Social media giant TikTok said that NFTs will serve as an empowerment tool to further support the creators’ economy. Through NFTs, friends and enthusiasts can reward their favorite creators.
ByteDance-owned social media platform TikTok announced its foray into the world on NFT on Thursday, September 30. Calling it a new creator empowerment tool, TikTok announced its first-ever NFT collection, TikTok Top Moments.
TikTok calls this move its commitment to help creators achieve their goals in the rapidly rising creators economy. These non-fungible tokens (NFTs) will serve as a way to reward creators for their content.
To launch its NFT collection TikTok Top Moments, the social media giant has partnered with celebrities, creators, and online entities like Lil Nas X, Bella Poarch, and Grimes. Furthermore, the official announcement reads:
“TikTok Top Moments features a selection of six culturally significant TikTok videos from some of our most beloved creators. Each one-of-one NFT celebrates the impact these creators – including Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk – have made across entertainment, culture, and the TikTok community. The featured creators, renowned for their creative cultural impact, are partnering with prominent NFT creators, including COIN ARTIST, x0r, RTFKT, Grimes, and more, on limited edition NFTs.”
TikTok NFTs: Powered-by Ethereum-based Immutable X
The TikTok NFTs shall be powered by Immutable X, a Layer 2 scalability solution for the Ethereum blockchain network. Furthermore, this is the first carbon-neutral Layer-2 scaling solution on Ethereum that uses StarkWare’s innovative technology.
TikTok said that all the proceeds of the same will directly go to the creators and the NFT artists involved. It also said that through this NFT introduction, fans and enthusiasts can directly show their support to the creators they like.
TikTok will have two categories of NFTs: one-of-one NFTs and limited edition NFTs. The one-of-one NFTs will be available on the Ethereum blockchain while the limited edition NFTs shall be powered by Immutable X. TikTok also said that through the end of each month, a series of weekly drops will take place.
After this, users can mint and trade the NFTs with zero gas fees on the Immutable X Layer 2. Nick Tran, Global Head of Marketing, TikTok also said:
“The creation that happens on TikTok helps drive culture and starts trends beyond the platform. As the creator economy continues to grow, we’re continually looking for new and differentiated ways to support our creators. Now, fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators. We’re excited to see how our community and NFT communities engage with some of the internet’s most beloved cultural milestones.”
Tiktok is not the first major player to enter the world of NFTs. Earlier this week, blockchain startup ripple also announced its own NFT marketplace, XRP Ledger. The company also announced $250 million in funding to launch NFT projects.