TikTok’s NFTs Run Into Issues As Artists Reportedly Hesitate To Participate
Social media platform TikTok recently unveiled plans to expand to non-fungible tokens (NFTs), but it seems to have run into trouble, with some critics describing its planned NFT rollout as a flop.
Named 'TikTok Top Moments' and comprising a batch 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 were to be made available on Ethereum (ETH) this month. However, despite the hype the platform attempted to create around the collection, US magazine Rolling Stone claims that industry insiders are calling Tik Tok’s efforts anything but successful.
“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,” the platform declared ahead of the launch, although so far, the program has not spurred any proceeds, and industry buzz indicates that various artists are considering to drop from it.
While some insiders spoke on condition of anonymity, three persons with knowledge of the NFT effort described it as “a challenge,” “a mess,” and “a complete joke,” according to the magazine.
TikTok’s first NFT collaboration, featuring American rapper Lil Nas X and artist Rudy Willingham, has not been released yet, and a source close to the initiative reportedly said the release will not be coming out at all.
On top of that, Poarch, TikTok’s prime celebrity, has been reportedly contemplating pulling out of the program overs worries related to its execution, another source said.
To incentivize Poarch, the social media giant had reportedly offered her marketing support potentially worth as much as USD 4m around the artist’s next release, and to use one of her tracks in an ad campaign. However, a TikTok spokesperson claims “this isn’t accurate”.
A spokesperson for TikTok told Cryptonews.com that one of the planned NFT auctions, featuring rapper Curtis Roach who partnered with NFT creator COIN ARTIST on her first music-inspired drop, was live and available for bidding here.
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(Updated on October 14, 07:36 UTC with a comment from TikTok.)