Market Analysis

TikTok embraces NFTs with creator-led collection

The NFT launch features prominent TikTokers including Lil Nas X, Bella Poarch, Curtis Roach, Brittany Broski and others.

Social media platform TikTok has announced its first foray into the nonfungible token, or NFT, market with a new collection inspired by its leading trend-setters.

On Thursday, the company announced TikTok Top Moments, a new program that allows content creators to be recognized and rewarded for their content. The NFT drops will be launched on Ethereum and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable.

TikTok Top Moments is said to feature a selection of six TokTok videos from the network’s most influential creators. Each one is intended to celebrate the impact of these creators in making TikTok one of the largest social networks in the world.

The company said that proceeds from the sales will go directly to the content creators and NFT artists.

Related: Immutable raises $60M for its carbon-conscious NFT platform

TikTok appears to be slowly pivoting towards blockchain technology as part of its overall business strategy. As Cointelegraph recently reported, the company has partnered with blockchain streaming platform Audius around a new feature called TikTok Sounds. The integration allows Audius users to export songs created on the protocol to TikTok.

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TikTok has roughly 1 billion users, with its United States audience relying on the app to discover new artists and songs. Since launching its mainnet services in October 2020, Audius’ user base has grown to 5 million.

NFTs have emerged as a major driver of blockchain adoption, with businesses and individuals keen to embrace digital collectibles. August was the busiest month on record for the nascent industry, with total NFT sales hitting $4 billion.

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