. If you know how to mirror a video or make it unique, you have a good chance to make a lot of money. Since no brokers are required, this can result in higher income. Additionally, people can be paid a percentage of sales when their work is sold to another owner. Because people don’t normally earn royalties when their work is purchased, this can be one of the most exciting opportunities offered by NFTs.

The most popular sold NFT video

On May 25, “Charlie Bit My Finger” was sold for about 761 thousand US dollars, according to Statista. The video had been trading in the auction for a week, and the price had grown daily. Two anonymous accounts 3fmusic and meme master had bid intensively. In the end, 3music bought the video. A lot of money was spent due to the popularity of the video. The video has been viewed over 900 million times since it was uploaded in 2007. Following 3fmusic’s purchase of the video, the family who recorded it and uploaded it to YouTube removed it from the platform. They explained that they could no longer keep it on their YouTube channel since 3fmusic was the sole owner of the “Charlie Bit My Finger” video.

If you think that the video was perfectly edited or had excellent video quality, you are wrong. The video was filmed on the phone in 2007, which explains the poor quality. In the video there are two boys, Harry and Charlie. After Harry puts his finger in his brother’s mouth, he exclaims, “Charlie, that really hurts!”

How to make an NFT video?

• First, you should choose a platform to create your NFT. Today, many platforms work with NFTs. However, you should know that some marketplaces are highly specialized. OpenSea, Rarible, Nifty Gateway and SuperRare are well-known services that make it possible to create an NFT video. However, they charge a commission in Ethereum.
• Second, you should upload the video in mp4 format as well as the cover art. Then you will see that some information is required. You should fill in the creator’s name, video title and video description. More information may be required depending on the platform.
• Third, many marketplaces require traders to pay a fee to cover the cost of computational energy used to process transactions. As a result, you may be required to make payments.
• Finally, create an NFT! After that, your NFT video will be published on the marketplace. It will be available for purchase for potential customers.

Advantages and disadvantages of NFTS

Advantages of NFT

• Your videos, animations, gifs and images are executed using blockchain smart contracts. As a result, they can be sold without a broker.
• People can always see NFT’s transactions, origin, history, date of issue and prices. This can help eliminate fraud. Also, people wanted to know who and when had bought an NFT.
• Nothing in the animation, gif or image can be edited because everything already recorded in the blockchain cannot be changed.

Disadvantages of NFT

• The main criticism of NFTs is that after purchasing an NFT, you may still not have all the rights to it. Unfortunately, you would not be able to own your NFT. That way you can just buy or sell it and keep it in your collection.

Summary

Since NFT is a new technology, many questions and concerns exist. People find out according to which rules the NFT market should work. Furthermore, developers analyze the domains where non-fungible tokens can be used. Developers believe that one of the potential NFT applications in the future is an entry on the blockchain of unique documents. This means that thanks to blockchain security, people can have diplomas, certificates and documents in digital form. They can also be issued in NFT format. This can effectively reduce the risk of counterfeiting.

Disclaimer: Views and opinions expressed by the author should not be considered financial advice. We do not provide advice on financial products.