How to create this effect?

There is no genuine inversion or anything of the sort. It's just cycling through colors e.g. using Colorama and at times it just seems that the input phase just "flips over", causing that slight banding and hal-inverted look. All controllable from within Colorama directly and in a pinch of course the old rule applies: multiple layers and additional effects may be required.

Mylenium

An easy way would probably be to get a clip, make a solid, put fractal noise on it, bring the contrast up, alt+click the evolution and add "time*80", add cc toner and change the midtones to your color choice, and set the layer on overlay. You can also play around with the brightness and contrast on the fractal noise.

Here's what it looks like, hope this helps.