NFT digital assets are becoming a real craze. The global NFT market started to heat up at the beginning of this year, but it is in overdrive now.
NFTs are not only adopted by the crypto community but also accepted by mainstream media consumers. TikTok – one of the largest social channels – has recently shown support for NFTs through its first digital collectibles.
On September 30, TikTok announced TikTok Top Moments, a new program that recognizes and rewards content creators for their work. People are loving NFTs, and now there will be a new market for them.
TikTok Top Moments is Going NFT
TikTok Top Moments will feature six original NFT videos from creators such as Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk.
These artists will work with COIN ARTIST, x0r, RTFKT, Grimes, and others to create limited edition NFTs commemorating their videos. According to TikTok, the majority of the proceeds from the NFT sale will go directly to the NFT creators and artists.
The proceeds from Brittany Broski and Grimes’ collaboration, on the other hand, will go to charity.
The NFTs will be powered by the Ethereum blockchain, with Layer-2 technology implemented to make them more eco-friendly.
The one-of-one tokens will be on display for public sale while limited-edition NFTs sale will take place at the “accessible price points” every week until the end of October.
TikTok appears to be gradually incorporating blockchain technology into its overall business strategy.
The company recently collaborated with blockchain streaming platform Audius on a new feature called TikTok Sounds. The integration enables Audius users to export songs to Tik Tok using the protocol.
TikTok has approximately 1 billion users, with US audiences using the app to discover new artists and songs. Audius’ user base has grown to 5 million people since the launch of the mainnet service in October 2020.
With businesses and individuals looking to capture digital collections, NFT has emerged as the primary area of blockchain adoption. August was the busiest month in NFT history, with total NFT sales exceeding $4 billion.
Lil Nas Is The First Creator For Tik Tok NFTs Launch
Following the rollout of digital collectibles this fall, Tik Tok also announced that Lil Nas would be the first artist to drop digital collectibles.
Rudy Willingham’s viral stop-motion video of the artist’s “Montero (Call Me By Your Name)” will be featured on the limited-edition Lil Nas X TikTok NFT.
As described by TikTok, each of the 81 frames in the TikTok video contains Willingham’s signature cutouts, which are photographed against backgrounds that “portray multiple perspectives of [Lil Nas X’s] genius.”
The collaboration of Lil Nas and Tik Tok creator Rudy Willingham is expected to be a viral success.
The American rapper and musician is known for the global hit Old Town Road, which he co-wrote with Billy Ray Cyrus. Apart from musical talent, Lil Nas has stolen the spotlight every time showing in public with his queer and unique style.
The NFT revolution is clearly in its early stages. People are still debating whether the market is a bubble or the future of entertainment, games, movies, and other forms of content creation and distribution.
The explosive growth of NFT during this period is the start of the process of moving traditional entertaining types to the digital environment.
The influence of the cryptocurrency craze is also a significant factor. Still, the future of NFT remains a big unknown but it must have some potentials that explain why major companies are on board.