Popular social media giant TikTok has announced that it will venture 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 designer economy continues to grow, we are 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 will start next week
According to TikTok, the first NFT collection will be sold on October 6, 2021, with Rudy Willingham’s stop-motion video of Lil Nas X’s song Montero.
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 discontinued weekly until 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 months after the Chinese-owned video-sharing app banned cryptocurrency influencers from promoting digital assets on its platform, citing an increase in fraud cases 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’s edge following the strict action, adding that he could be banned from the platform if another of his videos were removed.
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.
