TikTok sells virtual currency used to buy gifts. In the first quarter of 2022, the platform became the application in which Internet users spent the most money.
Between January and March 2022, no less than $840 million (more than €773 million) was spent by Internet users on TikTok, 40% more than at the end of 2021.
As reported by the newspaper Le Figaro, this increase is due in particular to the American market representing $ 310 million in expenses (about $ 285 million), or 37% of the total. With $218 million (more than $200 million), China ranks second (26%), according to the firm Data.ai (appAnnie’s new name). Other major markets also include Kuwait, Germany, Saudi Arabia, the United Kingdom, Russia, Japan, France and Italy.
The platform uses virtual currency to buy virtual gifts in the form of emojis. Users can send them to content creators when they stream a live video.
A virtual rose is worth a piece, a 30-piece doughnut, a 99-piece cap, a 299-piece duck, a cat 3,999 pieces and a ram 9,999 pieces. For the purchase of a pack of 36 pieces, you have to pay 0.50 euros, a pack of 700 pieces is exchanged for 11.39 euros, and to get 7,000 coins, you have to spend 116.15 euros.
Internet users send virtual gifts to give money to the influencer. The latter can subsequently convert his gifts into “diamonds” (another virtual currency), which can be exchanged for euros or dollars. Sending gifts also increases the chances of being noticed by the creator, and he says a word for the generous viewer. The newspaper specifies that TikTok pockets 50% of commissions.