Why people sell NFT video for $760999 and how you can create your own
Just a few cases we happened to hear recently: Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork. It wasn’t long since he decided to sell it as the NFT for… $6.6 million.
Do you find it marvelous? Let’s take look at the other example:
“Charlie Bit My Finger”, – the internet classic, one of the first videos people ever see on YouTube in 2007.
The video is really a rarity – there are few other videos that could compete with this one in virality. Recently we learned that it was sold as the NFT for $760,999. Therefore, it is no longer on YouTube.
Okay, even TikTok released its own collection of memes as the NFT.
How does it even work?!
Most NFTs do not stand by themselves, they are the Ethereum blockchain part.
NFT is actually a big deal right now and it is going to be even bigger in the future. Here is the thing. The Mona Lisa painting is the only one in the world and only Louvre owns it. But… What if any of us can make something meaningful, like a piece of art – in reasonable scales, we are not talking about another Mona Lisa – and want to make it the one original in the world? Well, NFT technology, concept and the whole mindset behind it allow anyone to make it real. Anything can be made as “one of a kind” – and actually never cease to be such a thing.
To put it differently – anyone who has ever struggled with copyright on the created item can say farewell to it.
What is NFT anyway?
NFTs are non-fungible tokens — it means a very simple thing: you couldn’t exchange one NFT for another.
Another great driver of the NFT as a part of a decentralised world is transparency. It promises us something we never heard in the internet era: no more fakes. How can it be possible?
NFTs are digital equivalents that prove ownership of the item — whether it is an animated video, musical album or even meme.
Digital artist Beeple posted a new work of art online every single day for 5000 days.
Those pieces have been brought together in one digital collage EVERYDAYS: THE FIRST 5000 DAYS, minted as an NFT and is being auctioned off by Christie's.
The current bid is $3M pic.twitter.com/rwwa64YXNV
— Tanay Jaipuria (@tanayj) March 1, 2021
What is the NFT marketplace?
It’s actually a very simple concept: NFT marketplaces allow digital collectors to buy, sell and create their own tokens. These tokens just represent that particular, unique item that belongs to one person exclusively.
The place – or places – where you can buy or sell these things, is marketplaces. The best thing is this: anyone can sell something. Or buy.
How to create your own NFT video?
First of all: it can be anything, even one of the photos you took at sunset. After all, the NFT game is all about turning artworks into pieces that can’t be copied.
Okay, let’s proceed step by step:
- Set up an Ethereum Wallet. The first step in creating NFT is actually to create something else: a digital wallet where you will be able to store the cryptocurrency that is used to buy, sell, and create NFTs. Without the wallet, you couldn’t sign in and create accounts on NFT marketplaces.
- Buy some amount of Ethereum. Yeah, you’re going to need that. Most of the marketplaces will charge you with fees associated with turning any content into an NFT. So, your first NFT will cost you a bit of money, but it can bring you even more soon. And not only money.
- Connect your wallet to an NFT Marketplace. Now you are one step from creating your first NFT – you just have to connect your wallet to a marketplace that allows exchanging NFTs.
You are right there! Create an animated video, put it on the listing and you’re done.
You have some cool digital art to share in a form of NFT. Right? Let’s make it step by step right now.
We are going to use as an example a marketplaceI called Rarible. Why? It is quite cheap, and it links to another giant – OpenSea.
Okay, shall we start?
- Go to Rarible.com and tap “Create”;
- Create a single or multiple collectible;
- Select “Choose File” to upload a file you want to PNG, GIF, MP3 or another file type. You are limited here – max size is 30MB;
- Name your price or just “put on sale”;
- Enter in a name for your NFT and a description;
- Now you have to establish royalties;
- “Connect wallet and create”;
- Connect your wallet;
- Pay the “Gas”;
- Click “Start”. Here you will sign the sell order with your digital wallet.
You are there!
Grimes is the latest one to make a buzz on a market of NFTs. She managed to sell around $6 million worth of digital artworks at the auction.
A JPG file made by a digital artist Beeple sold for almost $70 million. It proves two things at once: we don’t know the extent of prices that can be achieved here and everything, even internet artefacts such as GIFs can be NFT.
Buyers and sellers
These represent two sides of the audience NFT consists of. With sellers, everything is quite clear: you put your works on the listings in order to sell things.
Buyers are basically those: NFT Art Collectors. Yes, that’s right! More and more people are not interested in merely buying one or two things, but getting a collection as a whole.
NFT Art Collectors looking for interesting artists, who create unique tokens. However, that is not it. NFT Art Collectors are also looking for those who make rare pieces of art.
Artists, designers, creators receive another value – they can protect their work from copying, but also may finally avoid being underpaid.
I am a creator. What can I sell as NFT?
Art – the most popular form of NFT. Right now, a lot of the most expensive NFTs are works of art.
Music – the second one most popular NFT. The reason is simple: musicians can keep roughly 100% of the money, which was impossible in the traditional ways of delivering albums or songs to the audience.
Trading Cards/Collectible Items – here it is possible to buy and trade virtual versions of trading cards on the market and own them as real things.
Memes – yes, you can buy and trade memes on the NFT market. If you happen to create a more or less famous meme – go make it NFT. No kidding.
'Disaster Girl' meme NFT sells for $500,000 at auction https://t.co/TUmAlzQgrx
— Mashable (@mashable) May 3, 2021
Domain Names – you can register a domain name and sell it on the NFT market. It is a concept that makes them really unique and… non-fungible.
Animated videos and videos generally – anything from extremely viral videos to clips about your company, for example.
Does the story matter?
Many of us might think that the story behind NFT is the most important thing. Well, the famous examples, like the one with a viral video from YouTube sold due to this. But it doesn’t mean that any NFT should be like this. Most of the marketplaces are looking for those who create something interesting, meaningful right now without any story to back it up.
Hey, if you want to get an animated video and turn it into an NFT video that will be yours to own then make a request – our animators are true artists that can make any idea into a unique video.
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