TikTok has been dubbed the new GoFundMe for its latest trend.
GoFundMe is a popular platform that allows users to raise money for personal and charitable causes.
By posting videos on TikTok, users hope to gather viewers and raise funds to pay off their debts.
This trend has skyrocketed in recent days. According to TikTok, the hashtag #payoffdebt is the No. 2 trending trend. Currently, there are already 29,000 posts.
How do TikTok users help each other pay off debt?
Videos that follow this trend typically begin with the uploader stating their motivation for participating. Examples range from those seeking help with medical costs to those struggling with student loans and other needs.
In one example, a young mother is playing with her two children. She revealed that her fundraising goal is to buy a helmet for one of her children. The accompanying caption reads, “My insurance denied me twice so I’m coming to TikTok instead.”
“I did the math and I needed four million people to watch this video for at least five seconds for TikTok to be able to buy this kid a helmet, and it’s been five seconds already, so thank you,” she said.
Additionally, she points out that in order to make money from a video, it must be one minute long, and the rest of the time, she continues to play the video while playing games with her children.
Other users have made similar posts, describing their needs by photographing nature, telling stories, and showing off their crafts.
The trend has been well received, with users expressing excitement at the possibility of helping each other just by watching each other’s videos.
In one video, the man is seen encouraging viewers to tag him in their videos, expressing his willingness to watch and support.
“This is amazing,” he says. “It’s zero cost to everyone, right? It could have a big impact.”
How to make money on TikTok?
The Creator Fund is the method TikTok uses to determine which creators on the platform to allocate funding to.
To be eligible, participants in this trend must meet the provisions required by Creator Fund.
According to TikTok, participants must be 18 years or older, have at least 10,000 followers, and have viewed their videos at least 100,000 times in the past 30 days.
These prerequisites pose a significant challenge for many average users, but meeting them will qualify anyone to start making money.
The amount people earn varies from day to day. According to Business Insider, it can range from a few cents to $17 per 1,000 views.
Katya Varbanova, CEO of Viral Marketing Stars, told Business Insider that TikTok is similar to GoFundMe, but “instead of money, it’s about currency.”
