We can display the thumbnail image on the video by using the following code.
CALayer *firstThumbnailOverlay=[CALayer layer];
CABasicAnimation *firstfadeAnimation;
firstfadeAnimation=[CABasicAnimation animationWithKeyPath:@"opacity"];
firstfadeAnimation.fromValue = [NSNumber numberWithFloat:1.0];
firstfadeAnimation.toValue = [NSNumber numberWithFloat:0.0];
firstfadeAnimation.additive = NO;
firstfadeAnimation.removedOnCompletion = NO;
firstfadeAnimation.beginTime = CMTimeGetSeconds(firstAsset.duration);
firstfadeAnimation.duration = 0.0;
firstfadeAnimation.fillMode = kCAFillModeBoth;
[firstThumbnailOverlay addAnimation:firstfadeAnimation forKey:Nil];
[parentLayer addSublayer:firstThumbnailOverlay];