TikTok is experimenting with NFTs in collaboration with superstars such as Lil Nas X and Bella Poarch.

TikTok, a short video sharing site, is planning to offer its first collection of digital collectibles using non-fungible tokens (NFTs).TikTok said in a blog post that the collectibles would be based on six "culturally important TikTok videos" from top artists and will be sold under the TikTok Top Moments brand.

For the scheduled October weekly sales, the social media site plans to auction the collectibles and select limited edition NFTs.

The effort, according to the platform, is part of the company's commitment to assisting artists in achieving their objectives in order to benefit from the expanding creative economy.

TikTok will also collaborate with a number of artists, celebrities, and websites. Lil Nas X, Bella Poarch, Grimes, Rudy Willingham, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk are among the collaborators.

On October 6th, musician Lil Nas X will be the first to perform, collaborating with artist Willingham. Grimes will also collaborate with Brittany Broski in other projects. The NFTs will subsequently be minted and exchanged on the Immutable X Layer-2 with no gas costs.

TikTok will make use of the Ethereum network.

The NFTs will be constructed on Immutable X's Ethereum network, which uses StarkWare's technology to build Ethereum's first carbon-neutral Layer-2 scaling solution.

Weekly releases of limited edition NFTs will be offered at affordable prices to ensure that every creator's audience has an opportunity to acquire the artwork.

“The majority of the proceeds will go directly to the creators and NFT artists involved, giving TikTok and NFT fans and enthusiasts a chance to support the makers they love,” TikTok stated.

TikTok said that it would not keep any of the sales revenues.

Because TikTok is a strong mainstream platform to enter into the sector, the developments give impetus to the expanding NFT activity.


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