TikTok is launching its new collection of non-fungible tokens (NFT) with content creators and artists NFTs. The latter allow notably the producers of influential videos on the platform, to be paid for their creation.
Tik Tok launches its NFT collection: NFT videos on Ethereum
On September 30, 2021, Tik Tok unveils its new collection of non-fungible tokens, the TikTok Top Moments. This allows content creators to be recognized and compensated for their work. The collection is a collaboration between platform content creators and top NFT artists including COIN ARTIST, x0r, RTFKT and Grimes.
The collection will feature 6 “culturally significant TikTok videos” in the form of a unique, limited edition token. The videos will be shot by the platform’s most influential creators, such as Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk, who have made TikTok one of the biggest social networks in the world,
The NFTs videos will be available on Ethereum (ETH) and powered by Immutable X which is a layer 2 protocol for NFTs. TikTok says in the announcement, that proceeds from sales of the NFTs will “largely go directly to the NFT creators and artists involved,” with the exception of revenue from the Brittany Broski and Grimes collaboration, where sales will be donated to charity.
NFT Tik Tok videos: first sale and exhibition
Pop star Lil Nas X will launch the collection’s first non-fungible token in a collaboration with electronic producer Rudy Willingham. The sale will begin on October 6, 2021.
From October 1 to November 5, 2021, the NFTs will be on display at the Museum of the Moving Image in Queens, New York, in the collection “Infinite Duets: Co-Creating on Tik Tok.”
TikTok currently has nearly one billion users. The social network has already begun to embrace the blockchain. The Sound Kit feature was recently integrated into Tik Tok, thanks to a partnership with blockchain streaming platform Audius. Sound Kit allows artists to share their music directly from Audius on the social network.
Tik Tok has a complex relationship with the cryptosphere: the platform is entering the NFT market, while it recently banned Bitcoin (BTC) and cryptocurrencies in general.
