TikTok has taken over the world by storm during the pandemic with widespread lockdowns forcing people to remain at home. With a wide assortment of nonfungible tokens (NFTs) slowly infiltrating every social media app, some of these platforms are now looking to exploit the trend.
Some of the platforms are facilitating NFT display, while others create their in-house digital artworks for sharing within their communities. TikTok is currently taking another approach to the digital art trend. The company has launched a new collection of ‘TikTok Top Moments’ that will enable people to own a part of web culture. It was created by some of the platform’s most popular stars.
TikTok explained:
“TikTok Top Moments features a selection of six culturally-significant TikTok videos from some of the most beloved creators on the platform. These featured creators, renowned for their cultural impact; have partnered with prominent NFT artists on one-of-one and limited edition NFTs that will include real-world redeemable value provided by the creator.”
Social Media Platforms Enter The NFT Space
This video streaming app is not the first platform to launch an NFT collection, with Twitter also releasing a series of custom digital artworks earlier in 2021. However, the distinct element in TikTok’s approach is that the sale of their NFTs will benefit the involved creators. Notably, proceeds will go mostly to the creators directly.
Building on our commitment to helping creators achieve their goals in the growing creator economy; TikTok NFTs provide a way for creators to be recognized and rewarded for their content, and for fans to own a culturally significant moment on TikTok.”
What these TikTok NFTs will be is not yet defined. Nonetheless, each of the unique moments will be auctioned. The extra and limited edition NFTs will get released every week throughout October.
The limited-edition NFTs will be sold at accessible price points to ensure each creator’s audience can own a piece of their history.”
This move is important for the video streaming app since many NFTs are selling for thousands and even millions of dollars. Collectors who have an eye for the future now want to acquire a piece of cultural history. Nonfungible tokens, just like traditional art pieces, will eventually gain lots of value over time.
But it is challenging for anyone outside the crypto/NFT sector to understand the entire process, mainly with descriptions like:
…minted and traded with zero gas fees on Immutable’s Layer-2.”
In that context, there is a lot of data and information to go over. Nonetheless, the basics are that NFTs are described as digital artworks that can be owned by one entity, with the entire ownership information and data kept mainly on the Ethereum blockchain. Hence, there is a unique identification for every piece and this then governs usage.
What Are These TikTok NFTs?
The best way to think about these NFTs is like traditional art where one buys a painting by a famous artist; and then they get control over how the artwork is displayed and used. Commercial usage is limited unless it is clearly defined in the purchase contract.
In that respect, the buyer acquires more than the physical art. It is a precious investment that doubles up as a status symbol. These features are responsible for the massive rise of the NFT sector. Digital collectors are now looking to get a piece of this trend and then show off what they have online.
Twitter and Instagram are also working on new nonfungible token display options to enable users to present their purchases on their profiles. Given TikTok’s interest in the same, it may ultimately integrate NFT display options into some of its profile tools.
But for now, the TikTok ‘Top Moments’ are a key starting point. By restructuring it as a creator monetization opportunity; it might push TikTok to come up with a direct pathway for all the creators. They can readily transfer their best TikTok clips into sellable nonfungible tokens. Such a move would add more options for the creators to generate some income from their work.
But all these developments will depend on the NFT trend persisting. For now, it is still quite early to determine how their popularity will hold over time. However, as TikTok seeks more strategies to help content creators generate some income, to encourage them to post more often, the NFT pathway might be a great one to pursue. The move comes in alignment with TikTok’s brand partnership and eCommerce links.
Top TikTok Creators To Lead The March Into NFT World
The quick-growing social media app that crossed 1 billion monthly users globally recently, has lined up its NFT drop. It will leverage content from some of the top creators like Grimes, Rudy Willingham, Lil Nas X, Bella Poarch, and Gary Vaynerchuk.
The unveiling of limited edition and one-of-one NFTs appears to focus on generating traffic; and excitement among the existing NFT community instead of exposing all users in the app to NFTs.
TikTok is reportedly sidestepping blockchain energy fears by placing their digital artworks on a dedicated site that is powered by a Layer-2 scaling solution for Ethereum, Immutable X. The platform insists that all NFTs traded using Immutable X are “100% carbon neutral.”
The drop is scheduled to start on October 6, 2021, with a collection from Lil Nas X. It will continue until the end of the month.
