TikTok is joining the NFT craze by rolling out its own digital collections on its Layer 2 Ethereum solution and leveraging content from some of the platform’s top creators. So read more on our latest Ethereum news today.
Popular social media giant TikTok has announced it is entering the NFT space by launching a range of digital collectibles on its Layer 2 Ethereum solution. TikTok joins the NFT craze at the right time after surpassing 1 billion users worldwide. It will now feature content from six major “culture” videos from the creators, and some of those names include Bella Poarch, Lil Nas, Curtis Roach, FN Meka, Jess Marciante, Rudy Willingham, etc. According to the announcement, the featured artists will work with a few of the best NFT creators including RTFKT Grimes, xOr, COIN ARTIST, and others to create a limited edition NFTS that celebrates the video. Nick Tran, Global Director of Marketing, said:
“As the creator economy continues to grow, we are constantly looking for new and different ways to support our creators. Fans can now own the moment on TikTok that shaped the internet while also supporting some of their favorite creators. “
According to TikTok, the first NFT collection will go on sale on October 6thNS and will show Rudy Willinghma’s stop-motion video of the Montero song by Lil Nas X. The company says the NFT will be sold on a dedicated platform powered by a Layer 2 scaling solution for EThereum called EThereum which will reduce weekly until the end of the month, after which the asset will be minted and traded without ht users high Pay ETH gas fees.
Because the initiative was created to help content creators do their jobs, proceeds from sales go to creators and related NFT artists. The development comes a few months after the Chinese app banned crypto influencers from promoting digital assets in its content and cited increasing cases of user fraud. Several crypto influencers have removed their crypto-related videos, such as Lucas Dimos who said at least 10 of his uploads have been removed.
Dimos complained that his account was razor sharp due to the strict measures taken, adding that he could be banned from the platform if any of the other videos were removed. While the social media giant is diving into the crypto space with its new NFT initiative, it is working on a roadmap that will allow users to take advantage of encrypted content outside of the app.
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