The cryptocurrency world has recently been taken over by NFTs (non-fungible tokens). With so much information about this term floating around, it might get overwhelming to understand the terminology. Here’s a simplified guide to NFTs and how you can sell your videos as NFTs too.
What are NFTs?
A fungible asset is something that can be easily interchanged – for example, a $10 currency note with 10 $1 coins. In contrast, non-fungible assets are items of irreplaceable value such as paintings or sculptures. Throughout history, we have mostly seen physical assets such as famous, one-of-a-kind paintings being sold for thousands, if not millions, of dollars.
These days, with so much unique digital content being created every day, you can own these in the form of NFTs. NFT stands for non-fungible token. An NFT can certify the ownership of a digital product like a viral video, digital art, tweets and even memes, using blockchain.
Why is digital content being bought as NFTs?
Just like buying an original painting with the artist’s signature on it, an NFT also continues to be the creation of the artist/content creator, even after it gets sold. It is similar to displaying a painting in a museum, as the digital content will continue to reside on the internet.
During the pandemic, there has been a boom in the crypto-art space. A lot of buyers have been interested in crypto-art as they see it as a long-term asset. Additionally, a lot of fans are also interested in owning a piece of their favourite creator’s work.
What kind of content is being sold as NFTs?
Viral videos, digital art, memes, photos, sports clips, music and other similar digital content are being sold as NFTs. In most cases, the buyer receives a digital file of the data. As the buyer and the seller are linked via blockchain, the original author can keep track of further NFT sales and receive a royalty on them.
Selling your YouTube clip as an NFT
- First, you must list your video as an NFT. For that, you can go to a site like Rarible or OpenSea.
- On these sites, you can create an NFT by uploading your video (be sure to check the file size limit), and an image with it.
- Next, name the NFT, add an external link, if any (like the YouTube link), and a description.
- Here, you’ll also need to set the price and type of auction.
- If this is your first NFT listing, you might need to pay gas fees, which is essentially Ethereum transaction fees. These NFTs will be stored in a blockchain on the Ethereum ledger, which is an open-source blockchain network.
- After this, you will be able to post your listing.
With the advent of NFTs, there is now a new revenue stream for creators. So what are you waiting for? Jump on the NFT bandwagon and start selling your NFTs now!
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