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There is no doubt that TikTok has become a popular social media platform worldwide. What makes it popular are its unique features and one such feature is TikTok coins.
TikTok coins are the app’s virtual currency through which users can give other users virtual gifts during their live stream.
TikTok does not have a fixed value for its coin. The value of a coin is dependent on a lot of factors including your country and region. Moreover, the value of TikTok coins can also change based on market demand.
Approximately, 1 million TikTok coins will be worth $10. As of now, one TikTok coin is worth 1.3 cents in the United States. Please check out this table that shows approximate values for different packages through which users can buy TikTok coins.
|Coins||Value in dollars|
TikTok Coins are the app’s virtual currency and to buy them you need real money. Unfortunately, you cannot earn TikTok Coins but you can earn TikTok diamonds and convert them into real money.
To earn TikTok diamonds, you need live streams. TikTok gives your followers, fans, and viewers to send you TikTok gifts. The more gifts you receive, the more money you will earn.
Users need to buy TikTok gifts through TikTok coins. If a user receives a TikTok gift, it ultimately gets converted into diamonds and eventually encashed.
Once you decide to make money out of TikTok, brand deals and partnerships should be on top of your list as a source of income. Usually, brands and businesses will reach out to you themselves if you have achieved a certain level of popularity.
However, if you are just starting out and you have less number of followers. You can directly reach out to brands via cold email. These days, a lot of brands want to work with micro-influencers who have a good engagement level with their audiences.
As a part of these deals, you may be asked to review their products, make short videos about them, or even just post one picture of their product/service. Please be careful of the brands you endorse, they should align with your audience and your values.
Also Read: How To Code A Social Media App
The easiest way to make money on TikTok is by applying to the TikTok Creators Fund. This fund is set up with the intention to incentivize the efforts of content creators and encourage them to create more content.
However, TikTok has strict eligibility criteria:
Affiliate marketing is on the rise, you can surely make money via it. You will be given a link to products or a company to place in your bio. Sometimes they even give a unique coupon code that your followers can use to get some discounts on their products.
Every time a user clicks that link via your page or uses that unique coupon code, you receive a commission for it.
You would have definitely seen a lot of big TikTokers and other social media influencers selling their own merchandise in the form of T-shirts, cups, and other products that appeal to their target audience.
If you become fairly famous on TikTok, sell your own merchandise that resonates with your audience. It can also help you to create a personal brand.
The merchandise can be anything like T-shirts, cups, stationery, candles, mugs, pillowcases, tote bags, notebooks, etc that have an element of your personal brand. TikTok has more than a billion active users and most of them belong to the demographic Gen-Z which makes it a great platform to sell products.
Also Read: How Much YouTube Pay For 1 Million Views?
Crowdfunding is a way through which you can earn money. If you are relatively popular on TikTok, you can ask your followers and viewers to donate. You can use that money to buy better camera equipment, start a new venture, etc.
Create a loyal set of followers, increase your engagement with them, be honest, and ask them for donations. There are many crowdfunding platforms that you can use like Buy Me a Coffee, Ko-fi, SeedInvest, and Mighty Cause to get started with your campaigns.
You cannot encash TikTok coins. Users can only buy TikTok coins with their real money to send gifts to their favorite influencers.
However, you can encash TikTok diamonds. When a user receives a gift, their gift points are converted into TikTok diamonds.
1 diamond is equivalent to half a coin. It means, 2 diamonds make 1 coin. As of now, 1 diamond is estimated to be $0.05. Once a creator has diamonds worth $100 then only they can withdraw them in cash.
Also, there is an eligibility criteria for it:
Half TikTok is equivalent to one TikTok coin. Each diamond is worth 0.05 dollars (approximately). If you have 1000 diamonds, you can get $50 out of them. But TikTok will take 50 percent of the commission, so you will be only left with $25.
TikTok will only allow you to encash money when you have reached 100 diamonds.
TikTok takes a 50% percent commission on the gifts you earn. For example, if you have collected gifts worth $200, it will take $100 as its commission.
29999 TikTok Coins are approximately equivalent to $420 dollars. If you purchase coins at 1.4 cents per coin.