The link above shows a video animation that has a rainbow wave distortion effect applied to it, that ripples across the video. how, and in which software, can this effect be applied to a video? or a step-by-step guess on how to replicate the effect
The effect is called chromatic aberration; the way it’s usually done in games, and what’s being done there, is by reading the red / green / blue channels of an image at different offset positions. As with your other question (you’re looking to get into the NFT market, I’m guessing?), there are most likely plugins for After Effects that will let you create something along these lines, but the original author probably used a tool like Processing or Shadertoy.