in a nutshell
- TikTok has announced plans to release NFT collectibles based on popular videos on its social sharing service.
- The first NFTs include works by Lil Nas X, Gary Vaynerchuk, Grimes and more.
Social video sharing network TikTok, which now counts over 1 billion monthly active users worldwide, is releasing a series of videos. NFTs The company announced today that it sells merchandise with celebrity partners such as Lil Nas X and Gary Vaynerchuk.
TikTok will utilize some of the top creators to issue 6 NFTs based on existing “culturally significant” videos shared on the service. NFTs are a type of blockchain-based receipt that allows holders to prove ownership of rare digital items such as video files and digital artwork.
The TikTok Top Moments collection spans six different NFT drops. Rapper Lil Nas X is eligible for the first drop on Oct. 6, which includes an NFT based on his TikTok video by artist Rudy Willingham. video, stop motion homage The music video for Lil Nas X’s hit “Montero (Call Me By Your Name)” has garnered millions of interactions through the service.
Additional moments in the collection include contributions from investors and investors. NFT Entrepreneur Gary Vaynerchuk (aka Gary Vee), social media personality Bella Porch, musician Grimes Her NFT artwork grossed $6 million last spring. TikTok offers both a single edition (one of one) and a larger “limited edition” of his NFT collectibles.
TikTok’s NFTs are made with Immutable X. Layer 2 scaling solution runs on it ethereum, the main platform for NFTs.Immutable X enables lower transaction fees and faster completion times than Ethereum main netin addition, uses significantly less energy than the current in Ethereum itself Proof of work consensus model.
The NFT market exploded earlier this year, generating approximately $2.5 billion worth of trading volume across major markets in the first six months of 2021. But its recent revival has set an even bigger peak. Leading marketplace OpenSea saw him record over $3.4 billion in transaction volume in August alone. Dune analysis, which is just one platform. A lot is happening elsewhere too.
This is TikTok’s second recent step into the crypto space. The company last month announced partnership We used encrypted music service Audius to integrate TikTok’s sound kit feature, making it the first music platform to easily import songs into videos.
Audius AUDIO token price increase soon afterand the music startup recently announced $5 million funding round Investors such as Katy Perry and Nas are also included.
