TikTok announces its entry into the NFT market and launches its first creator-led NFT series
On Thursday, the social media platform TikTok announced its first entry into the NFT market, launching the first NFT series “TikTok Top Moments”.
TikTok Top Moments selects six TikTok videos from the most influential creators on the Internet. Each one-to-one NFT is designed to pay tribute to the influence of media creators on entertainment, culture and the TikTok community. Creators include Lil Nas X , Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, etc.
These creators will also collaborate with famous NFT artists to create a limited edition NFT. Lil Nas X will launch the first one and NFT limited edition of the series, they will in Ethernet Square available on the support provided by the Immutable X, Immutable X is a Layer 2 protocol for NFT. Compared with Ethereum’s mainnet, Immutable X allows lower transaction fees and faster completion time, and it uses much less energy than Ethereum’s current proof-of-work consensus model.
TikTok seems to be slowly turning to blockchain technology as part of its overall business strategy. The company has partnered with the blockchain streaming platform Audius to launch a new feature called TikTok Sound. This integration allows Audius users to export songs created based on this protocol to TikTok.
TikTok has approximately 1 billion users, and its American audience relies on the app to discover new artists and songs. Since the launch of the mainnet service in October 2020, Audius’ user base has increased to 5 million.
NFT has become the main driver of blockchain adoption, and companies and individuals are keen to embrace digital collectibles. According to Dune Analytics, the leading market, OpenSea , had more than $3.4 billion in transactions in August alone.
NFT first entered the public eye in 2017, when a cloud-raising cat game called “Cryp to Kitties” (Cryp to Kitties) exploded, making the concept of NFT gain a lot of attention. NFT has experienced a budding period from 2012 to 2016, and a development period from 2017 to 2020. Since 2021, with the vigorous development of the digital art creation community, NFT has entered an explosive period.
The admission of investment institutions also promoted the NFT boom. According to statistics from the Nonfungible website, since the first half of this year, more than 80 NFT projects around the world have been favored by capital, with a total financing of more than US$780 million. In March 2021 alone, the transaction size of the NFT market reached US$205 million, exceeding the sum of all previous NFT transactions.
NFT has long been extended to the fields of culture and art, and has attracted many Internet companies including Twitter and Ant.
The digital asset collection NBA Top shot jointly launched by the US NBA and Dapper Labs has become one of the most popular NFT products in the current market. American digital artist Beeple’s NFT work “Everydays: The First 5000 Days” sold for $69,346,250, pushing the concept of NFT to a climax.
TikTok stated that most of the proceeds from NFT sales will be directly used for participating creators and NFT artists. However, the proceeds from the collaboration between Brittany Broski and Grimes will be used for charity. These videos will also be exhibited at the Motion Picture Museum in Queens, New York from October 1st to November 5th under the title “Infinite Duo: Co-creation on TikTok.”
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