“TikTok Looks to Get in on the NFT Craze with its Own NFT Collection”
With a wide assortment of NFTs gradually infiltrating all social media apps, several platforms are now looking to lean into the trend, either by facilitating NFT display, or by creating their own digital artworks for sharing within their communities.
And now, TikTok is taking another approach to the digital art trend, with the launch of a new collection of ‘TikTok Top Moments’, which will enable people to own a piece of web culture, created by some of the platform’s most popular stars.
As explained by TikTok:
“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.”
It’s not the first social platform to launch its own NFT collection, with Twitter releasing a set of custom digital artworks earlier this year. But the unique element in TikTok’s approach is that the sale of their NFTs will benefit the creators involved, with the proceeds ‘largely’ going direct to the creators.
“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, exactly, these new NFTs will be is not entirely clear, but each of the unique moments will go to auction, while additional, limited edition NFTs will be released weekly 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.”
Which is important, because many NFTs are selling for thousands, even millions of dollars, as collectors with an eye to the future seek to buy up a piece of cultural history, which, like traditional art pieces, will ideally accrue in value over time.
Though it’s likely hard for anyone outside of the crypto/NFT sector to truly understand the whole process, especially with descriptions like:
“…minted and traded with zero gas fees on Immutable’s Layer-2.”
There’s a lot to go over in this respect, but the basics are that NFTs are digital artworks that can be owned by a single entity, with the ownership data stored on the Ethereum blockchain (generally), ensuring that there’s distinct identification for each piece, which then governs usage.
The easiest way to think of this is like traditional art – you buy a painting by a famous artist, and you then have a level of control over how that artwork is used and displayed (through commercial usage is limited, unless explicitly included in the purchase).
You’re buying a lot more than just a piece of art when you make this purchase. An investment and status symbol rolled into one, NFTs are becoming more popular among collectors who want to capitalize on the current trend and flaunt their collections online.
So Twitter and Instagram are developing new NFT display choices so that users may show their purchases on their profiles, and given TikTok’s interest in the same, it seems probable that NFT display options will ultimately be integrated into its profile features as well as Twitter and Instagram are.
However, TikTok ‘Top Moments’ is the place to start for the time being. It may ultimately lead to TikTok offering all creators with a more direct route to quickly convert their finest TikTok clips into sellable NFTs, giving them additional choices to earn money from their efforts by re-positioning it as a creator monetization option.
If the NFT trend continues, it will be a factor. However, it is too early to predict how popular NFTs will become. Nonetheless, as the company works to help artists earn money and keep them active on the site, this may be a viable business model for TikTok to explore.
You can stay up to date with the TikTok Top Moments Collection on the dedicated Immutable X site.
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