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

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