With a large assortment of NFTs gradually infiltrating all social media applications, several platforms now want to enter the trend, either by facilitating NFT displays or by creating their own digital works of art to share within their communities.
And now, TikTok is taking a different approach to the digital art trend, launching a new collectionTikTok Top Moments ’, which will allow people to own a piece of web culture, created by some of the platform’s most popular stars.
As TikTok explained:
“TikTok Top Moments features a selection of six culturally significant TikTok videos from some of the platform’s most beloved creators. These prominent creators, known for their cultural influence, have teamed up with prominent NFT artists on a single in one and limited edition NFT that will include the actual redemptive value provided by the creator. ”
This is not the first social platform to launch its own NFT collection, and Twitter released a set of custom digital artworks earlier this year. But the only element in TikTok’s approach is that selling their NFTs will benefit the creators involved, the revenue ‘mostly’ goes directly to the creators.
“Building on our commitment to helping creators achieve their goals in a 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 up for auction, while additional, limited edition NFTs will be published weekly during October.
“The limited edition NFT will be sold at affordable prices to ensure that each author’s audience can own a piece of their history.”
Which is important because many NFTs sell for thousands, even millions of dollars, as collectors looking to the future seek to redeem a piece of cultural history that, like traditional works of art, will grow ideally over time.
Although it is probably difficult for anyone outside the crypto / NFT sector to really understand the whole process, especially with descriptions like:
“…forged and traded with zero gas compensation on Immutable’s Layer-2.”
There is a lot to go over in this regard, but the basics are that NFT are digital works of art that can be owned by one entity, and ownership data is stored on Ethereum blockchain (in general), ensuring that there is a separate identification for each piece, which then manages use.
The easiest way to think about this is like traditional art – you buy a painting by a famous artist and then have a level of control over how the artwork is used and displayed (through commercial use it is limited, unless explicitly included in the purchase)).
And indeed, in that respect you are buying more than physical art. It is an investment and a status symbol, all-in-one, which is currently a key element in the rise of NFT as digital collectors strive to enter the trend and show off their pieces online.
That’s why both Twitter and Instagram are working on new NFT display options, so users can present their purchases on their profiles, and given TikTok’s interest in them, it seems likely that he will eventually try to integrate NFT screen options into his profile tools as well.
But right now TikTok ‘Top Moments’ is starting. By re-enabling creator monetization options, this could ultimately lead to TikTok providing a more direct path for all creators to easily transfer their best TikTok clips to sales NFTs, giving them more opportunities to monetize their efforts.
It depends on keeping the NFT trend, and it’s too early to talk about how their popularity will keep up over time. But since TikTok is looking for more ways to help creators make money, to post them more often on the platform, this could be a smart way to align with the brand partnership and e-commerce integrations.
You can keep up to date with the TikTok Top Moments collection on the dedicated Immutable X website.
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