TikTok gets into NFTs with creator-led collection
The platform has unveiled TikTok Top Moments, a programme that allows creators to be recognised and rewarded for their content.
Social media platform TikTok has forayed into the nonfungible token, or NFT, market with a new collection inspired by its leading trend-setters.
The platform has unveiled TikTok Top Moments, a new programme that allows creators to be recognised and rewarded for their content. The NFT drops will be launched on Ethereum and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable, according to media sources.
According to news reports, TikTok Top Moments is said to feature a selection of six TokTok videos from the network’s most influential creators. Each one is intended to celebrate the impact of these creators in making TikTok one of the largest social networks in the world.
The company said that proceeds from the sales will go directly to the content creators and NFT artists.
NFTs, or Non-Fungible Tokens, have taken the media by storm in the recent months. August was the busiest month on record for the nascent industry, with total NFT sales hitting $4 billion .
The sale of an NFT by digital artist Beeple (Mike Winkelmann) for $69 million earlier this year opened the floodgates for scores of other NFT sales by various artists, musicians, actors, and regular users.
Western stars such as Eminem, Grimes, Paris Hilton, Lindsay Lohan, as well as Indian celebrities Amitabh Bachchan, Vishal Malhotra, and more have all jumped in on the act.
TikTok too appears to be slowly pivoting towards blockchain technology as part of its overall business strategy.