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 surpassed one billion global users, said its NFT group, dubbed TikTop Top Moments, will feature content from six “culturally” important videos from creators. Among these names are 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 partner with top NFT creators, including RTFKT, Grimes, COIN ARTIST, and x0r, among others, to create limited edition NFTs to celebrate the videos.
“As the creator economy continues to grow, we are constantly looking for new and unique ways to support our creators. Now, fans can have a moment on TikTok that has helped shape the internet while also supporting some of their favorite creators,” said Nick Tran, Head of Global Marketing at TikTok.
NFT sale will start next week
According to TikTok, the first NFT set will go on sale on October 6, 2021, with Rudy Willingham’s Stop Motion video premiering for Lil Nas X’s Montero.
The company indicated that the NFT sales will be conducted on a dedicated platform backed by Immutable X, a second layer scaling solution for Ethereum.
The digital pool will be dropped weekly until the end of the month, after which the asset class will be minted and traded without users paying outrageous ETH gas fees.
Since the initiative was launched to support creators of their unique work, the proceeds from sales will largely be given to participating NFT creators and artists.
TikTok Bans Cryptocurrency Ads
The development comes a few months after the Chinese video-sharing app banned crypto-influencers from promoting digital assets on its platform, citing an increase in fraud cases among its users.
The crypto-related videos of several influencers have been removed, including Lucas Dimos, who confirmed that at least 10 of his uploads have been deleted.
Demos complained that his account was in trouble as a result of the crackdown, adding that he could be banned from the platform if another video of his was deleted.
As the social media giant delves into the crypto space via its TikTok Top Moments initiative, it is taking a path that will enable its users to engage in token content outside of the app.
Featured image courtesy of Yahoo
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