TikTok sets out to roll out a collection of non-fungible tokens ie. NFTs. Additionally, these NFTs will feature media from its most popular content creators.
Lil Nas X And NFT Setup
The first item will be up for sale on Oct. 6.
More so, it will feature Rudy Willingham’s stop motion video for the song “Montero” by the rapper Lil Nas X. Notably, these NFTs are contents from TikTok users.
While, more NFTs coming later will features contents from Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk.
Inclusively, These will involve cooperation with other NFT celebrities likes Grimes, COIN ARTIST, x0r, RTFKT.
Nick Tran, TikTok’s Global Head of Marketing notes that this project will mean that
“fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators.”
He goes further to say that TikTok is….
“excited to see how [communities] engage with some of the internet’s most beloved cultural milestones.”
NFTS Weekly Sales
Notably, the creation of The NFTs is on the Ethereum blockchain and powered by Immutable X, a layer-2 scaling solution.
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Also, it is on schedule for weekly release through the end of the month. While, subsequently they can be minted and traded without any gas costs, which is transaction fees.
Additionally, TikTok is not the first social media platform to roll out an official line of non-fungible tokens.
As seen in recent Twitter’s release of 140 free NFTs.
Of course, it later saw a reasonable gains in value on secondary markets. For instance, Reddit also deploys its own set of NFTs (CryptoSnoos).
This is same with Facebook as it rolls out support for NFT transactions in its Novi wallet.