How to Create Non Fungible tokens (NFTs) as a Video Creator
The world feels like it’s rapidly accelerating during the pandemic and Non Fungible tokens (NFTs) have come on the radar as of late with Digital Artist’s such as Beeple making as much as 69 million dollars for a jpeg image file. We are here to learn some essential information about how to Create an NFT as a Creator. As a Video Creator there are potentially a lot of benefits if you can mint and sell your artwork. Cryptocurrency technology can certify you are the original owner on the blockchain and continue to compensate you. There are no guarantees, but you are here to learn so we are going to get straight into it.
What can you sell?
You can sell anything digital from contracts, tweets, but we are going to focus on primarily digital art like Image, Video, Audio, or 3D Model. We have created our own NFT’s in video and audio format so far. Here are the technical specs for Opensea. File types supported: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF. Max size: 100 MB
Which NFT platforms can you sell your digital art?
I recommend Opensea.io as they are known as one of the larger NFT marketplaces that support Video files up to 100mb and don’t require an invite. They also offer great free information on using their platform. Places like Niftygateway and Superrare require invites. Another platform we tried, but didn’t have personal success with is Rarible. Their Video maximum file size is 30mb, which is a con for video creators.
How do you create an NFT?
Basically you can create anything in the support file formats under 100mb JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF. As a creator you are more likely to create a Video under 100mb or an image. You do have the option to offer unlockable content once someone purchases the NFT through an external link to somewhere else. You can use any video or image program. We have some video tutorials sharing how to create an NFT with final cut pro and premiere pro. One caveat is that you will need an MP4 file. If you use Final Cut pro you will need to convert your .mov to an MP4. There are multiple ways to do this. So far we have used Adobe Encoder to successfully convert our video file. Some other options include Compressor on Mac and Adobe Encoder. A free options is handbrake.
What are Ethereum Wallets and Where do I get Ethereum?
Ethereum is currently the second largest cryptocurrency by market cap and is what powers Non Fungible tokens (NFTs). In order to mint your NFT’s you will need an Ethereum Wallet and you will need to purchase Ethereum. We recommend the Fortmatic Wallet, but Metamask seems to be the most popular option. You can purchase Ethereum using your credit card from your wallet. We suggest downloading an ethereum calculator or just google ethereum convertor to assit. You will most likely find that it’s cheaper to buy your own Ethereum and transfer it to your ethereum wallet, but it can be more tricky. We recommend crypto.com if you choose to buy your Ethereum direct. We both get $25 when you sign up and many of my tutorials are based on this app. Keep in mind that there is a small fee about .01 eth or about $18US for each ethereum withdrawal so factor that in and withdrawal enough. When you are ready to mind you will get an estimate on how much is needed. I have also created an NFT Online course for beginners that will cover how to buy ethereum and transfer it to your wallet.
How Much will it Cost me to Mint my NFT?
It cost me hundreds of dollars to learn these little mistakes because this is such as new area. If you follow the advice in this post and in my online course you can mint your first NFT from $80-200US. You will need to pay ethereum gas to mine your NFT to the blockchain and this fees varies widely depending on the time of day. You can use Ethereum sites like Gasnow or their chrome extension to check the prices. Next you need to interpret these numbers. From experience it seems that 100 for standard will work out to be $100US and is what I paid. They have a schedule that you can look for when the fees are at their lowest. The good thing is that Opensea will save you money in the long run if you plan to mint more than one NFT because you just pay the network fee once. The only exception is if you decide to do an auction on opensea.
How can you learn the step by step to create an Mint your NFT?
I created a Non Fungible Token (NFT) Beginner Friendly Online course that will show you step by step recordings that will get you to the finish line minting your NFT like I have! We will also give some background on cryptocurrency, but little theory. The course is mostly just tutorials on how to buy cryptocurrency including ethereum and how to get it to your wallet. I’ve also recorded ad free tutorials on how to create NFT’s on Final Cut Pro, iMovie, and Premiere Pro. Lastly we cover the Opensea platform to get you comfortable creating your own collection and minting multiple NFT’s
It’s early days and cryptocurrency was already becoming popular in 2021 and disrupting the financial industry. NFT’s are one such application where cryptocurrency and the creator space intersect. No one really knows if NFT’s are a passing trend, but it is likely that Cryptocurrency will be around and be even more disruptive. If you have some time and money it may be worth it to learn and get some of your Digital Artwork as an NFT. Imagine one video clip selling for 3 Ethereum, which is $5249US, which is realistic in these times. If that happens it could spark the Stock footage 3.0 era where a flood of Stock footage artist will be scrambling to get their videos online. That possibility makes it worth it to take the shot.