TikTok Follows Instagram: Social Media is All in to Take Over The NFT Space

NFT

NFT TikTok, the fast-growing social media platform, announced the release of its very own NFT project

NFTs are cryptographic assets on a digital ledger called the blockchain. It stands for non-fungible tokens. NFTs contain unique identification codes and metadata which distinguish them from each other. Non-fungible tokens are unique digital tokens attached to real-world assets like videos, art, and more, but cannot be traded like-for-like in the same way crypto coins are.

Recently, Twitter launched its first crypto-related feature NFT profile pictures and TikTok, the fast-growing social media platform, announced the release of its very own NFT project. Even the content of the NFT projects out there relies on established file formats to utilize as the voice or visual representation of their tokens. TikTok is taking another approach to the digital art trend, with the launch of a new collection of TikTok Top Moments.

 

Social platform’s new NFT space:

Both Twitter and TikTok social platforms are launched their NFT collection of digital art. But the unique element of TikTok’s approach is that the sale of their NFTs will benefit the creators involved, with the proceeds ‘largely’ going direct to the creators.

TikTok influencers delivering condensed stories about large NFT sales, or crypto-rich anons leaving their Twitter followers hanging off their every word, UGC seems to be at an all-time high in the NFT space. TikTok has 1 billion users on its video-sharing platform, paving the way to bring crypto to the masses.

NFT users set digital artwork they own as a hexagonal profile picture which, when clicked, permits others to learn more about the NFT art. NFTs are mainly used for certifying digital art. Social media like Twitter, Facebook, and Instagram with algorithms that are finely tuned for virality, are perfect for digital art.

The release of one-of-one and limited edition NFTs seems to be focused on generating buzz among the existing NFT community rather than exposing users inside the app to NFTs. NFT communities engage with some of the internet’s most beloved cultural milestones.

Reddit launched an identical feature. YouTube and Instagram have also said that they are exploring NFTs. And Facebook may be building an entire NFT marketplace. NFTs are bought and sold on bespoke marketplaces like OpenSea, SuperRare, and Decentraland, not social media platforms like Facebook, Instagram, and Twitter. Social media platforms have another thing that NFT marketplaces lack.

TikTok is exploring the world of non-fungible tokens as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok. TikTok NFTs provide a way for creators to be recognized and rewarded for their content, and for fans to own a culturally-significant moment on TikTok.

TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and pairing them with prominent NFT artists. Presently users can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators. TikTok’s drop site will have weekly releases up till the end of the month. The NFTs will be available on the Ethereum blockchain.

This is important because many NFTs are selling for thousands, even millions of dollars, collectors with an eye to the future, seek to buy up a piece of cultural history, which, like traditional art pieces, will ideally accrue in value over time.