TikTok, a short video-sharing platform, has entered the field of non-fungal tokens (NFT) with plans to launch its first collection of digital collections.
In a recent blog post, TikTok points out that TikTok Moments has collections under the brand and is based on six “culturally important TikTok videos” from top creators that are available on the platform.
The social media platform hopes to auction off the collected items and select limited edition NFTs for the planned October weekly sale.
The platform states that the project is part of the company’s commitment to helping creators achieve their goals to take advantage of the growing Creator economy.
TikTok has recently partnered with many creators, celebrities, and online companies. Participants included Lil Nas X, Bella Poarch, Grimes, Rudy Willingham, Curtis Roach, Brittany Broski, FN Mecca, Jess Marciante, and Gary Vaynerchuk.
NFTs are to be built into the Ethereum network, which is powered by Immutable X, which implements StarkWare’s technology, creating the first carbon-neutral layer-2 scaling solution for Ethereum.
Weekly drops of limited edition NFTs are planned to be sold at available prices as a way to ensure that each creator’s audience has a chance to own the art.
TikTok claims to have no profit cuts from the revenue made from the sales of these NFTs.
“Proceeds will largely go directly to the creators and NFT artists involved, providing TikTok and NFT fans and enthusiasts with a way to show support to the creators they love,” TikTok said.
These developments are accelerating the emerging NFT scene and TikTok is a powerful mainstream platform to enter the field.
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