The social media giant TikTok has announced that it will launch a collection of NFTs called TikTok Top Moments featuring videos from its leading content creators. According to the announcement, the first item will feature Rudy Willingham’s stop motion video for “Montero” by the rapper Lil Nas X. The company’s official collection of NFTs will go on sale beginning October 6, 2021.
NFTs as a new tool for creators
The following line of NFTs will comprise content from artists like Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk. The NFTs will also collaborate with other NFT celebrities, including Grimes, COIN ARTIST, x0r, RTFKT. As for a reason TikTok was joining the NFT bandwagon, the firm explained:
“Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally significant moments on TikTok.”
Nick Tran, the company’s Global Head of Marketing, said the creation of NFTs meant fans could own a moment of TikTok that helped shape the internet while supporting some of their favorite creators. He noted further that TikTok was excited to see how communities would engage with some of the internet’s most beloved cultural milestones.
“TikTok Top Moments” NFTs
According to the firm, they will create the NFTs on Ethereum blockchain and power them by layer-2 scaling solution Immutable X. TikTok has suggested having the NFTs dropped weekly until the end of the month. After that, creators will be able to mint NFTs without any transaction fees. The NFT collection will trade under the name TikTok Top Moments, and the proceeds will be used to compensate creators and NFT artists.
The video app joins other social media platforms that have introduced their official line-ups of non-fungible tokens. Twitter took the internet by storm in June when it released a set of 140 free NFTs. The NFTs would later gain value on secondary markets. Reddit has also introduced a line of NFTs called CryptoSnoos. Facebook has a crypto wallet, Novi, in the works that will support NFT transactions. The social media giant is yet to announce when it will release its NFT line-up.
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