Key highlights:

  • TikTok will be launching NFTs on the Immutable X platform
  • Immutable X is a layer 2 solution for NFTs that’s built on top of Ethereum
  • TikTok has teamed up with celebrity creators like Lil Nas X and Grimes for the project

TikTok taps celebrity creators as it prepares to enter the NFT space

Social media giant TikTok is dipping its toes into the non-fungible token (NFT) space. TikTok is going to launch NFTs based on content from some of the platform’s most popular creators – examples include Lil Nas X, Grimes and Gary Vaynerchuk. The company’s NFT project is called TikTok Top Moments.

Here’s how TikTok explains what TikTok Top Moments will be all about: 

“TikTok Top Moments features a selection of six culturally-significant TikTok videos from some of the most beloved creators on the platform.These featured creators, renowned for their cultural impact, have partnered with prominent NFT artists on one-of-one and limited edition NFTs that will include real-world redeemable value provided by the creator.”

An NFT is a unique token issued on a blockchain, and it can be used to represent virtually any unique object in the physical or digital world. So far, NFTs have mostly been used to represent artworks in different mediums, as well as digital collectibles. NFTs are held in cryptocurrency wallets, and users can freely transact with them on the blockchain on which they were issued. This has given the NFT boom a speculative edge, as some users are approaching it similarly to trading, by buying NFTs and then attempting to “flip” them at higher prices. 

TikTok’s NFTs will be issued on Immutable X, an NFT-focused layer 2 scaling solution for Ethereum. Recently, Immutable X held a token sale on the CoinList platform, raising over $12.5 million. Immutable X bills itself as a carbon-neutral NFT platform, which should make TikTok’s NFTs more palatable for a mainstream audience – Ethereum’s energy consumption has been a common point of contention ever since NFTs started gaining popularity. 

The NFTs will be sold through auctions and sales, and users will be able to pay for them with ETH. In a Q&A section on its drop website, TikTok says that TikTok Top Moments NFTs will give their owners “real-world redeemable value provided by the creator”, but doesn’t provide additional detail on the topic. We’ll probably get a better idea on October 6, when popular musician Lil Nas X will be launching his Tik Tok Moments NFTs.

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