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).

And really, you’re purchasing more than the physical art in this respect. It’s an investment, and a status symbol, all-in-one – which, right now, is a key element in the rise of NFTs, as digital collectors look to get in on the trend, and show off their pieces online.

Which is why both Twitter and Instagram are working on new NFT display options, so that users can present their purchases on their profiles, and given TikTok’s interest in the same, it seems likely that it too will eventually look to integrate NFT display options into its profile tools as well.

But right now, TikTok ‘Top Moments’ is where it’s starting. And by re-angling it as a creator monetization option, it could eventually lead to TikTok providing a more direct pathway for all creators to easily transfer their best TikTok clips into sellable NFTs, adding more options for them to generate income from their efforts.

That does depend on the NFT trend holding, and it’s too early to say how their popularity will hold up over time. But as TikTok seeks more ways to help creators make money, in order to keep them posting to the platform more often, it could be a smart pathway to pursue, in alignment with its brand partnership and eCommerce integrations.

You can stay up to date with the TikTok Top Moments Collection on the dedicated Immutable X site.

Source: www.socialmediatoday.com, originally published on 2021-09-30 18:57:37