With a wide range of NFTs gradually infiltrating all social media apps, multiple platforms are now trying to join the trend, either by facilitating NFT viewing or by creating their own digital artwork to share in their communities.
And now TikTok goes with the launch of a new collection of ‘TikTok Top Moments, ”which will allow people to own a piece of web culture created by some of the platform’s most popular stars.
As explained by TikTok:
“TikTok Top Moments features a selection of six culturally significant TikTok videos from some of the most popular YouTubers on the platform. Known for their cultural impact, these featured creators have partnered with prominent NFT artists to create unique and limited edition NFTs that incorporate the real-world redeemable value provided by the creator. “
It’s not the first social platform to launch its own NFT collection. Twitter released a number of custom digital artwork earlier this year. The unique element of TikTok’s approach, however, is that the sale of their NFTs benefits the developers involved, with most of the proceeds go directly to the makers.
“Building on our commitment to helping creators achieve their goals in the growing creator economy, TikTok NFTs provide an opportunity for creators to be recognized and rewarded for their content and for fans to have a culturally meaningful moment on TikTok experience. ”
What exactly these new NFTs will be is not entirely clear, but each of the unique moments will be auctioned off while more limited edition NFTs will be released every week in October.
“The limited edition NFTs are being sold at affordable prices to ensure that each creator’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 want to buy up a piece of cultural history that, like traditional works of art, ideally increases in value over time.
Although for someone outside of the crypto / NFT sector it is likely to be difficult to really understand the whole process, especially with descriptions like:
“…minted on Immutables Layer-2 and traded without gas fees.”
There’s a lot to talk about in this regard, but the basics are that NFTs are digital works of art that can be owned by a single entity with ownership data stored on it the Ethereum blockchain (in general) to ensure that there is a unique identifier for each part, which then governs its use.
The easiest way to imagine this is like traditional art – you buy a painting by a famous artist and then you have some degree of control over how that work of art is used and displayed (unless limited by commercial use this is , it is expressly included in the purchase).
And really, you are buying more than the physical art in this regard. It’s an investment and a status symbol rolled into one – which is currently a key element in the rise of NFTs as digital collectors try to jump in the trend and showcase their pieces online.
Because of this, both Twitter and Instagram are working on new NFT display options so that users can showcase their purchases on their profiles, and given TikTok’s interest, it seems likely that TikTok will try to incorporate NFT display options into it at some point as well Profile tools.
But right now it starts with TikTok ‘Top Moments’. And by realigning it as a monetization option for creators, it could eventually lead to TikTok providing a more direct way for all creators to easily cast their best TikTok clips into salable NFTs and give them more opportunities to generate income from their efforts.
That depends on the NFT trend mindset, and it’s too early to say how their popularity will hold up over time. However, as TikTok is looking for more ways to help developers make money in order to post them more frequently on the platform, this could be a wise path to follow in line with its brand partnership and ecommerce integrations.
You can keep up to date with the TikTok Top Moments Collection on the dedicated Immutable X site.