“Ouch Charlie…Charlie bit my finger”… SOLD as an NFT video for an astonishing $760,999 in May of 2021. The purchaser is now the sole owner of this highly loved and viral video— now an exclusively owned NFT that has been removed from Youtube.
What is an NFT?
By now, many of us may have heard of NFTs (non-fungible tokens), decentralized and unique ownership of an item, recorded on the blockchain. For those who may not yet know, simply put, NFTs are a certificate of authenticity or ownership over a digital asset. The NFT itself is housed on a digital ledger called the blockchain, same as they are for cryptocurrencies. The only difference is that cryptocurrencies, say for example Bitcoins, are essentially all similar, whereas each NFT is unique to itself.
Over the last six months, and primarily throughout the pandemic, NFTs have established their presence and repurposed themselves in the value of digital imagery— from NFT art, to NFT photography and now NFT video content. We believe NFT video will completely disrupt the video production industry, and reshape the way we experience content and the rest of time.
Digital Asset, Real World Value
You might begin to ask yourself why someone even cares enough to have exclusive ownership over a digital asset, when it doesn’t seem to matter in the real world? While the asset itself might be completely digital, creators are ascribing real world value to the holder of the token. Let’s use the movie “Jurrasic Park” as an example: if Stephen Spielberg were to sell the movie as an NFT, he may possibly choose to include an annual IRL dinner at his residence, to the owner of the token. So, whoever owned this valuable digital asset would not only gain an asset and status, but could also have a tangible real world benefit, that can be resold to another high bidder.
Now, consider the opportunity for brands, pairing real world experiences in exchange for brand interactions on the blockchain….(the reader’s eyes widen). This is just one example of how art can can be valued on and off the blockchain, and the possibilities are quite literally, endless. You still with me? If so, let’s take the red pill, stay in wonderland, and consider how deep the rabbit hole goes.
NFTs are the Future
So what does this mean for the future of video production? To say the least, the NFT market seems to be quite promising for video producers: from video, to livestreams or virtual reality, video innovation has effectively revolutionized the way messages are delivered and how history has, and will continue to be recorded. The video NFTs are another entirely new vertical on which to build value, status, attention and wealth.
Beyond their potential to be unique collectibles, NFT videos will serve a great purpose in many industries. Think for example how NFT videos can empower news organizations and allow them to create unchangeable records of fact, while cracking down on the circulation of fake content. Video producers, Youtubers or TikTokers can mint a record of their own videos, and ascribe creative authorship to their content. How about an NFT video becoming evidence in legal disputes, from anything such as insurance to home invasions or attacks. Surpassing all of this, imagine minting a great memory from your own life, authenticating it, and passing it on to generations of family members.
We’re only scratching the (digital) surface
As our lives shift deeper into the digital realm (Hello Metaverse), the ownership of digital items will continue to gain value, and the markets are already reacting. In the last few months, many NFT videos have been produced and sold by individuals or big corporations. These NFT video clips enclosed things such as a short clip of an individual’s talent or even a brand campaign, and have sold for hundreds of thousands of dollars, while in some other cases, millions of dollars.
As our IRL and digital lives barrel towards their inevitable marriage vows, and the blockchain continues to build a safe and exclusive system of ownership, it’s only a matter of time before NFTs install themselves as a core digital asset in our day to day lives. NFTs are here to stay, and Corbin Visual is here for it.