TikTok’s journey from banning crypto to embracing NFTs.

Tiktok has banned their influencers from promoting any kind of financial services related to Crypto on its platform including banks, credit cards, loans, Forex companies and anything related to cryptocurrency investing. The company aims to stop the promotion of high-risk frauds, scams, or schemes.

According to the FCA reports, “The findings reveal there is a new, younger, more diverse group of consumers getting involved in higher-risk investments, potentially prompted in part by the accessibility offered by new investment apps” and “fundamental impact on their future lifestyle.”

Tiktok wanted to stop young investors from getting into this misleading trap on how to get rich quickly. It has also introduced an automatic system that will remove content that is not aligned with the company’s terms and policies which has impacted the influencers as well.

“It’s left my account on such a razor’s edge,” said Dimos, a TikTok influencer. “We’re dying out here. We’re floundering. We’ve tried to build a community and guide this whole movement in the right direction.”

“It was almost like a knee-jerk reaction from TikTok against all of these scams that were going on,” said Dimos, who has over 314,000 followers on the platform. “While they may have blocked the scam posts, all of us creators are unable to post any of our content,” he added.

“The real issue isn’t the advertisements,” said a cryptocurrency influencer who goes by Wendy O. “It’s the fact that TikTok is shadow banning and censoring crypto content creators and a lot of us are posting great educational pieces.”

In an announcement on 28 September TikTok disclosed its plan to introduce NFT based on the famous TikTok stars Lil Nas X, Bella Poarch, Curtis Roach, and others. It will be floated on the Ethereum network and fueled by Immutable X, a new scaling solution for layer-two NFT protocol Immutable.

TikTok Top Moments, which is a collection of six videos featuring the top content creators that have helped the platform to become the world’s largest social media platform.

Salnikov commented that Tiktok creators are “looking to monetize via NFTs, the metaverse’s main medium” which is “wonderful news for the entire market” as it’s “the mass adoption that the crypto industry has been waiting for over a decade.”

This initiative by Tiktok will help in connecting with the mainstream audience.

Managing director at DigitalBits Daniele Mensi commented that NFTs are “changing the way we value ownership,” adding TikTok’s move “ushers in another era of value creation for consumers worldwide.”

“Fans have the opportunity to own a piece of their work.” He added: “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”.

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.”

Hence it is clear from Tiktok’s announcement that it has realized the importance and benefits of blockchain technology and the actual potential of the coins. Back in August, it collaborated with blockchain streaming platform Audius to introduce a new feature called TikTok Sounds. The partnership permits Audius users to export songs created on the protocol to TikTok. And now it is actively accepting NFTs.

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TikTok’s journey from banning crypto to embracing NFTs.

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Written by Shivalikrishali