TikTok explores NFTs as new way to compensate creators

TikTok is minting a collection of NFTs to promote celebrities who made it big on the app like Lil Nas X and Bella Poarch. One of the NFTs even pays tribute to Gary Vaynerchuk, the advertising veteran who has been a vocal proponent of the crypto-based technology in marketing. On Thursday, TikTok announced that it would create six NFTs, non-fungible tokens, which have become a hot digital asset that confer ownership in cyberspace. TikTok called the NFT collection TikTok Top Moments, which will digitally represent milestones from the app’s history, like Lil Nas X’s “Montero (Call Me By Your Name)” song that gained popularity on TikTok and inspired a viral video by TikTok creator Rudy Willingham. Another NFT will incorporate Poarch, a performer who found her fame on TikTok. The other NFTs spotlight Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Vaynerchuk, TikTok said. The first NFT will drop on Wednesday on a custom website it developed. “We're exploring the world of NFTs as a new creator empowerment tool,” TikTok said in its announcement. @rudy_willingham 81 frames printed, cut and shot in camera! Happy Pride Month everybody! ##lilnasx ##pridemonth ##foryourpride ##prideanthems ♬ MONTERO (Call Me By Your Name) - Lil Nas X TikTok is not the first social media company to latch on to NFTs as a way to market its platform and compensate creators. Last week, Twitter announced new support for NFT creators by enabling them to show off their ownership of the digital assets on their Twitter timelines. Earlier this year, Twitter also minted 140 NFTs, in honor of its original 140-character limit in messaging, as part of a marketing campaign. NFTs are unique digital assets created on the blockchain, which is the same ledger system cryptocurrencies use to generate coins and record transactions. NFTs have become popular with brands that are trying to keep up to date with the latest technology. Companies like Taco Bell, Pringles, Anheuser Busch InBev, Campbell’s and more have generated NFTs to see in the online marketplaces. Vaynerchuk, the CEO of Vaynermedia, has launched personal NFT projects and incorporated them into his agency’s client services. TikTok worked with Immutable X, one of the many online NFT platforms. The project collaborates with NFT artists, including COIN ARTIST, x0r, RTFKT and Grimes, TikTok said. TikTok said that the money raised from the auctions of the NFTs will "largely go directly" to the creators and artists. “Fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators,” Nick Tran, TikTok’s global head of marketing, said in the announcement of the project.

TikTok explores NFTs as new way to compensate creators

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