Source: Adobe / Ascannio
The social media platform TikTok It recently revealed plans to expand to non-fungible tokens (NFTs), but it appears to have run into trouble, with some critics describing its planned NFT launch as a failure.
Named ‘TikTok Top Moments’ and comprised of a batch of trending music videos from artists such as American rapper Lil Nas X and Filipino-American social media personality and singer Bella Poarch, the tokens were to be available on Ethereum (ETH) this month. . Yet despite the hype the platform tried to create around the collection, American magazine Rolling Stone claims that industry insiders are calling Tik Tok’s efforts anything but successful.
“Proceeds will largely go directly to the NFT creators and artists involved, providing TikTok and NFT fans and enthusiasts with a way to show their support for the creators they love,” the platform stated ahead of launch, though so far, the program has not. It spurred earnings, and industry buzz indicates that a number of artists are considering abandoning it.
While some insiders spoke on condition of anonymity, three people with knowledge of the NFT effort described it as “a challenge,” “a disaster,” and “a complete joke,” according to the magazine.
TikTok’s first NFT collaboration, with American rapper Lil Nas X and artist Rudy Willingham, has yet to be released, and a source close to the initiative has reportedly said the release will not be published at all.
On top of that, Poarch, TikTok’s top celebrity, has been contemplating pulling out of the show over concerns related to its execution, another source said.
To incentivize Poarch, the social media giant had allegedly offered her marketing support with a potential value of up to $ 4 million around the artist’s upcoming release and to use one of her tracks in an ad campaign. However, a TikTok spokesperson states that “this is not accurate.”
It remains to be seen what, if anything, will come out of this NFT effort.
Cryptonews.com has reached out to TikTok for comment.
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