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TikTok has partnered with selected creators, celebrities and online entities such as Lil Nas, Bella Poarch and Grimes to release a collection non-fungible tokens .. These TikTok Top moments, as the company calls them, were inspired by six TikTok videos that are culturally significant. They come in the form one-of-one NFTs. TikTok will auction them along with a limited edition NFTs that it will sell every week throughout October.
The partners, creators and new material being auctioned off vary. On October 6th, Lil Nas X will be the first to auction with a collaboration featuring Rudy Willingham. Grimes will collaborate with Brittany Broski (“Kombucha Girl”) and Bella Poarch separately. The full list of collaborations on TikTok goes into greater detail about these choices, but it oddly misses details about how creators will actually be paid.
“Proceeds largely will go directly to creators and NFT artist involved,” TikTok writes. The verge asked the company to breakdown specific percentages. TikTok states that the majority of earnings will be donated to NFT creators. Rest will go to ImmutableX, which deals in NFT trading, and the Museum of the Moving Image. This museum will host a TikTok exhibit featuring the six main pieces of the TikTok collection. TikTok won’t take any sales proceeds and states that weekly drops of limited edition NFTs “will be sold at accessible prices points to ensure each creator can own a piece their history .”
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While “owning” a viral TikTok may seem like a great idea, it is important to consider the potential environmental impacts it might have. NFTs and other blockchain-based projects can use huge amounts of energy , through design. Immutable X claims that the NFTs it assists TikTok mint with will be carbon-neutral, but not all NFTs and NFT marketplaces can claim this. Similarly, whether you actually “own” the video NFT you purchase is — outside of the philosophical implications — dependent on the security of wherever they’re stored.
For more information on TikTok Top Moments, visit Immutable X and TikTok’s site.
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