Panopto is the New Paltz's own video recording and hosting platform. It's like if Youtube also had a recording functionality.
You can record videos using Panopto, but don't have to. You can upload a video recorded from any software to Panopto. Once the video is in your Panopto library you will be able to submit it to an assignment.
Important note: Video files should not be uploaded to Brightspace directly.
This video shows how to submit a Panopto video to an assignment.
The associated support ticket form covers all types of BrightSpace requests.