TikTok ain’t letting up. With Twitter headlining recent social media news, the sage of short-form video won’t allow itself to be a runner-up. The recent NFT boom has signaled the platform that it has to start taking action to capitalize on the growing trend.
And take action it did; TikTok had just recently announced its first official NFT collection dubbed ‘TikTok Top Moments’. The collection is said to feature six ‘culturally significant’ TikTok videos along with limited-edition NFT assets, all of which are one-of-one collaborations between the platform’s top content creators and the top NFT artists.
TikTok had this to say:
“TikTok Top Moments features a selection of six culturally significant TikTok videos from some of the most beloved creators on the platform. These featured creators, renowned for their cultural impact, have partnered with prominent NFT artists on one-of-one and limited edition NFTs that will include real-world redeemable value provided by the creator.”
Along with NFT’s current “Status-Quo” nature, the addition of an exclusive TikTok video collection including Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk is likely to cause a stir. From a marketing perspective, such a project is sure to drive both engagement and sales, seeing as how the products are rare and in high-demand.
Good Synergy?
TikTok is a platform that encourages identity and authenticity. It’s an environment where people can be themselves and create moments to share to build and nurture connections. NFTs are essentially sole-proprietor assets, wholly owned by whoever purchased them. They’re unique and authentic simply because that’s how they were made to be. If TikTok is a platform that rewards individuals and brands for being different and authentic, then it’s no surprise that NFT feels more “at-home” on TikTok.
Since TikTok is also exploring more opportunities in eCommerce, the potential economic payout that NFT integration offers can be highly lucrative, seeing as how they’re currently selling for thousands, if not millions of dollars.
Though there isn’t a confirmation as to precisely what these NFT assets will be, what’s important to note is that each of the unique Moments will go on auction. At the same time, the limited-edition NFTS will be released weekly throughout October.
“The limited-edition NFTs will be sold at accessible price points to ensure each creator’s audience can own a piece of their history.”
The Wrap
NFT as a whole monetization scheme is quite interesting; it’s the feeling of exclusivity and uniqueness explains why NFT sells. It’s also the same elements that help build a brand’s image and following because people want what “stands out” — they want that spice. Presently, the best way to look at this is that NFT integration could eventually lead to a direct pathway for TikTok creators to easily transfer their content into sellable NFTs, fuelling both the platform and the entire cryptomarket.
Since TikTok is currently exploring more ways to help creators make a profit, this bridge into crypto-backed economics might provide them with opportunities they would’ve otherwise never considered. Though it’s unclear as to how long the NFT craze will last, as the realm of crypto is generally highly volatile, what is certain is that it has successfully pegged itself as a feasible model for eCommerce.
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