TikTok is partnering with Immutable X to bring NFTs to its users. Rapper Lil Nas X will be the first creator to release his collection this month.
TikTok has continued to grow from strength to strength, despite allegations that the app is Chinese spyware and a whole host of other controversies. However, immutable X is relatively unknown in the cryptocurrency world.
During a funding round last month, the Sydney-based startup raised $82 million, indicating significant investor interest in their vision and NFTs in general.
As such, while non-fungible elements continue to divide opinion, it has become clear that the arguments against them do not bother those who know them.
The immutable X goes after NFTs in a big way
Immutable X wants to trade NFTs in an open, decentralized ecosystem using the Ethereum blockchain as a base layer. Its Layer 2 solution offers massive scalability at 9000 TPS, no gas fees, and users can manage their own keys.
“Experience gas-free fees, instant trades, and carbon-neutral NFTs for markets, games, and apps without compromise. Build your own NFT business in a matter of hours using our APIs.”
The company first announced its plans for the IMX token in July of this year. It is described as an ERC-20 utility token and Ethereum’s first zero-knowledge cumulative protocol specifically for NFTs.
Zero knowledge accumulation refers to a scaling solution that works by “pooling” hundreds of off-chain transfers and creating an encrypted proof of validity published on Layer 1. thus reducing congestion on the main chain.
So far, no IMX tokens have been minted, as interested investors are waiting for more news about when it will be released.
When partnering with TikTok, Immutable X co-founder Robbie Ferguson said together they would pave the way for mainstream adoption of NFTs.
“Having one of the world’s leading social media platforms launching NFTs not only allows TikTok to support its artists and users in a specific way, but also sends a strong signal of the growing mainstream adoption of NFTs.”
TikTok leads the way
The social media giant has dubbed its new project “TikTok Top Moments,” with the tagline “Have a Moment That Shattered the Internet.”
On why they decided to go down this path, the company said it is exploring NFTs as an “enabling tool for creators” to enhance the interaction of creators and users.
“TikTok is exploring the world of NFT as a new tool to empower creators. NFT is a new way in which creators are recognized and rewarded for the content they provide and for fans to own culturally significant moments on TikTok.”
The collection will feature six TikTok videos from its most famous creators to introduce one of their NFTs.
TikTok reached 1 billion monthly active users last month, which is a real coup in terms of NFT exposure.
ad: Up to 20x margin on FTX.
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