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2
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· Posted on
February 21, 2024

TikTok stars get on the NFT payroll thanks to an Aussie fintech

Until now, TikTok creators had to rely on sponsorships or ads to make money from their content...not anymore!

What's the key learning?

  • NFTs are one-off digital tokens that represent ownership of a unique asset... and they're just about everywhere these days.
  • Aussie fintech Immutable has partnered with TikTok to allow a selection of TikTok's popular vids to be auctioned off as NFTS.
  • This means creators will get permanent NFT royalties for their content, and won't have to rely on sponsorships or ads to make money.

Background: NFTs - aka non-fungible tokens - are just about everywhere these days. They're a one-off digital token that represents ownership of a unique asset (like Jack Dorsey's first tweet).

What happened: Aussie fintech Immutable is an online platform that lets developers create NFT projects, and also lets users buy and sell NFTs.

What else: Immutable has partnered with TikTok to allow a selection of TikTok's most popular vids (think Lil Nas X and Bella Poarch) to be auctioned off as NFTs. It means creators will get permanent royalties for their content.

So what's the key learning?

💡NFT royalties are fast becoming a new breed of compensation for artists and creators online.

💡Unlike regular royalties, NFT royalties give creators a percentage of the sale price every time the NFT creation is re-sold on a marketplace. In other words, when there's a secondary sale of your NFT, you'll get an automatic payout. Kaching.

💡Most marketplaces will let the NFT creator choose their royalty percentage - but it's generally somewhere between 5 and 10%. Until now, TikTok creators had to rely on sponsorships or ads to make money from their content. Not anymore.

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