TikTok Takes the Crypto Plunge into NFTs

TikTok Takes the Crypto Plunge into NFTs

TikTok fans can now claim ownership of moments that broke the internet.

The NFT craze does not seem to be going away anytime soon. The global hype around immutable digital assets has only gone up as TikTok hops on the bandwagon, allowing fans to “own a moment that broke the internet”.

TikTok has become the most recent major video-sharing tech company to announce its own set of Non-Fungible Tokens (NFT). In a statement, TikTok announced its first-ever NFT collection called “TikTok Top Moments”. The collection is designed by “community-defining creators and inspired by the trending videos they created”. The star-studded cast of participants includes TikTok creators Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk.

The collection consists of a one-of-a-kind token of a viral video from each of the creators. These tokens will be made available on the Ethereum blockchain, powered by Immutable X, an open-source protocol. It also promises that any NFT created or traded on Immutable X is 100% carbon-neutral. The carbon neutrality aspect is significant in light of the environmental concerns surrounding the NFT minting technology.

TikTok’s embracing of NFTs is a major step towards making these crypto-assets mainstream. The media giant reasons that its plunge into NFTs is a “creator empowering tool”, inspired by the creativity and innovation within the TikTok community. It presents creators with a new way to gain the rewards and recognition that they deserve.

While the statement claims that the proceeds from the NFT sales would “largely” go towards creators, no amounts or percentages have been specified yet. 

The first NFT to go on sale on the dedicated drop site on October 6, 2021 is a collaboration between Lil Nas X and Rudy Willingham.

Image courtesy of Unsplash

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Can AI Help You Flirt Better

Can AI Help You Flirt Better?

“Excuse me, but I think you dropped something: my jaw.” This is the pick-up line the famous artificial intelligence (AI) chatbot ChatGPT dished out when we asked for some viable options. Not the most original, sure, but not bad for a trained algorithm.

4 Popular Companies Offering the Best Vacation Policies

4 Popular Companies Offering the Best Vacation Policies

The work-life balance is becoming increasingly important to many employees, and a comprehensive and generous vacation policy plays a crucial role in achieving this balance. Vacation time gives employees the chance to recharge, pursue personal interests and reap numerous benefits, such as increased job satisfaction, reduced stress and improved overall well-being

Is Using AI for Academic Writing Cheating?

Is Using AI for Academic Writing Cheating?

From films written and directed by ChatGPT to Kindle authors writing books with artificial intelligence (AI), we are seeing more and more reportage on AI writing tools these days. While writing with an AI may seem harmless and possibly helps improve work efficiency, the use of these tools in the sphere of academic writing has generated serious concern. Teachers are worried that the use of AI writing tools is equivalent to plagiarism or cheating.

7 Creative Ways to Reward Employees without a Salary Raise

7 Creative Ways to Reward Employees without a Salary Raise

Giving your employees a raise is a significant way to show your employees that you value their work and compensate them appropriately for their contributions. Failing to acknowledge the work of your employees can be ‌costly for startups. A OnePoll survey of 2,000 workers found that almost half of ‌American workers (46%) have quit a job due to feeling unrecognized