The popular social network TikTok has announced that it will join the nonfungible token sector (NFT) by launching its own digital collectibles with content from some of its best creators.
TikTok joined the NFT hype
The short video-sharing platform, which recently exceeded 1 billion users, said its NFT collection, called TikTop Top Moments, will feature content from “culturally” important videos from its creators. Some of these names include Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FN Meka, Jess Marciante and Gary Vaynerchuk.
Based on the announcement, the artists will collaborate with top NFT creators such as RTFKT, Grimes, COIN ARTIST, x0r.
“As the creators’ economy continues to grow, we are constantly looking for new ways to support our creators. Now, fans at TikTok can have a moment to help shape the Internet while supporting some of their favorite creators, ”said Nick Tran, TikTok’s global marketing manager.
NFT sales will begin this week
According to TikTok, the first NFT collection will go on sale on October 6, 2021 and will include a video by Rudy Willingham with the song Montero by Lil Nas X.
The company noted that the sale of NFT will take place on a dedicated platform powered by Immutable X, a Layer 2 scaling solution on Ethereum. The digital collection will be presented every week after the asset class is created.
Since the initiative was launched to support content creators for their unique work, the proceeds from the sale will be largely donated to creators and participating artists working on the NFT.
The development comes months after a Chinese video-sharing application banned influencers from promoting digital assets on its platform, citing an increased number of scams among its users as the biggest problem.