Social Media Giant TikTok Dives Into NFT Space With Launch of First Collection

Video sharing platform TikTok has announced it's jumping into the non-fungible token (NFT) space with the launch of its own NFT collection that will be based on Immutable X, an Ethereum Layer 2 specifically for NFTs.

The new NFT collection, which the social media behemoth calls TikTok Moments, features clips from six of the most influential creators on the platform.

"Today we're announcing our first-ever NFT collection, TikTok Top Moments, designed by some of our community-defining creators and inspired by the trending videos they created...

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."

The creators to be featured in the collection are rapper and singer Lil Nas X, Instagram artist Rudy Willingham, singer Bella Poarch, rapper Curtis Roach, TikTok stars Brittany Broski and Jess Marciante, robot rapper FNMeka, and motivational internet personality Gary Vaynerchuk.

TikTok says that the NFTs will be a way for content creators to be rewarded for their material and for their fans to be able to have digital ownership over a "culturally-significant moment" on TikTok. Each one-of-one moments will be auctioned off while the limited edition NFTs will be released weekly until the end of October. Proceeds of from sales will given largely to the content creators and the NFT artists, according to TikTok.

TikTok, where users share short video clips with their followers, is the fastest growing social media platform with over 1 billion users worldwide.

Immutable X is a next generation Layer 2 protocol that allows for NFT trading with zero gas fees and instant trade confirmation by utilizing ZK Rollups. It can process up to 9,000 transactions per second, and is partnered with Starkware to provide the zero gas fees.