TikTok “Scared” Its Artists With NFT, Says RollingStone Magazine, Lil Nas X Withdrawing From Project? – DiarioBitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

TikTok "Scared" Its Artists With NFT, Says RollingStone Magazine, Lil Nas X Withdrawing From Project? - DiarioBitcoin By Hannah perez

The start of TikTok’s NFT collection would be a collaboration between Lil Nas X and Rudy Willingham, but that seems to have been shelved. Instead, after several days of delay, the artist Curtis Roach launched a first NFT.

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Two weeks ago, the popular social media platform TikTok announced that it was immersing itself in the growing and vibrant space of non-fungible tokens (NFTs) with the launch of the project “TikTok Top Moments“.

The short-form video app’s first digital art collection to become a global phenomenon would include several of TikTok’s best-known creators and celebrities. Among them, the American artist and rapper Lil Nas X and the singer Bella Poarch, signed to launch NFT in alliance with the platform.

The collection’s first release was supposed to be a digital art piece by Lil Nas X in collaboration with artist Rudy Willingham., which was scheduled for Wednesday, October 6. However, when the date came, the collection was nowhere to be found; and a week later, there is still no sign of the promised NFT.

According to a magazine report RollingStone the delay is due to focus “messy”That TikTok has maintained in relation to the project. In fact, according to the report, several of the artists have chosen to distance themselves from the initiative.

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TikTok’s NFT project is “a disaster”

A familiar person, who preferred to remain anonymous, told the magazine that the Lil Nas X and Rudy Willingham’s NFT artwork will not come out at all. It was unclear what form the artists’ NFT would take, but it appears the collaboration has been shelved for now. The insider did not provide details on whether Lil Nas X has withdrawn from the project and the artist has also not published anything about it on his social networks.

Meanwhile, another source with knowledge of the matter revealed RollingStone that Poarch, a wildly successful TikTok creator who broke YouTube records earlier this year with his simple “Build a Bitch“, has been actively considering withdrawing from the program due to concerns about its performance.

According to the report, TikTok would have offered its artists and creators an attractive incentive for participating in the NFT program. Quoting a person with knowledge of the company’s sales, the magazine stated that TikTok will offered Poarch marketing support, possibly worth up to $ 4 million. The source also said that TikTok promised to use one of its tracks in a year-end ad campaign, though uA spokesperson for the platform stated that this information was not entirely accurate.

Previously, in the launch statement, the company had ensured that the profits from the NFTs would go “In large part directly to the NFT creators and artists involved, which will provide TikTok and NFT fans and enthusiasts with a way to show their support for the creators they love.”

Although the report does not investigate the reasons why the artists would have decided to withdraw from the project, it speculates that it could be due to the flourishing of scams within the market. A few weeks ago, rap star Lil Uzi Vert was embroiled in controversy after endorsing an NFT project on Twitter that scammed collectors. The rapper later deleted the tweets.

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In the meantime, it appears that TikTok’s efforts to venture into the NFT space are not being entirely successful. The magazine cited three other familiar sources, who were also not identified, who described the project as a challenge“,”a disaster” and “a complete joke“.

Amid rumors, TikTok launches its first NFT

Despite the apparent difficulties, and the alleged departure of Lil Nas X and Bella Poarch, TikTok has decided to go ahead with its initiative. After several days of delay, the platform announced on Monday the launch of its first NFT in collaboration with Curtis Roach.

The program TikTok Top Moments”Was launched with the launch of the short video ‘Bored in the house‘, created by Roach, one of the first pandemic-era TikToks to go viral and has now been coined in web-based, scarce digital asset format Ethereum.

The influencer fans now can bid through the platform Zora to appropriate the NFT part. At the time of publishing, the highest bid for the video clip is 6.8 ether (ETH), valued at just over $ 23,500. The auction ends on Monday, October 18.

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While the first NFT in the TikTok collection was not the one promised, it appears that the initiative is captivating users of the platform. The Roach collectible has logged more than a dozen deals with 48 million views since its launch on Monday, according to data from Zora. It remains to be seen how the rest of the creators who have signed up to launch NFT will react and whether TikTok’s effort to enter the space attracts anticipated success.


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Sources: RollingStone, Twitter, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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