TikTok, a popular social media platform, has announced it will venture into the space of non-fungible tokens (NFT). It will do this by using content from its top creators.
According to the short video-sharing platform, it has reached 1 billion users worldwide. Its NFT collection, called TikTop Top Moments will include content from six creators. These names include Lil Nas X and Rudy Willingham, Bella Poarch. Curtis Roach, Brittany Broski. FN Meka, Jess Marciante and Gary Vaynerchuk.
The announcement states that the featured artists will collaborate with NFT creators such as RTFKT, Grimes and COIN ARTIST to create limited edition NFTs celebrating the videos.
“As the creator market continues to grow, it’s important that we continue to look for innovative and different ways to support our creators. Fans can now have a TikTok moment that helped shape the internet and supports some of their favorite creators,” Nick Tran (TikTok’s Global Head for Marketing) said.
NFT Sale to Start Next Week
TikTok claims that the first NFT collection, which includes Rudy Willingham’s stop-motion video of Lil Nas X singing Montero, will be available for purchase on October 6, 2021.
The company stated that NFT sales will take place on a dedicated platform powered Immutable X, a layer-2 scaling solution to Ethereum.
The digital collection will be dropped every week through the end the month. After that, the asset class will be minted without the ridiculous ETH gas fees and will be traded.
The initiative was created to support content creators who create unique content. Therefore, most of the proceeds will be donated to the creators as well as the NFT artists.
TikTok Bans Cryptocurrency Ads
This development comes just months after the Chinese-owned video-sharing platform banned cryptocurrency influencers promoting digital assets on their platform. It cited increased fraud cases among its users.
Many crypto influencers had videos related to crypto deleted. Lucas Dimos claimed that at least 10 uploads were lost.
Dimos complained that his account is on a razor-edge due to the stringent actions. He also suggested that he could be banned if another one of his videos is removed.
The social media giant has begun to explore crypto through the TikTok Top moments initiative. However, it is also taking a route that will allow its users to participate in tokenized content outside its app.
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