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Nft and music, TikTok announces its first auction on Ethereum

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Nft and music, TikTok announces its first auction on Ethereum | WeWealth





















We Wealth

For TikTok, the sale of NFT could become a new empowerment tool for content creators

The auctions of the TikTok Top Moments will begin on 6 October and, the company guarantees, will be carbon neutral. Lil Nas X, Grimes and other celebrities will be among the protagonists of the videos launched for “tokenization”

Nft fever has infected even the most viral of social networks. TikTok will auction six of the community’s most popular videos in the form of non-fungible tokens. Most of the money raised by the ” TikTok Top Moments”Will go directly to the creators of the contents who, if this happens, could see precisely in the sale of NFTs a new source of income and recognition. The platform, owned by the Chinese Bytedance, has not clarified how the proceeds of the auctions will be divided, which will be held weekly starting from the next 6 October.

To make the content that TikTok has decided to tokenize for its first auction particularly captivating are the stars in the various videos: you go to the rapper Lil Nas X to the famous indie singer Grimes, plus various other native web celebrities.

Non-fungible tokens certify the possession of a digital copy of a certain limited edition content (or unique piece); the controlled offer and the inability to duplicate NFTs, which can be resold through the blockchain, are often the basis of dizzying price speculations. It is not clear whether this NFT hunting phenomenon will be repeated even for videos that have already appeared on the smartphones of millions of users.

How the TikTok NFT auction will work

The TikTok Top Moments will be based on the Ethereum blockchain platform. The NFTs will be created by Immutable X, which will make use, says the social network, of the first Ethereum-based carbon neutral level 2 scalability solution.

The exchange of these tokens, in essence, can take place without having to worry too much about the huge energy consumption usually associated with the operation of the blockchain.

To purchase their personal copy of the viral videos, users will need to acquire an ether wallet and, in some way, enter the “circle” of cryptocurrencies. The offer of TikTok-branded NFTs will be “limited”, even if a precise number has not been provided regarding the copies that will be made available. “They will be sold at popular access prices to ensure that each creator’s audience can get hold of a piece of their story, ”the company stressed.

The first auction will closely look at rapper Lil Nas X and creator Rudy Willingham. The video in question is a kaleidoscope of colors in stop-motion that sees the silhouette of the singer in different poses and backgrounds, for a total of 81 shots. The second TikTok Top Moment will be dedicated to the catchphrase born during the first “Bored in the house” lockdown, created by rapper Curtis Roach, whose career took off thanks to those lucky 15 seconds.

“The creations that happen on TikTok help drive culture and trigger trends beyond the platform,” said Nick Tran, TikTok global head of marketing. “As the creator economy continues to grow, we are continually looking for new ways and differentiate to support our creators. Now, fans can have a moment on TikTok that helped shape the internet by supporting some of their favorite creators. We’re excited to see how our community and NFT communities engage with some of the most popular cultural milestones on the Internet “.

We Wealth

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