Trending social media platform TikTok has partnered with online creators, celebrities, and media personalities like Lil Nas X, Gary Vaynerchuk, Grimes to release a limited-edition collection of non-fungible tokens.
TikTok Top Moments Dropping In October
The NFTs will be sold alongside the TikTok Top Moments, featuring six culturally significant TikTok videos, and will be auctioned weekly, starting from October 6. The one-on-one videos will feature different artist collaborations, eg, rapper Lil Nas X with artist Rudy Willingham, Canadian musician Grimes with Brittany Broski (also known as Kombucha Girl). As their blockchain partner, TikTok has chosen Immutable X, a Layer 2 scaling solution for Ethereum that claims 100% carbon neutral NFT trades. The six main videos from the NFT drop will also be displayed in a TikTok exhibit at the Museum of the Moving Image.
The social media company announced the upcoming auction through a statement on its drop site and discussed the inspiration behind the decision to go down the NFT path.
“Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool…The creation that happens on TikTok helps drive culture and start trends that impact society. TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and pairing them with prominent NFT artists.”
Payment Plan Not Clear
The company has also announced that the majority of the proceeds from the videos will go directly to the creators and NFT artists involved, with the rest going to Immutable X and the Museum of the Moving Image. However, TikTok has not disclosed the exact payment module or the specific percentages of earnings for all parties involved. Furthermore, the company has claimed that each NFT will be priced affordably to make them more accessible to the creator’s audience and fanbase.
NFT Tie-Ups With Other Social Media Platforms
More and more large organizations are dipping their toes in the NFT pool. The technology has especially taken wings on social media, with different platforms exploring different opportunities to make the most of this trend. TikTok is not the first to embark on an NFT project.
Back in July, it was announced that Instagram is exploring options to integrate NFTs on its platform. Additionally, Twitter recently announced a new feature that would enable users to connect their digital wallet to their Twitter handle and display a mark of ownership on any NFT displayed through an Ethereum checkmark.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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