On an existing Wordpress blog with about 2000 posts, each post has an image inside its HTML.
You should simply remove this image from the code and add it as "featured image", uploading it from Wordpress Media.
Some posts have a youtube video instead of the image, inserted with a shortcode; you should add the video as "featured video".
I attach a screenshot of the theme interface.
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I have 4+ years experience developing, maintaining and designing Wordpress websites. I can handle your conversion from images/videos inside posts to featured images/videos. I look forward to working for you!