Since the year began, Non-Fungible Tokens (NFTs) have seized the internet by storm. While some appear to be nothing more than money-making schemes, others have seen their owners make huge gains. Despite contrary opinions and rumours, NFTs appear to be here to stay. Every day, more significant corporations, as well as some of the internet’s most prominent celebrities, join the bandwagon.
Video sharing platform, TikTok is one of the most recent organizations to jump into the biggest crypto trend of the year; NFTs and recently announced the launch of its NFT collection “TikTok Top Moments” which went live on Tuesday, October 12th with its first collectible being auctioned at 6ETH. With these NFTs, TikTok users can now own a piece of the platform’s history by bidding and purchasing several iconic clips.
First on the List
Curtis Roach’s “Bored in the House” was the first TikTok NFT of its sort. The 15-second short clip was one of the first TikTok clips to go viral during the pandemic as everyone stayed at home enjoying the rhythm and feeling the vibes whilst reaching out for hope. The clip had millions of views and innumerable remixes and continues to be adored by TikTok users. TikTok’s first NFT is currently up for auction on Zora for seven days, with users bidding with Ethereum
Earlier this month, the short videos sharing platform noted that it will auction tokenized versions of popular videos by viral TikTok creators that brought defining moments for the TikTok community.
Other Content to be Launched
TikTok noted that its NFT series features about six TikTok clips from different creators which are considered to be culturally significant and popular amongst its users. While Curtis Roach’s “Bored in the House,” continues to be up for grabs, there are other contents waiting to be taken by users. TikTok entered into a partnership with some celebrities whose content will be used as NFTs. Some of these include content from creators such as Lil Nas X, Rudy Willingham, Bella Poarch, Brittany Broski, FNMeka, Jess Marciante, and Gary. On limited edition NFTs, the featured creators will collaborate with famous NFT artists such as COIN ARTIST, x0r, RTFKT, Grimes, and others.
The Partnership Between TikTok and Immutable X
The one-of-a-kind NFTs being auctioned by TikTok is backed by Immutable X, a carbon-neutral Layer-2 scaling solution provider and are launched on the Ethereum blockchain. According to reports, from October 1 to November 5, the TikTok NFT series will be included in Infinite Duets: Co-Creating on TikTok, a new TikTok exhibit at the Museum of the Moving Image in Queens, New York. TikTok’s NFT debut is intended to provide an additional money stream for creators and NFT artists, as well as improve the audience-performer relationship.
Reacting to the news, Nick Tran, Global Head of Marketing, TikTok, said, “the creation that happens on TikTok helps drive culture and starts trends beyond the platform. As the creator economy continues to grow, we’re continually looking for new and differentiated ways to support our creators. Now, fans can own a moment on TikTok that helped shape the internet while supporting some of their favourite creators. We’re excited to see how our community and NFT communities engage with some of the internet’s most beloved cultural milestones.”
While TikTok has said it will not reserve any proceeds from the sale for itself, it is believed that its presence in the NFT scene would further intensify the growth and popularity of NFTs since it is a mainstream application.