If you haven’t been living under the rock, then you have probably heard the word “NFT”. Lately, the internet has been going head over heels on how Web3, crypto and NFTs are the future of the internet.
When it comes to marketing individuals, staying a step ahead of emerging technologies is just a basic part of their job description. Today, we’ll take a closer look at this trend.
NFTs have existed since at least the 2010s. But only recently has the art form gained popularity for what it is. (We did actually say “art form.”)
Is it possible that NFTs such as the “Charlie Bit My Finger” video from 2007 (which sold for a cool $760,999) will be a part of art history textbooks alongside pop art and pointillism in the decades to come?
This is a comprehensive guide for marketers and content producers who want to capitalize on the current NFT trend by making inspiring, shareable videos. A video that can serve as a great promotional tool. For best results, we recommend collaborating with an NFT video company.
To Begin, What Is An NFT?
Tokens that cannot be exchanged for other tokens are referred to as NFTs. If you follow that line of thinking, then an NFT is just something that can’t be substituted for anything else. It is exchangeable for something else, but you won’t receive the same thing in return. NFTs are quickly gaining popularity as a means of buying and selling digital art since they are digital assets that represent real stuff like art and film.
So, What Exactly Is An NFT Video?
Any video that has been “minted” in the form of an NFT, or non-fungible video token, is known as a “video NFT.” A video NFT is an NFT that includes moving images. NFTs with moving pictures can be traded like any other kind of NFT, including GIFs and still images. They are commonly purchased using digital currencies, and their underlying software is often the same. By assigning each NFT video its own special identifier, they help bring a form of digital scarcity to the video production industry that has been lacking up until now.
When Do You See Results?
Non-Fungible Tokens (NFTs) are a feature of the Ethereum network. One type of cryptocurrency is Ethereum. The Ethereum network can be used to store NFTs in addition to ETH currency. As a digital database, a blockchain can be thought of as a public ledger.
A blockchain’s function is to keep a distributed and immutable ledger of all transactional activity. NFTs have a higher data storage need compared to ETH currencies. Not only do they exist outside of Ethereum, but NFTs are extremely flexible. NFTs can be adapted for use on other blockchains.
With the ease with which identical files can be downloaded or seen on YouTube for free using a simple right-click, NFTs have become the punchline to numerous jokes. But having an NFT is more about having the rights to the first version of that digital asset than having the file itself. Anyone can verify your ownership of an NFT on the blockchain after you’ve purchased it. The buyer can profit from the NFT’s increasing value by reselling it to another party.
Should Independent Content Creators Produce Their Own NFT Videos?
Using NFTs, creators of art and media have a new option for monetizing their work. NFTs can be structured so that you receive a fixed percentage of sales, guaranteeing you income even after your work has achieved widespread success.
What’s the real deal with why NFT videos are so revolutionary? Video makers can bypass the traditional distribution channel and sell their work directly to a worldwide audience through these platforms. Even new albums from artists like Kings of Leon are being offered to fans as NFTs in some places.
Tom Bilyeu is preparing the way for creators to monetize their work with NFTs. Tom decided to build only three NFTs rather than separate ones for each type of ticket (event ticket, merchandise discount, insider access ticket, etc.). There is a hierarchical system of privileges and access that each provides. That’s what makes it similar to an alternative to Patreon. It’s now possible for content producers to create NFTs that grant users access to premium videos.
What Are Promotional NFTs?
As an added bonus, they provide you with a novel instrument in your digital marketer’s arsenal. Because of how recently NFT marketing emerged, businesses operating in this sector face less competition. Brands that want to increase their visibility in the metaverse can do so by developing NFTs.
At the prestigious contemporary art fair Art Basel, Marriott collaborated with three artists to produce NFTs that were raffled off to attendees. The company used NFT buzz in this way to spread the word about the great experiences available to Bonvoy members.
In fact, several companies are employing NFTs as a means of guarding their brand identities and discouraging rip-offs. For instance, the Robert Mondavi Winery collaborated with ceramicist Clay Heaton to produce a line of wines housed in porcelain bottles; these bottles are sold together with NFTs that guarantee the quality of the wine inside.
What Are The Steps To Getting My Very Own Video NFT?
Getting a cryptocurrency or NFT-compatible digital wallet is the first step in owning your first video NFT. Most NFT services only accept cryptocurrencies, so this is something you’ll need to invest in. You can use Coinbase, Kraken, eToro, PayPal, or Robinhood to make the purchase and then transfer the cryptocurrency to a wallet of your choosing. At this point, you should expect to start seeing costs. When your funds are ready, you can begin purchasing at any of the several NFT marketplaces.
Could NFTs In The Video Space Cause A Shift In The Market?
The ways in which videos are kept, transmitted, watched, and bought are all affected by blockchain technology. A few things we see happening in this exciting yet unpredictable future are:
- Skipping The Intermediary
Already, NFTs are upending the music business by rendering distributors obsolete. Independent filmmakers have started to do the same. Traditional forms of monetization are more preferrable by those who purchase NFT films. Jennifer Esposito is attempting this strategy by using NFTs and a novel public offering to sell shares in her film Fresh Kills. Similarly, Quentin Tarantino edited scenes from Pulp Fiction and distributed them as NFTs.
2. A Novel Strategy For Gaining Followers Before The Video’s Debut
Promoting an upcoming video or film by releasing teaser posters or early access to a special sequence as NFTs can increase anticipation for the release.
3. Other Alternatives That Help Release Limited Editions
There is another approach to releasing limited editions in the vein of the blockbuster era.
NFTs offers a new platform for distributing limited-edition versions of videos and films, as the era of special-edition DVDs has come to an end.
4. Youtubers With Fewer Views Will Have An Easier Time Making Money From Their Videos.
These days, competition on YouTube makes it tough for smaller creators to monetize their work. The majority of creators’ income comes from brand arrangements rather than advertising. Video NFTs provide a fresh avenue for all content producers and even for many NFT video companies to make original, monetizable videos for their fans.
5. Dispersing Video Storage Locations Reduces The Need For Censoring
The sharing of videos between users is only possible via decentralized video storage, eliminating the need for reliance on a single platform. As a result, creators will be able to distribute and earn money from content that might face some restrictions on platforms like YouTube and Instagram.
The Three Largest Video NFT Markets
• OpenSea.io
Possibly the most popular of the three, this peer-to-peer site allows searchers to rank items by sales volume, giving lesser artists a chance at discovery.
• Rarible
Rarible is another open and democratic marketplace where artists and creators may publish and sell NFTs. Those who have tokens on the network get a say in setting the rules and fees.
• Foundation
Unlike the other two platforms, contributors to Foundation must first receive invitations from other creators in order to list their work there. This platform is ideal for “better class” art that has a higher price tag due to its exclusivity and accompanying costs.
Consistency And Application
The concept of ownership online will grow in significance as we progress farther into the metaverse age of technology, where AI and AR become commonplace.
While it’s easy to download any file to a computer with a simple right click. NFTs assign a monetary value to the rights of ownership of digital goods because of their scarcity. Despite their seeming arbitrariness, NFTs actually provide a fresh method for producers and sellers to make money. By removing the need for a centralized server to store data, the internet becomes more egalitarian. Especially with everyone having the potential to make money off of their ideas and creations.
