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by Emma Newbery | Published on Oct. 7, 2021
Image source: Getty Images
Six famous TikTok moments will be auctioned off as NFTs in the coming weeks.
Social media video sharing platform TikTok is entering the NFT market with six videos from well-known artists. NFTs — non-fungible tokens — are a form of digital collectible using blockchain technology to track authorship and ownership information.
The NFT market has exploded since 2017, and TikTok joins other big names such as Twitter, Nike, and Coca-Cola in launching NFT collections. According to a recent industry report from DappRadar, NFT sales in the third quarter of this year generated $10.67 billion — up 704% from the previous quarter.
TikTok plans to auction its NFTs each week, starting yesterday (Oct. 6). According to its site, the idea is that people can, “Own a moment that broke the internet.” Each NFT is a collaboration between a popular TikTok creator and a top NFT artist.
The first work to go under the digital hammer was Rudy Willingham’s colorful tribute to Lil Nas X. According to TikTok’s press release, “Each of the 81 frames features Willingham’s signature cutouts, photographed against a background that reflects a different part of LNX’s genius.”
In the coming weeks, TikTok will auction the following NFTs:
The NFTs are built on the Ethereum (ETH) network, so if you don’t have ETH, you need to buy it from a cryptocurrency exchange to participate in the auction. TikTok has partnered with ImmutableX — an eco-friendly layer 2 solution for Ethereum — for its first foray into NFTs. Older cryptocurrency networks like Ethereum struggle with scalability and congestion, so layer 2 solutions are designed to sit on top of these existing blockchains to improve performance and reduce fees.
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NFTs are a powerful tool for content creators to prove authorship and make money from royalties. Each NFT is unique, and creators can market their work directly, without needing an art gallery or auction house.
However, investing in digital collectibles is a bit like investing in physical art. It’s a speculative and unpredictable world where prices rise and fall quickly based on the latest trends. CryptoKitties might be in vogue today, but tomorrow they could be overtaken by a craze for mice on bikes or digital dogs.
One piece of artwork may become a collector’s dream, but it may also end up being worthless. Simply put, if the market shifts, there’s no guarantee you can sell your NFT for more than you paid for it.
One additional challenge is that everybody’s getting in on the NFT game right now, making it difficult to pick out good long-term investments amid the flurry of digital merchandise. Plus, as with many things crypto, there are warnings that NFTs are a bubble that could burst at any moment.
If you’re a collector and enjoy owning art, music, or sports trading cards, NFT investments may be for you. But it’s important to take time to research the market and make sure you understand the potential pitfalls. You can minimize the risks by only spending money you can afford to lose and using a reputable NFT platform.
However, it’s one thing to buy an NFT because you want to own that item — if, say, you’re Lil Nas X’s biggest fan. But tread carefully if you’re buying because you’ve read stories about the profits people have made from buying and selling NFTs, or because you’re scared of missing out on the action. That’s never a good basis for investment decisions.
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Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Emma Newbery owns Ethereum.
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