Get in on the elusive market that's dominating the creative scene by making your own NFT art using Rotor.
Meaning of NFT
NFT stands for a Non-Fungible Token. A fungible token would be like a twenty dollar bill—one twenty dollar bill can be swapped for two ten dollar bills yet they will keep the same value. A non-fungible token is unique with one official owner at any time and can really be anything like videos, music, photos or other types of digital files.
How does an NFT work?
NFTs allow you to buy and sell some data on a blockchain - the distributed ledger technology (DLT) that enables Bitcoin. Think of it like this—if you create some data as an NFT, you are writing a virtual note in a shared ledger (or wallet). This note will say, “I am the original author of this data and whoever owns this data, owns this digital file.” This also means that if the owner sells the data on, they owe you, the original creator, a royalty.
Still with us? Good.
The Ethereum blockchain supports these “NFT” smart contracts. This stops someone changing the digital records of ownership or creating a new copy. If you have a provider, like Metamask, that allows you to buy and sell Ethereum, you can use it to buy and sell smart contracts.
Together, this provides a method that artists can use to sell pieces of digital content. As an artist, selling your own NFT is another great way to monetise your work so it’s worth getting familiar with the concept. Other creators are already profiting from NFTs—Grimes has sold music videos and images, Damien Hirst is selling limited edition digital fine art and Kings of Leon sold items as part of their new album release.
Got it? If not, there's a great explainer over at The Verge. Pop over there and have a read if you need to.
How do I make a NFT?
NFTs have made an impact in a relatively short period of time. The promise of a new lucrative revenue stream for artists coupled with the tech utopian ideals associated with crypto has proved to be a powerful story - maybe for good reason.
So what's all this got to do with Rotor? Simply put, you can make videos that you can sell as NFTs. Lets see how.
- Create your NFT. Hop over to rotorvideos.com and create a video using your track. Make sure to trim the audio to around 30s as we want the final output video to be less than 100mb in size.
- If you haven't got one already, you’ll need a crypto wallet. Metamask is a popular and easy-to-use solution. Open an account and buy some Ethereum. You’ll need about $80.
- Register with opensea.io and connect your metamask wallet.
- Create a collection, and then create a new “item”. Upload your Rotor video now. Fill in the descriptions with as much detail as you can so it can be found easily by potential buyers. When you decide to “sell” your item, you’ll need to pay an $80 activation fee.
- Share and promote the link to your NFT! It won’t sell by itself!