TikTok is becoming like a kid who wants to try everything in the candy store, now the company enters NFTs (Non-Fungible Tokens) space. The NFT landscape looks promising as the majority of athletes, creative individuals and artists are coming in to claim their piece of pie in the space and crypto market.
The short video social media platform has released a white paper on why is entering the NFT space and it plans to drop its first NFT projects.
In a statement, the company said they’re “inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.”
It adds. “The creation that happens on TikTok helps drive culture and start trends that impact society. TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and pairing them with prominent NFT artists. Now, you can own a moment on TikTok that broke the internet.”
TikTok also identified a number of big names and influencers in the NFT market to leveraging content. Some of those names includes Lil Nas X, Grimes, Bella Poarch, Rudy Willingham and Gary Vaynerchuk.
WHAT TYPES OF NFTS WILL BE DROPPED?
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 one-of-one moments will be auctioned, while the limited edition NFTs will be dropped weekly until the end of the month, and minted and traded with zero gas fees on Immutable’s Layer-2. The limited edition NFTs will be sold at accessible price points to ensure each creator’s audience can own a piece of their history.
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