Social media platform TIC Tac recently unveiled plans to expand to non-fungible tokens (NFT), but it appears to have run into issues, with some critics describing its planned deployment of NFT as a flop.
Named “TikTok Top Moments” and featuring a bundle 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 this month. . However, despite the hype that the platform tried to create around the collection, the American magazine Rolling Stone complaints that industry insiders are calling Tik Tok’s efforts anything but success.
“Profits will largely go directly to the NFT creators and artists involved, giving TikTok and NFT fans and enthusiasts a way to show their support for the creators they love,” the platform said. declared prior to launch, although so far the program has not generated any revenue, and industry buzz indicates that various artists are considering opting out.
While some insiders spoke on condition of anonymity, three people familiar with the NFT effort described it as “a challenge,” “a mess” and “a complete joke,” according to the magazine.
TikTok’s first NFT collaboration, starring US 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 released at all.
On top of that, TikTok’s main celebrity Poarch has reportedly considered stepping down from the program due to concerns about its execution, another source said.
To entice Poarch, the social media giant reportedly offered him marketing support worth up to US $ 4 million around the artist’s upcoming release, and to use one of his tracks in an advertising campaign. . However, a TikTok spokesperson claims that “this is not correct”.
It remains to be seen what, if anything, will come out of this NFT venture.
Cryptonews.com contacted TikTok for comment.
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