Video-sharing app TikTok announced today that it has joined the NFT market through the launch of its own tokenized collection inspired by the creativity of creators on the platform.
TikTok’s first-ever NFT collection, called TikTok Top Moments, was created by some renowned creators and inspired by the trending videos they posted on the platform.
The social media giant is collaborating with Immutable X to make the NFTs available on Ethereum as the latter uses StarkWare’s innovative technology to create the first carbon-neutral Layer-2 scaling solution for Ethereum.
The platform noted that the launch of the collection is to empower new creators. As per the announcement, TikTok said it is committed to helping creators achieve their goals of growing the creators’ economy.
The NFTs will provide a way for creators to be recognized and rewarded for their content, and for fans to own a significant moment on the platform. Proceeds from collection sales will go directly to the creators and NFT artists involved, the company said.
TikTok Top Moments will feature NFTs from a number of creators including COIN ARTIST, x0r, RTFKT, and Grimes. The art will showcase a selection of culturally significant videos and each one-of-one will laud the impact that creators like Lil Nas Xudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk have made across entertainment, culture, and the TikTok, Community
To purchase NTFs, interested buyers will head to a dedicated drop site, where Lil Nas X will be the first creator to launch his one-of-one and limited editions with artist Rudy Willingham.
More NFTs will be dropped weekly through the end of the month, after which the NFTs can be minted and traded with zero gas fees on the Immutable X Layer-2.
Meanwhile, in a similar development, its been reported that American multinational social networking company Facebook is considering integrating some non-fungible token (NFT) features into its upcoming digital wallet, Novi.