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 transform videos into digital assets. How does Collect work?
How does Collect work?
TikTok creators can now convert their viral videos to NFTs using Nfinity’s Collect feature. After creating an account with Nfinity, TikTok user can upload their content to the platform in just minutes. The creator then chooses which blockchain to use. Nfinity currently supports Ethereum, Polygon, Flow, and Binance Smart Chain.
Once the TikTok creator decides on which blockchain to use, they can then mint their collection directly on the Nfinity app. The app also allows creators to choose collection sizes, plot out rarities, and create metadata for their NFTs. From there, Nfinity has built-in tools designed to help advertise newly-minted NFTs to followers.
Additionally, Nfinity has a series of analytics tools built into the app itself. Creators can use these tools to chart their NFT’s performance. By doing so, they can use real-life data to make better-informed decisions on how to approach future NFT drops.
Fans can subsequently purchase NFTs from their favorite TikTok stars on the Nfinity app. Even better, collectors can view content from their influencers from other social media platforms as well. As of today, Nfinity also hosts content from YouTube and Twitter influencers. By using the platform, collectors can see content from all their favorite content creators in one place.
Liam Luan, the Nfinity CMO, states, “Our new ‘Collect’ feature is a game-changer for both creators and their fans. It empowers 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 that this will usher in a new era of fan engagement and further fuel the growth of the creator economy.”
What is TikTok?
TikTok is the most popular social media app among younger Americans. The app allows users to watch, create, and share short content 15-60 second long videos. It reached 2 billion users by 2022 after launching in 2016. On average, American users spend 46 minutes a day on the platform.
It has also had its fair share of controversy. Many security experts warned that the app contains malware that gives the TikTok’s parent company ByteDance an inappropriate amount of data. In 2019, the Federal Trade Commission fined ByteDance $5.7m over allegations of illegally collecting private information from children, a record penalty for a child privacy infraction.
TikTok has become a political target, too. In 2020, President Donald Trump voiced concerns about the app and threatened to ban it in the United States. He viewed the Chinese-based ByteDance as a threat to national security, believing that the company was most likely spying on US citizens. To that effect, many states prohibit lawmakers from using the app to avoid potential foreign espionage.
Regardless, people seem to love the social media app. Whether or not this will translate to users buying NFTs remains to be seen, however.