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 best creators.
The video sharing platform born only a few years ago, but already popular all over the world and which has recently passed the 1 billion user threshold, said its NFT collection, dubbed TikTop Top Moments, will contain content from six videos " culturally ”more important than the creators. Some of these names included Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FN Meka, Jess Marciante, and Gary Vaynerchuk.
According to the announcement, featured artists will collaborate with top NFT creators, including RTFKT, Grimes, COIN ARTIST, x0r, among others, to create limited edition NFTs that celebrate video.
“As the creator 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 by supporting some of their favorite creators, ”said Nick Tran, TikTok's Global Head of Marketing.
The NFT sale will start this 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 NFT sales will be conducted on a dedicated platform powered by Immutable X, a Tier 2 scaling solution for Ethereum.
The digital collection will be released 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.
As the initiative was launched to support content creators for their unique work, proceeds from sales will largely go to the creators and NFT artists involved.
TikTok prohibits cryptocurrency ads
The development comes just 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 cryptocurrency influencers deleted their cryptocurrency-related videos, including Lucas Dimos, who claimed that at least 10 of his uploads had been deleted.
Dimos complained that his account was on a tightrope due to the rigorous action, adding that he could be banned from the platform if another of his videos are removed.
While the social media giant is delving into the crypto space via the TikTok Top Moments initiative, it is taking a path that will allow its users to engage with tokenized content outside of its app.
How creators can be rewarded, we don't know yet, but it looks like a really good initiative. Don't you think too?
