TikTok, a short video-sharing site, is entering the world of non-fungible tokens (NFTs) with the upcoming introduction of its first collection of digital collectibles.
TikTok stated in a blog post that the collectibles will be branded TikTok Top Moments and will be inspired by six “culturally significant TikTok videos” from top creators. The social media site wants to auction off collectibles and limited edition NFTs in conjunction with its October weekly sales.
According to the platform, this program is part of the company’s commitment to assisting creators in achieving their aims of capitalizing on the burgeoning creator economy.
Following a lackluster weekend, major cryptocurrencies are trading higher on Monday. In Q2 2021, the top 15 highest-grossing NFTs sold for more than $37 million.
Additionally, TikTok will collaborate with a number of creators, celebrities, and internet companies. Lil Nas X, Bella Poarch, Grimes, Rudy Willingham, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk are among the partners.
Lil Nas X, in collaboration with Willingham, will debut first on October 6th. Grimes will also collaborate with Brittany Broski on other projects. The NFTs will subsequently be minted and traded on the Immutable X Layer-2 for no gas expenses.
TikTok will make use of the Ethereum network
The NFTs will be constructed on the Ethereum network, which is powered by Immutable X. Immutable X utilizes StarkWare’s technology to provide Ethereum with the first carbon-neutral Layer-2 scaling solution.
Weekly shipments of limited edition NFTs will be priced affordably to ensure that every creator’s audience has an opportunity to buy the art.
“Proceeds will largely go directly to the creators and NFT artists involved, providing TikTok and NFT fans and enthusiasts with a way to show support to the creators they love,”
TikTok stated that it would not retain any of the sales proceeds. The developments bolster the burgeoning NFT ecosystem, especially given TikTok’s status as a powerful mainstream platform for foraying into the sector.
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