TikTok, a social media platform that is gaining popularity, has partnered up with celebrities and online creators like Lil Nas X, Gary Vaynerchuk, Grimes in order to create a limited-edition line of tokens that are not fungible.
TikTok Top Moments October
The NFTs will go on sale alongside six TikTok Top Moments that feature TikTok videos of cultural significance. They will be auctioned every week starting October 6. One-on-one videos will be made with different artists, including rapper Lil Nas X and artist Rudy Willingham. TikTok chose ImmutableX as their blockchain partner. This Layer 2 scaling solution for Ethereum claims 100 percent carbon-neutral NFT trades. TikTok will display six videos of the NFT drop in an exhibit at the Museum of the Moving Image.
The social media company posted a statement on their drop site announcing the auction and discussing the inspiration behind it.
TikTok was inspired by the creativity and innovation of TikTok’s creator community. TikTok explores the world of NFTs to empower creators. The creations that take place on TikTok help drive culture and establish trends that will impact society. TikTok will add something new and innovative to the NFT landscape. It will curate some of these cultural milestones, and pair them with notable NFT artists.
Payment Plan Not Clear
The company also stated that the majority of the video’s proceeds will be donated directly to the creators and NFT artist involved. The rest will go to Immutable X or the Museum of the Moving Image. TikTok did not disclose the exact payment method or percentages of earnings to all involved. The company claims that NFTs will be affordable to enable creators to reach a wider audience.
NFT tie-ups with other social media platforms
Large organizations are increasingly exploring the NFT pool. This technology is especially popular on social media platforms, where different platforms are exploring various opportunities to take advantage of the trend. TikTok isn’t the only one to start an NFT project.
In July, Instagram announced it is looking into NFT integration options. Twitter announced a new feature recently that allows users to link their digital wallet with their Twitter handle. This will allow them to display a mark on any NFT through an Ethereum checkmark and show ownership.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.