In the non-fungible token (NFT) arena, TikTok has announced the launch of its first-ever NFT collection, TikTok Top Moments. According to the source, the TikTok Top Moments NFT collection was created by TikTokers who were inspired by the films. The Social media giant, with over one billion monthly active users, said today that it will create a line of NFT collectibles with celebrity partners such as Lil Nas X and Gary Vaynerchuk.
It will eventually help creators be appreciated and reach their goals within the TikTok community, which will benefit the general public. In addition, the NFT collection will act as a spotlight to help content creators get global recognition. This will also assist content providers in receiving accolades.
Immutable X, a layer-2 scaling solution built on top of Ethereum, the dominant platform for NFTs, will be used to create TikTok’s NFTs. Immutable X has cheaper transaction fees and faster transaction completion times than Ethereum’s mainnet, and it consumes far less energy than Ethereum’s existing proof-of-work consensus model.
TikTok will enlist the help of some of its most popular producers to create six NFTs based on existing, “culturally significant” videos on the platform. An NFT is a type of blockchain-based receipt that allows holders to confirm ownership of a limited-edition digital object, such as a video file or digital artwork.
They’ll also collaborate on limited edition NFTs with NFT artists like COIN ARTIST, x0r, RTFKT, Grimes, and others. The majority of the proceeds will go to the creators and NFT artists.
“Inspired by the TikTok creative community’s ingenuity and invention, TikTok is investigating the realm of NFTs as a new creator empowerment tool,” according to the official press release. NFTs are a new way for TikTok fans to own culturally significant moments and for creators to be acknowledged and paid for their work.