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You can reach TikTok videos as NFTs!
TikTok users will soon be able to monetize their content using NFTs. Nfinity, a social media technology platform, introduced a new feature called “Collect” that allows creators to turn videos into digital assets. How does Collect work?
Image credit: Bloomberg
How does Collect work?
TikTok creators can now convert viral videos into NFTs using Nfinity’s Collect feature. After creating an account with Nfinity, TikTok users can upload their content to the platform in minutes. The creator then chooses which blockchain to use. Nfinity currently supports Ethereum, Polygon, Flow and Binance Smart Chain.
Once the TikTok creator decides which blockchain to use, they can create their collection directly on the Nfinity app. The app also allows creators to choose collection sizes, plot rarities, and create metadata for their NFTs. From there, Nfinity has built-in tools designed to help advertise newly created NFTs to followers.
In addition, Nfinity has a series of analysis tools built into the app itself. Creators can use these tools to track NFT’s performance. By doing so, they can use real-world data to make better informed decisions about how to approach future NFT cases.
Fans can then purchase NFTs from their favorite TikTok stars on the Nfinity app. Even better, collectors can also view content from their influencers from other social media platforms. As of today, Nfinity also hosts content from YouTube and Twitter influencers. Using the platform, collectors can view content from all their favorite content creators in one place.
Liam Luan, Nfinity CMO, states: “Our new ‘Collect’ feature is a game-changer for both creators and their fans. It allows creators to monetize their content in a whole new way and gives fans a unique opportunity to own a piece of their favorite influencer’s work. We believe this will usher in a new era of fan engagement and fuel the growth of the creator economy.”
Image credit: Nfinity.io
What is TikTok?
TikTok is the most popular social media app among younger Americans. The app allows users to view, create and share short content 15-60 second videos. It reached 2 billion users by 2022 after launching in 2016. On average, US users spend 46 minutes a day on the platform.
It has also had its share of controversies. Many security experts warned that the app contains malware that gives TikTok’s parent company ByteDance an inappropriate amount of data. In 2019, the Federal Trade Commission fined ByteDance $5.7 million for allegations of illegally collecting private information from children, a record penalty for child protection violations.
TikTok has also become a political target. In 2020, President Donald Trump expressed concern about the app and threatened to ban it in the United States. He saw the Chinese-based ByteDance as a threat to national security, and believed that the company was most likely spying on American citizens. That’s why many states prohibit lawmakers from using the app to avoid potential foreign espionage.
Regardless, people seem to love the social media app. However, whether or not this will lead to users buying NFTs remains to be seen.
