It has been reported that according to Mada Aflak, a senior software engineer at Twitter, the microblogging platform is working on new functionality that will let users import their NFT collections from their wallets on the blockchain. The feature would display a verified checkmark based on the blockchain the NFT has been minted on.
However, Twitter’s verified NFTs may be an answer to a problem that has been plaguing crypto Twitter. After NFTs exploded earlier this year and collections like CryptoPunks started trading for hundreds of thousands and even millions of dollars, they started being used as profile pictures. While on the blockchain ownership can easily be verified, on social media anyone can copy and paste the profile picture of someone else and use it on their own profile.
The report said that when this started happening with extremely expensive NFTs, collectors weren’t pleased. Digital artist Mike Winkelmann, known as Beeple, had one of his NFT artwork sell for $69 million, for example, and leading NFT marketplace OpenSea has seen its sales top $4 billion per month. A lot of money is involved, and while some argue that copy and pasting an NFT only makes it more valuable because of the attention it gets, others want to use and own their digital property exclusively.
Likewise, in an announcement made on September 28, TikTok revealed that it was launching an NFT collection inspired by its top creators including Lil Nas X, Bella Poarch, Curtis Roach, and others. The NFTs will be launched on the Ethereum network and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable.
It has been analyzed that the collection, called TikTok Top Moments, is set to feature a selection of six TikTok videos from the network’s most influential creators to celebrate their impact in helping it become one of the largest social media platforms in the world. Proceeds from the sales will go directly to content creators and NFT artists.
As reported, with over one billion users, TikTok is one of the largest social media platforms in the world. Its use of blockchain technology brings it one step closer to mainstream audiences who one day, without even realizing it, may hold assets on the blockchain.
Daniele Mensi, the Managing Director at DigitalBits, commented that NFTs are “changing the way we value ownership,” adding TikTok’s move “ushers in another era of value creation for consumers worldwide.”
He added that anything can be an NFT, including a TikTok video. As such, TikTok stars are now selling their content as NFTs and giving “fans the opportunity to own a piece of their work.”
Mensi further said:
“This paves the way and makes it more acceptable for anything to be an NFT. As the abbreviation becomes more recognized to the general public, people will realize how valuable and even necessary NFTs are.”
Thus, founder of the Waves blockchain Sasha Ivanov said TikTok’s ability to “create viral moments and cultural trends, as well as hyper-connect global communities, will play a pivotal role in the growth of the entire ecosystem.”