TikTok Dances With NFTs

TikTok Dances With NFTs
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The NFT (non-fungible token) craze is coming to social media, with video-sharing app TikTok announcing TikTok Top Moments.

In the same week it surpassed one billion users, TikTok has revealed it will be partnering with some of its top creators to allow users to “own a moment on TikTok that broke the internet”.

TikTok Top Moments, as the series is to be named, will be based on six “culturally signifcant” videos and will be auctioned off weekly over the next month or so.

While NFTs have become commonly associated with sky-high prices, TikTok says it aims to sell these ones at “accesible price points”.

“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,” TikTok said in a statement.

“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.”

Creators involved with TikTok Top Moments include Lil Nas X, Grimes, Bella Poarch, Rudy Willingham and Gary Vaynerchuk.

Lil Nas X’s drop is up first, scheduled for 6 October.

TikTok Top Moments will be powered by Immutable X, a new Layer 2 for NFTs which allow businesses to create and trade NFTs in a gas-free, carbon-neutral manner.

Twitter has also recently announced its own plans for NFTs in a move that will allow users to display digital tokens they have purchased as their profile picture.

 

 

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