Some users might not see much of an incentive in purchasing a token that’s based on a video they can easily access for free anyway.
TikTok has officially launched the auction process for a new NFT collection of the platform’s top moments — kicking off with Bored in the House by Curtis Roach.
The catchy song was released back in April 2020, just as much of the world was entering coronavirus restrictions. It has been liked millions of times, and has spawned endless remakes.
TikTok says that the collection will be inspired by the trending videos created by “community-defining” creators — helping them to grow their followings and achieve their goals.
Other NFTs by the likes of Lil Nas X, Bella Poarch and Brittany Broski are in the pipeline — and all of them are being made available on Ethereum through a collaboration with Immutable X, which uses a carbon neutral, layer-two scaling solution.
For his video, Curtis Roach has teamed up with COIN ARTIST to create a fresh take on his famous video.
Will TikTok Users Be Interested?
Data shows that 32.9% of TikTok users are aged between 10 and 19 — but recent research from Piper Sandler suggests that just 9% of teenagers have invested in cryptocurrencies.
The social network’s move could help introduce NFTs to a new audience, but that doesn’t mean there won’t be challenges along the way.
To begin with, a number of users might not see much of an incentive in purchasing a token that’s based on a video they can easily access for free anyway.
It’s also fair to say that the price of these NFTs may be out of the reach of everyday consumers. At the time of writing, the highest bid on Curtis Roach’s NFT stands at 6.8 ETH — that’s worth about $23,707. There’s still six days before the auction draws to a close.