TikTok Will Launch an Official Collection of NFTs
The first item in the lineup will feature a stop-motion video for the rapper Lil Nas X.
Key Takeaways
- TikTok has announced an official collection of NFTs.
- The lineup will feature media from various content creators including Lil Nas X and Grimes.
- TikTok's first NFTs will go on sale beginning Oct. 6.
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TikTok will launch a collection of non-fungible tokens or NFTs featuring media from its most popular content creators.
Lil Nas X Leads NFT Lineup
The NFTs will include content from TikTok members. The first item will be sold on Oct. 6, and it will feature Rudy Willingham’s stop motion video for the song “Montero” by the rapper Lil Nas X.
Future NFTs will include content from Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk. The NFTs will also involve collaborations with other NFT celebrities including Grimes, COIN ARTIST, x0r, RTFKT.
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.”
NFTS Will Go On Sale Weekly
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.
Other Social Networks Create NFTs
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.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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