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

Off-Chain vs. On-Chain Crypto Transactions: Which One Is Better?

Off-Chain vs. On-Chain Crypto Transactions: Which One Is Better?

Knowledge is power; when it comes to cryptocurrency, the more you know, the better financial decisions you will make. There is a lot to learn within the cryptocurrency space, such as how the different layers of blockchain technology work and which blockchain has the fastest transaction speed. Another important thing you need to know regarding blockchain transactions is the differences between off-chain and on-chain transactions—and which one can save you more money!

5 Essential Tricks to Master Microsoft Excel

5 Essential Tricks to Master Microsoft Excel

Microsoft Excel (MS Excel) is a must-have for any business. It is a powerful spreadsheet software application that allows users to store, organize and analyze data. While Excel is fairly easy to use, it can be tricky to become an expert. Don’t know where to start? We have compiled a list of easy-to-follow hacks that will help you become a pro at Excel!

Top Three Weirdest Mobile Game Advertisements

Top Three Weirdest Mobile Game Advertisements

Whether on YouTube or Instagram, I’m sure you all must have seen at least one mobile game advertisement. One common trope with today’s mobile game advertisements is that they tend to mislead their audience.
You might have come across these weird ads while scrolling through social media: In the ad for the strategy game “Game of Sultans”, a sultan is fat-shaming his daughter; in the match-three puzzle game “Lily’s Garden” ad, women use washing machines as vibrators.

The Maximalist Fashion Trend Where Did It Come From and Where Is It Going

The Maximalist Fashion Trend: Where Did It Come From and Where Is It Going?

If you Google “maximalist fashion”, you will be swamped with dressing guides dedicated to this “the more, the better” trend published by leading fashion magazines in 2022. Rapidly gaining popularity in the last couple of years, maximalist styles are breaking out of the runway of an Haute Couture fashion show, a red carpet event or a K-pop performance to conquer streets in high fashion neighborhoods.

How Is Technology Influencing the Food and Beverage Industry

How Is Technology Influencing the Food and Beverages Industry?

Food waste, sustainability and animal cruelty are some of the biggest challenges facing the food and beverage (F&B) industry nowadays. Like any other sector, the industry is dipping its toe into technology and innovations to seek solutions. While we are already seeing more food tech solutions in our everyday lives, like plant-based meat alternatives and food waste management startups.