TikTok will introduce a collection of non-fungible tokens, or NFTs, including media from the most popular TikTokers.
TikTok’s NFT collection will feature content from community members
The content on the NFTs will come from TikTok content creators. The first collectible will be on sale on October 6th. This item will feature a stop motion video of Rudy Willingham for Lil Nas X’s song called Montero.
TikTok will have more NFTs in the near future including content from members like Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk. The popular social media platform also has plans to make collaborations with influencers like Grimes, COIN ARTIST, x0r, RTFKT.
Nick Tran, TikTok’s Global Head of Marketing, commented on the importance of NFTs for their platform: “Fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators. TikTok is excited to see how [communities] engage with some of the internet’s most beloved cultural milestones.”
NFTs will go on sale on a weekly schedule
These NFTs will be built on the Ethereum blockchain and they will be powered by Immutable X, which is a layer-2 scalability solution. According to TikTok, the NFTs will be released every week until the end of the month; then, they may be created and traded without any transaction fees. The collection will be marketed under the name TikTok Top Moments. TikTok says this move will benefit NFT artists although the company might have plans to gain a profit.
TikTok is not the only social media that has an NFT collection
TikTok is not the first social media platform to have its own NFT collection. In June, Twitter debuted a collection of 140 NFTs that subsequently rose in value on secondary markets. Around the same time, Reddit debuted its own collection known as CryptoSnoos. Also, Twitter will allow users to use NFTs as their profile pictures.
Facebook, on the other hand, is seeking to enable NFT transactions in its Novi wallet, but there is no word that it will develop its own NFT collection.