TikTok has joined the NFT craze by launching its own digital collectibles on a Layer 2 Ethereum solution.
Popular social media giant TikTok has announced that it will be venturing into the non-fungible token (NFT) space by leveraging content from some of its top creators.
The short video-sharing platform, which recently crossed 1 billion global users, said its NFT collection, dubbed TikTop Top Moments, will feature content from six “culturally” important videos from creators. Some of those names included Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FN Meka, Jess Marciante, and Gary Vaynerchuk.
Per the announcement, the featured artists will partner with top NFT creators, including RTFKT, Grimes, COIN ARTIST, x0r, among others, to create limited edition NFTs that celebrate the videos.
“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,” Nick Tran, TikTok’s Global Head of Marketing said.
NFT Sale to Begin Next Week
According to TikTok, the first NFT collection will be sold on October 6, 2021, featuring Rudy Willingham’s stop motion video of Lil Nas X’s Montero song.
The company noted that the NFT sales will be conducted on a dedicated platform powered by Immutable X, a layer-2 scaling solution for Ethereum.
The digital collection will be dropped weekly through the end of the month, after which the asset class will be minted and traded without users paying the outrageous ETH gas fees.
Since the initiative was launched to support content creators for their unique work, the proceeds from the sales will largely be given to the creators and the NFT artists involved
TikTok Bans Cryptocurrency Ads
The development comes a few months after the Chinese-owned video-sharing app banned cryptocurrency influencers from promoting digital assets on its platform, citing increased cases of fraud among its users.
Several crypto influencers had their crypto-related videos deleted, including Lucas Dimos, who asserted that at least 10 of his uploads had been erased.
Dimos complained that his account was on a razor edge as a result of the stringent action, adding that he could be banned from the platform if another of his videos is taken down.
While the social media giant is delving into the crypto space via the TikTok Top Moments initiative, it is taking a route that will enable its users to get involved with tokenized content outside of its app.