TikTok is entering the NFT with TikTok Top Moments
Because no peace can be found in the age of man, TikTok has decided to partner with select creators, celebrities, and online entities such as Lil Nas X, Bella Porch, and Grimes to issue a collection of non-fungible tokens. These TikTok Top Moments, as the company is calling them, are inspired by six “culturally significant” TikTok videos, one each in the form of NFTs. TikTok plans to auction them off with a selection of limited edition NFTs that will be sold weekly throughout October.
Partnerships, creators, and new content are being tokenized and put up for auction. The musician debuts on October 6th in collaboration with Lil Nas X artist Rudy Willingham, while Grimes is collaborating with Brittany Brosky (“Kombucha Girl”), and separately with Bella Porch. TikTok’s full list of collaborations goes into more detail about these selections and more, but is strangely missing how creators will actually get paid.
TikTok writes, “The proceeds from this will go directly to the creators and NFT artists involved.” The verge. TikTok says the majority of the earnings will go to the creators of NFTs. The rest will go to Immutable X, which handles NFT trading for the set, and the Museum of Moving Images, which will host a TikTok exhibition showcasing the six main pieces in the TikTok collection. TikTok will not take any proceeds from the sale, and says that weekly drops of limited edition NFTs will be sold “at accessible price points to ensure that each creator’s audience can keep a piece of their history.”
While “owning” a viral TikTok can be an exciting idea, it’s worth acknowledging the environmental impact it can cause. NFTs and other blockchain-based projects have the potential to use enormous amounts of energy by design. Irreversible X says that NFT to TikTok mints will be carbon neutral, but not all NFT or NFT marketplaces are created equal. Likewise, whether you actually “own” the video NFTs you buy – outside of philosophical implications – is dependent on the security of wherever they are stored.
For more information on TikTok Top Moments, visit ImmutableX and TikTok’s site.
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