TikTok is entering the NFT space, a somewhat late but lucrative move. Next month, the short-form video app will launch a collection of digital collectibles, titled “TikTok Top Moments,” that will allow customers to own a moment that broke the internet.
TikTok is launching its first NFT collection with top creators and artists
TikTok is launching its first NFT collection with top creators and artists like Lil Nas X, Grimes, Bella Poarch, Brittany Broski, and more. And then, the collection will feature six TikTok videos as one-of-one NFTs, as well as a set of limited edition NFTs inspired by major cultural moments from TikTok. Lil Nas X, in collaboration with the artist Rudy Willingham, will be the first to put his NFT up for sale on Octorber 6.
Source: Tiktok
The company is side-stepping blockchain energy concerns by placing their NFTs on a dedicated site powered by Immutable X, a Layer-2 scaling solution for Ethereum which says that NFTs traded using it are 100% carbon neutral.
Why is TikTok getting into the world of NFTs to begin with? TikTok has a fairly precise answer for that on its drop site:
“Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.”
The creation that happens on TikTok helps drive culture and start trends that impact society. TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and pairing them with prominent NFT artists.
While owning a viral TikTok might be an exciting idea, it’s worth acknowledging the environmental impact it could pose. NFTs and other blockchain-based projects have the potential to use massive amounts of energy, by design. Immutable X says the NFTs it helps TikTok mint will be carbon neutral, but not all NFTs or NFT marketplaces are created equal. Similarly, whether you actually “own” the video NFT you purchase is — outside of the philosophical implications — dependent on the security of wherever they’re stored.
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