NFT Fever, TikTok Starts Selling Short Videos In Non-Fungible Tokens

JAKARTA – In the midst of the non-fungible token (NFT) fever that swept the world, TikTok was recently reported to have started selling video content in the form of NFT. The video content for sale is the best video ever made by a TikTok creator. This is a form of appreciation from TikTok to content creators on its platform.

The short video platform, owned by parent company ByteDance, allows video creators to earn extra income. Of course, the additional income is not small, because NFT payments will be paid using Ethereum crypto which is currently worth IDR 45 million per coin.

For information, NFT can be in the form of images, videos, songs, and various other digital assets that are registered in blockchain records. NFTs are similar to digital certificates of ownership. The rarer the NFT collection, the higher the price. This is similar to digital art.

It is planned that the NFT content sold will be collected in TikTok Top Moments, which is a list of the six trending TikTok videos on the short video platform. Every video that goes into TikTok Top Moments has a high chance of being sold in the form of non-fungible tokens.

"Today, we're announcing our first NFT collection on TikTok Top Moments, for some of the creators' content for trending videos they've created," TikTok said in a blog post.

Every video content transaction in the form of NFT will be recorded in the blockchain so that its authenticity and ownership are recognized. Blockchain is the technology that underlies cryptocurrencies, the technology is like a ledger that records all buying and selling.

TikTok will sell its video content starting October 6. TikTok also stated that the proceeds from the sale of NFT will go directly to content creators and the people involved in making the video. They also said a portion would be donated to charity. The TikTok NFT project has the support of the NFT company, Immutable, as reported by The Block Crytpo, Friday, October 1, 2021.

Nick Tran as TikTok's Global Head of Marketing said he was very enthusiastic about this program, especially because it involved well-known content creators such as Bella Poarch, Brittany Broski, Rudy Willingham, Lil Nas X, Curtis Roach, Jess Marciante, Gary Vaynerchuk, and FNMeka.

"We are enthusiastic to see how the creators, especially those involved in the NFT program, can show their best work here (TikTok)," said Tran.