It’s TikTok’s turn to launch non-fungible tokens (NFTs). The video sharing service has confirmed that it is offering several NFTs for sale, in collaboration with artists like Lil Nas X or Grimes.
TikTok launches into NFTs
As explained in a statement from TikTok, the NFTs will be distributed in six times, through partnerships with celebrities using the social network. The first “drop” will be worn by singer Lil Nas X and artist Rudy Willingham.
Others will follow, including artist Grimes, who is already familiar with NFT, as well as Gary Vaynerchuk. Limited editions will be released for certain tokens.
According to TikTok, the arrival of NFTs is a way to create a new business model for content creators:
“TikTok’s NFTs provide a way for creators to be recognized and rewarded for their content, and for fans to own a key TikTok cultural moment.”
Ethereum and Immutable X used
NFT will be offered on Ethereum (ETH), with the help of the second layer solution Immutable X. The latter aims to improve scalability, drastically reducing Ethereum’s historically high transaction fees. According to TikTok:
“Immutable X uses StarkWare’s innovative technology to create the first carbon-neutral second-layer scalability solution for Ethereum.”
Like Twitter, which confirmed it wants to integrate NFTs recently, TikTok seems to be turning more and more to blockchain and cryptocurrencies. Last month, the company announced a partnership with music streaming service Audius.
With 1 billion monthly active users, TikTok has a long arm, and this integration could further bolster the NFT market, which has already been on a roll for a few months.
