Social media platform TikTok’s plans to launch a series of non-fungible tokens (NFTs) have been scorned by critics.
Named ‘TikTok Top Moments’, and making a collection of trending music videos by artists such as US rapper Lil Nas X, and Filipino-American social media personality and singer Bella Poarch, the tokens are to be made available on Ethereum (ETH).
Already familiar with the blockchain and crypto sector, TikTok said: “Proceeds will largely go directly to the creators and NFT artists involved, providing TikTok and NFT fans and enthusiasts with a way to show support to the creators they love.”
TikTok NFT is a ‘complete joke’
However, according to Rolling Stone magazine, numerous artists have slammed the idea, branding it “a challenge”, “a mess”, and “a complete joke”.
TikTok’s first NFT collaboration, featuring American rapper Lil Nas X and artist Rudy Willingham, still hasn’t seen the light of a day, and sources reportedly claimed the release will not be coming out at all.
Also, one of TikTok’s biggest celebs, Poarch, has been allegedly thinking of pulling out of the program over concerns related to its execution, one source said.
In order to motivate Poarch, the social media giant had reportedly offered her marketing support worth approximately $4m around the artist’s next release, and to use one of her tracks in an ad campaign.
A TikTok spokesperson called these claims fake and added the first TikToker already released his NFT – Curtis Roach’s ‘Bored in the House’. The 15-second clip was among the first pandemic-era TikToks to go viral.
No one captured the last year better than TikTok creator @curtistootrill with a quarantine boredom anthem that managed to turn hypnotic monotony into joyful art.
You can own this moment as a NFT now: https://t.co/7qauiJAhzy pic.twitter.com/4M9FFvBVMD
— TikTok (@tiktok_us) October 11, 2021
Even though TikTok is well established, it would appear the more serious the artist the more serious the platform must be upon which they promote themselves.
Musicians like the Weeknd and Kings of Leon cannonballed into the NFT market, seeing a chance to print some extra cash – the Weeknd sold both art and new music, while Kings of Leon released a whole album as an NFT.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.