People know Tiktok NFTs as TikTok non-fungible token. And NFTs are known as digital assets that are either unique or rare.
If you’ve acquired an NFT, it means you have possession of unique digital art. To understand better, let’s take a look at physical artworks. Anyone can buy a Monalisa art print, but only one person can own the original, although the artist could still retain the copyright and reproduction rights.
How did TikTok NFT start?
TikTok sees NFT as an opportunity to compensate their top creators better. Unlike Youtube, TikTok doesn’t pay its creators for advertisements. Although TikTok content creators with about 100,000 followers or more can get paid $200 to $1,000 a month.
Suppose you remember the “Renegade” that took social media by storm in 2020. Millions of TikTokers, including the most prominent stars, took videos of themselves performing that dance. But Renegade’s creator Jalaiah Harmon, then-14-year-old, was disheartened because she did not get any credit nor income that could’ve come with it.
What does it mean to creators?
Thus, Tiktok finally decided to put their hat on the NFT ring. In November 2021, TikTok will be releasing its first NFT collection featuring rapper and singer Lil Nas X.
TikTok NFTs could be a great opportunity looking far ahead, especially for those whose content is getting viral quickly but does not have something so much in return.
“Proceeds will largely go directly to the creators and NFT artists involved, providing TikTok and NFT fans and enthusiasts with a way to show support to the creators they love” by Tiktok.
What does it mean to fans or audiences?
“NFTs challenge the idea of ownership: digital files can be reproduced infinitely, and you do not (usually) buy the copyright or a license when purchasing an NFT,” said Jeffrey Thompson, associate professor at the Stevens Institute of Technology in Hoboken, New Jersey.
His statement means TikTok NFTs are not actual assets. People would only purchase them because they’d want to collect a piece of history in digital art. Or another reason is that NFTs can be a status symbol because TikTok will integrate a display option for all your NFT purchases, some experts predict.
NFTs are the future of digital artworks. They’re the representation of today’s trends and happenings. Something our grandkids would look back to picture what it’s like to be in the 21st century.