NFTs have been around for a few years, but they have only recently garnered popularity in the mainstream media. Non-fungible tokens (NFTs) are tokens that exist on the decentralized blockchain. Their blockchain tokenization makes them unique, making them non-fungible. They’re now ubiquitous, grabbing headlines for the billion-dollar market they’ve become. They’re growing so popular that they’re infiltrating the centralized app world. Twitter and TikTok are prime instances of centralized apps vying for a piece of the action. So, what’s the deal with TikTok and NFTs? TikTok made (or attempted to make) its first foray into the world of NFT. The entire thing was a total disaster that resulted in nothing but disappointment. So, what was the big deal?
The TikTok Launched ‘Top Moments’ Collection
TikTok said it would collaborate with prominent TikTok creators and NFT artists to launch an NFT collection to become a part of the increasing trend. The collection, dubbed “TikTok Top Moments,” would enable users to acquire TikToks from their favorite creators. The collection included six “culturally important” TikTok films from creators such as Lil Nas X, Rudy Willingham, Brittany Broski, FNMeka, Jess Marciante, Curtis Roach, Bella Poarch, and Gary Vaynerchuk. They were many TikToks that influenced entertainment, culture, and the TikTok community. The sales revenues would have gone to TikTok artists and NFT creators. The NFTs were supposed to go live on Immutable X, a layer two solution for Ethereum that is more environmentally friendly than layer 1 Ethereum.
What Happened To TikTok NFTs?
To say that the entire thing flopped would be an understatement. The entire thing was thrown together carelessly and never came to completion. Only two NFTs were dropped out of a collection of six that were supposed to drop at one-week intervals. The remainder of the launch never happened place. Whether you’re wondering if you can still possess one of these NFTs, the answer is no since they’re no longer accessible as NFTs. Some background information: Several issues contributed to the launch’s failure. The initial launch was supposed to be for the TikTok of Lil Nas X and Rudy Willingham. TikTok was a stop motion video produced on the song “Montero (Call Me By Your Name).” However, TikTok was unable to get the song’s music licensing rights. As a result, Lil Nas X pulled out, and the NFT could not launch.
After that, everything appeared to fall apart like dominoes. The majority of the other creators also backed out. According to speculation, the musicians dropped out because they didn’t want to offend the crypto community. In general, the world of cryptocurrency, NFTs, and Web 3.0 is decentralized. The beauty of NFTs is that artists do not have to depend on corporations such to commercialize their content, such as Instagram, Facebook, or TikTok. Likewise, artists do not need corporations such as TikTok to facilitate NFT sales. As a result, the crypto community could have been more thrilled with TikTok’s engagement in the project. And the whole project could have gotten the attention the corporation hoped for. Curtis Roach and Jess Marciante were the only NFTs to launch. Even though this project failed, TikTok is optimistic that new NFT ventures will be launched. So, if you want to possess a TikTok NFT, you must wait and watch what happens.
Is It Possible To Turn My Own TikToks Into NFTs?
Yes, you certainly can. That is the beauty of NFTs. TikTok is not required to launch your videos as NFTs. In NFT markets, anybody may create and sell NFTs. One thing to keep in mind while creating NFTs is that you should control their rights to them. So, if your TikTok video incorporates another creator’s video, you’d need their permission or the publication rights to mint it as an NFT. Otherwise, there would be legal consequences.
You should also bear another reality in mind before venturing into the world of NFT. Even though you’ve certainly heard of several NFTs generating millions of dollars, the reality is that they’re still uncommon. Even NFTs worth hundreds of thousands of dollars are uncommon. Most NFTs, in reality, only sell for a few hundred dollars. Most Ethereum blockchain systems charge gas costs. So proceed with caution. Before you decide to sell your NFTs, do some research. Keep your expectations in control as well.
NFTs are one of the year’s biggest phenomena everyone wants. Everyone, whether an artist, a crypto enthusiast, or a corporation, is being drawn into its vortex. But what happened with TikTok’s collection demonstrates how important it is to be cautious when dealing with NFTs, or things may quickly go wrong.
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