NFT season is on, big time. TikTok has become the latest major tech company to announce a series of non-fungible tokens, partnering with some of its top content creators to deliver limited-edition tokens.
TikTok Top Moments will feature content from Lil Nas X, Grime, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk, among others, in several partnerships and link-ups to create unique works.
TikTok Joins the NFT Craze With TikTok Top Moments
TikTok's announced its move into the wild world of non-fungible tokens (NFTs) with a characteristic eye-catching list of creator names. Lil Nas X, Grimes, FNMeka, and the other “community-defining creators” account for hundreds of millions of Followers and billions of Likes, with their TikTok's regularly going viral.
TikTok Top Moments will see some of those top creators collaborating to create one-of-one, truly unique NFTs, starting with Lil Nas X and Rudy Willingham.
Willingham's stop motion tribute to Lil Nas X's incredible (or mind-warping) Montero (Call Me By Your Name) was a massive TikTok success. Their collaborative creation will be the first to go live on the official TikTok Top Moments site on October 6, 2021, kicking off a month or so of drops from other artists.
Right now, there is zero indication as to how the one-off NFTs will be priced, but you can guarantee they won't come cheap in the auction process.
What Platform Will TikTok's NFTs Use?
TikTok Top Moments will be minted on the Ethereum blockchain via the Immutable X platform. The resale of the TikTok NFTs will remain locked until the last NFT drop completes.
TikTok NFTs: Who Is Making Money Here?
The aim of the TikTok NFTs seems ambiguous. TikTok's announcement blog post reveals that “proceeds will largely go directly to the creators and NFT artists involved,” but there is little information on pricing and payments outside of that.
These super-rare collectible NFTs will sell for far more than most TikTok users can afford (we're expecting them to go for hundreds of thousands of dollars or the equivalent in Ethereum), and so the main goal seems to be platform promotion rather than TikTok actually moving into the NFT space in a major way.
However, it could pave the way for its other creators to begin minting their creations, enabling them to cash-in on their popularity through another medium.
While NFTs remain a fairly niche interest, when popular artists make a move into the space, others are guaranteed to follow—especially if there is a quick buck to be made.
TikTok Uses Carbon Neutral NFT Platform
One of the biggest issues levied at NFTs is the environmental impact of these blockchain-based JPEGs (or, in this case, TikTok creations). NFTs are associated with one of the major dilemmas facing cryptocurrency and blockchain technology: environmental damage.
Justifying the existence of non-fungible tokens that require huge amounts of energy to use, store, trade, and access is difficult at best and an indefensible moral quandary at worst.
However, TikTok is minting its Top Moments NFTs using Immutable X, a carbon-neutral minting platform that reduces the impact of the minting process on the Ethereum blockchain.
By offsetting any minting transactions, Immutable believes it is rebalancing the environmental issue, but others aren't so sure that this panacea is the cure-all they'd like it to be.
Will You Buy a TikTok NFT?
Given the potential price of the first series of TikTok Top Moments NFTs, most people are very unlikely to get their hands on one.
But that situation could change if TikTok rolls the NFT minting option out to its millions of creators, with both TikTok users and NFT collectors sure to pounce on the chance to flip these weird and controversial tokens.
Author: Gavin Phillips
Source: Gavin Phillips.” TikTok Starts Selling NFTs, and Here’s How to Buy One”. Retrieved From https://www.makeuseof.com/tiktok-starts-selling-nfts-and-heres-how-to-buy-one/
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