TikTok – the popular video sharing focused social networking service announced on Sep 30 that it’s launching a popular moments based NFT collection on Ethereum L2 solution Immutable X. It’s worth noting here that TikTok has an extremely high following among the young crowd and recently crossed over 1B monthly users in traffic. The collection titled “TikTok Top Moments” hasn’t been released yet, but we will be available for sale, once it goes live here. It’s significant because this will introduce 1B+ TikTok users to the world of NFTs mostly found on Ethereum, by granting the nascent field legitimacy and approval as part of culture and the latest trend.
The official press release explains the purpose as “Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.
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. Now, you can own a moment on TikTok that broke the internet.“
TikTok is the fastest social media application to reach 1B users, according to the stats published by Capital Ideas Online. The impact of the platform among the young demographic is unprecedented and hence adoption of NFTs from TikTok will help accelerate the NFT adoption and mainstream usage by orders of magnitudes. Recently, there has been a rush of companies hurrying to establish their blockchain presence.
According to the announcement, TikTok Top Moments will feature a selection of six culturally significant videos from popular content creators on the platforms including Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk – cementing the acknowledgement of their achievements and contributions on the blockchain. They will further partner with NFT artists COIN ARTIST, x0r, RTFKT, Grimes and others for collaboration on limited edition NFTs. The proceeds will largely go to the creators and the NFT artists.
The platform explained it’s decision to launch the NFTs on Ethereum Immutable X by noting that the StarkWare powered L2 solution allows them to release NFTs without gas fees offering instant settlement, high throughput (upto 9,000 TPS), ability to customize royalty on secondary market sales and developed UI/UX. Due to the recent environmental concerns about NFTs, Immutable X is completely carbon neutral.
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