While the action associated with creating a video is currently tracked, watching a video is not yet available (however a possible workaround was found by a user here: Re: Any trigger in Nitro console for watching videos and awarding points for it?). Lastly, I would suggest bookmarking or following the Jive Advanced Gamification Module: Action List document, so that when the "watch a video" action is added you will be notified.
Thank you for the response. I will be eagerly watching for the "watch a video" action to be added, although it seems likes people have been asking for it for a few years now to no avail.
Also the workaround is clever, but a bit of a hack. Especially since it will only track if they open the blog post with the video, not watch the entirely of the video. I guess I'll just have to wait :/