TikTok is experimenting with the NFTs using its viral moments

    05 Oct 2021
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    TikTok announced it is releasing an NFT collection called TikTok Top Moments. The first one is set to be released in collaboration with Lil Nas X.

    According to a press release issued by TikTok, the company sees NFTs as an untapped growth vector in its ongoing efforts to help drive content monetization for creators.

    The first drop, consisting of six unique one-of-one NFTs, will allow users the potential to buy a historical TikTok moment. One example is Rudy Willingham’s stop-motion cutout video featuring a dancing Lil Nas X. Willingham was tasked with creating 81 unique cutouts—one per frame—in order to bring the dancing figure to life. His arduous efforts have since been rewarded to the tune of over 15 million views.

    Following Lil Nas X, creators Bella Poarch, Brittany Broski, Curtis Roach, FNMeka, Gary Vaynerchuk, and Jess Marciante will release TikTok NFTs.

    The viral moments of the platform will be available for trade as digital figurines on the Ethereum blockchain via Immutable X. This Immutable X is actually a coating 2 for digital assets on Ethereum that supports the inexpensive transaction.

    The content creators on the platform will collaborate with recognized Non-fungible Tokens makers, such as x0r, RTFKT, C0IN ARTIST, and others for a limited edition. The sale proceeds from Non-Fungible Tokens will majorly go to the creators’ account and artists who are engaged in it. However, the amount received from the sale of Brittany Borski will be used for charitable purposes.

    The company is side-stepping blockchain energy concerns by placing their NFTs on a dedicated site powered by Immutable X, a Layer-2 scaling solution for Ethereum which says that NFTs traded using it are “100% carbon neutral.” The drop starts October 6 with a collection from Lil Nas X and will continue through the end of the month.

    Why is TikTok getting into the world of NFTs, to begin with? TikTok has a fairly precise answer for that on its drop site:

    “Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally significant moments on TikTok.”

    “The creation that happens on TikTok helps drive culture and start trends that impact society. TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and pairing them with prominent NFT artists.”

    It’s clearly a niche early experiment for the company, which hasn’t previously indicated the same level of NFT interest that platforms like Twitter and Facebook have shown, but it also showcases that they think NFTs are a space worth paying some attention to.

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