In space, Earth passes us, and a bright light shines behind it. It turns out that light comes from the sun-shaped "O" in the word "Nova", colored blue. The sun spins very quickly, and "Nova" turns into place. Finally, a white light passes through, and a blue box with the text "NOVA HOME VIDEO" or "ENTERTAINMENT, INC." slides in below.
FX/SFX: The first logo has the Earth passing us, "Nova" zooming in. It's actually pretty decent CGI for the time period. The second logo has the cheesy hand-drawn animation.
Music/Sounds: The first logo has outer-spacey synth beeps, then a constantly-looping synth-bass sounder, with a synth "slicing" sound for when the logo shines twice. The second logo has a light synthesized fanfare coupled with a few laser zaps and a jail door closing.
Availability: The first can be seen after the Canadian Video Factory logo on many tapes, such as the non-MST3K version of Space Mutiny. Also seen on a good number of tapes from AIP Home Video, Magnum Entertainment and Fries Home Video that were released in Canada. The second can be found on some Canadian VHS releases from the era, such as The Applegates and Xtro II: The Second Encounter, among others. Was also seen on Canadian releases of VHS tapes from Magnum Entertainment, Fries Home Video and AIP Home Video. The Nova Entertainment variant was spotted as of May 15, 2015 on the Canadian Seville Pictures DVD of Tune in Tomorrow. This also appears on some Nova tapes with the previous logos on the packaging, including, but not limited to Pride and Extreme Prejudice.
The first and second logos: Low to medium.