TikTok has announced the launch of its official NFT collection. The lineup will feature content from a variety of content creators including Lil Nas X and Grimes. The first TikTok NFTs will go on sale on October 6.
TikTok will launch a collection of non-fungible tokens or NFTs featuring media from its most popular content creators. Future NFTs will include content from Jess Marciante, Bella Poarch, FNMeka, Curtis Roach, Gary Vaynerchuk, and Brittany Broski, according to Crypto Briefing. The NFTs will also involve collaborations with other NFT celebrities including Grimes, x0r, RTFKT, COIN ARTIST. Lil Nas X will drop the first one-of-one NFT of the collection, and he'll collaborate with Rudy Willingham to launch the first limited edition NFT of the collection.
TikTok's Global Head of Marketing, Nick Tran, said that these NFTs mean that “fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators.” He added that TikTok is “excited to see how [communities] engage with some of the internet’s most beloved cultural milestones.”
The NFTs will be created on the Ethereum blockchain and will be powered by Immutable X, a layer-2 scaling solution. TikTok suggests that the NFTs will be dropped weekly through the end of the month; later, the NFTs can be minted and traded without any gas costs (ie. transaction fees). The collection will be sold under the name TikTok Top Moments. TikTok says that proceeds will “largely go directly to the creators and NFT artists,” though it will presumably collect revenue as well.
October 6 marks the start of the sale, but the videos will also be presented at the Museum of the Moving Image in Queens, NY from October 1 through November 5 in a collection entitled Infinite Duets: Co-Creating on TikTok.
TikTok is not the first social media platform to introduce an official line of non-fungible tokens. In June, Twitter released a set of 140 free NFTs that later gained value on secondary markets. Reddit also introduced its own line of NFTs called CryptoSnoos around the same time. Facebook, meanwhile, is reportedly looking to support NFT transactions in its Novi wallet, though there is no indication that it will create its own lineup of NFTs.
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