It’s no surprise that social networks and NFTs go hand in hand. Promoting their work, NFT makers use various social media platforms. NFT vendors, buyers, and middlemen may all find a supportive community on social media platforms. It’s therefore not shocking that more and more social networks are trying out NFTs.
Since joining in October of last year, TikTok has amassed one billion monthly users around the world. With input from the community’s most prominent content providers, the social media platform has organised its own NFT drop. As a matter of fact, TikTok ran a full-page text ad in the New York Times to publicise its NFT launch.
Popular Videos on TikTok
The fourth quarter of 2021 saw the introduction of TikTok Top Moments, a new spin on the popular digital art form. It was hoped that the NFT space may be used to give the TikTok creative community a boost. Fans may now own culturally significant TikTok events through NFTs, which also benefits artists and content providers.
TicTac on the Ethereum Blockchain Using the power of Immutable X
TikTok released its initial NFT collection on the Ethereum blockchain, enabled via Immutable X. In light of the persistent gas conflicts for NFTs on Ethereum, the widespread adoption of Immutable X is notable.
By moving TikTok Top Moments to the Ethereum blockchain, the social media company is effectively partitioning it from the rest of the platform. Hence, the NFTs are excluded from the software. Instead, they share the same infrastructure as other tokens that are issued and traded on Ethereum. There are secondary markets, like as OpenSea, where you may buy TikTok NFTs.
The Benefits of TikTok Participation in NFTs
An increasing number of Web 2.0 consumer tech companies are likely to enter the market as blockchain technology develops and consumer interest in digital assets grows. TikTok’s NFT offerings on the Ethereum blockchain stand in stark contrast to Facebook’s long-term objective in the blockchain space. You may draw parallels to Twitter’s NFT initiative, which also launched in June. The original character count for tweets was 140, therefore Twitter unveiled a compilation of such messages. TikTok’s model, in contrast to Twitter’s, offers attractive reward to the creators engaged.
TikTok’s use of a public blockchain has been met with approval by the blockchain community, which generally prioritises decentralisation. The relevance of NFT’s past is emphasised further by TikTok’s focus on memorable occurrences. Each of the Top Moments NFTs celebrates a different trending video from the video sharing platform TikTok. Collectibles’ connection to the past will grow in importance as the NFT market develops.
What Will Happen in the Future
While NFTs for TikTok Top Moments have been released, the majority of the original cast has mysteriously vanished. In the end, Rudy Willingham and Lil Nas X were unable to work together. Apparently it won’t be released at all, as per this article. Even more concerning is the speculation that top TikTok inventor Bella Poarch may leave the platform altogether over implementation worries.
Although many users have speculated about the fate of TikTok Top Moments, the company has yet to make a public statement. NFTs frequently experience setbacks due to the immaturity of the technology. Even if their NFT release is delayed, stars like Poarch and Lil Nas X have enough name recognition that they might still see strong demand.
User Reactions to NFTs on TikTok
Around a third of the TikTokers throughout the world are teenagers (10-19). Just nine percent of this demographic’s young consumers are actually interested in crypto.
Incorporating NFT into TikTok is a great way to spread awareness about non-fungible tokens to a wider audience, but the implementation process is fraught with challenges. To begin, some users might not see the point in spending money on a token for a film that they can watch for free elsewhere. The aforementioned group of people is frequently not financially independent yet, which means that the price might be an issue.
Online Video Stars Who Have Influenced Users on TikTok
People go to an NFT influencer for guidance and advice because of their extensive expertise in the industry. It’s common for them to have a sizable online following. Promoting NFT initiatives via influencers has shown to be a successful strategy. Several of the influencer’s followers put money into the venture because of their promotion of it. Through platforms like TikTok, NFT influencers are expanding their reach and building their followings by imparting their knowledge and expertise to their rapidly expanding fan bases.
With the NFT Launch, What’s Next for TikTok?
The launch of NFTs on TikTok looks to be taking a more discerning approach. Each member of the creative team is an avid user of the video-sharing platform TikTok. Every one of these shorts was inspired by a video that went popular on TikTok.
The popularity of NFTs, as well as cryptocurrencies and the metaverse, may be boosted through the TikTok Top Moments platform. This is because viewers have developed a deep connection to the platform’s video content. This implies that makers of NFT content may monetize their efforts while also reaping the benefits of TikTok’s established audience and infrastructure.
Whether or not the social media platform will continue to hand-pick which NFTs can be launched and sold on its platform, or whether or not any user will be allowed to do so freely, is still unknown. The latter is anticipated to assist TikTok’s NFT platform in growing significantly given the large number of producers and artists who currently have ready content in their app.
TikTok content is predominantly seen and shared using mobile devices. It will be fascinating to see the social network develop and enhance its NFT platform.
A Few Closing Remarks
With the vast reach of the social networking site, NFT space appears to be a lucrative investment. Limited-edition drops and auctioned assets show that there is demand. Similarly to other social efforts, TikTok Top Moments has to be fine-tuned so that it can compete with NFT programmes on other social platforms. TikTok’s ability to improve the campaign and give creators more agency by modifying and adapting its first NFT infrastructure will be fascinating to watch.