TikTok rolls out its first NFT collection; key things to know

2 min read | October 01, 2021 12:45 PM AEST | By Ashish

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TikTok rolls out its first NFT collection; key things to know — Image source: © Danielconstante | Megapixl.com

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Highlights

TikTok has become the latest company to enter the non-fungible token (NFT) world.

On 30 September 2021, the video-sharing social networking site launched an NFT collection, which will enable its leading content creators to partner with top NFT creators.

The company said that its very first NFT collection, TikTok Top Moments, is designed in a way to recognise and reward content creators.

TikTok has become the latest company to enter the non-fungible token (NFT) world. On 30 September 2021, the video-sharing social networking site launched an NFT collection, which will enable its leading content creators to partner with top NFT creators.

The company said that its very first NFT collection, TikTok Top Moments, is designed in a way to recognise and reward content creators. It also helps their fans to own a “culturally significant” moment on the platform, the company also said.

TikTok recently crossed 1 billion monthly users worldwide.

Now, before going ahead, let’s first discuss what is NFT?

A non-fungible token is a unit of data stored on a blockchain. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

Image Source: © Boumenjapet | Megapixl.com

Image Description: On 30 September 20201, the video-sharing social networking site launched an NFT collection.

Why is TikTok getting into NFTs?

The social media platform answered the question by saying this on its website: “Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool.”

Tik Tok has lined up its own NFT drop, leveraging content from some of its top creators, such as Lil Nas X, Grimes, Bella Poarch, Rudy Willingham, and Gary Vaynerchuk.

The company is placing NFTs on a dedicated site powered by Immutable X, a Layer-2 scaling solution for Ethereum, which says that NFTs traded using it are “100% carbon neutral.” The drop starts 6 October 2021 with a collection from Lil Nas X and will continue till the month end.

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