The social media giant, Tiktok, is joining the Non-fungible token (NFT) world. It is partnering with Australian Ethereum scaling solution, Immutable X to help mint NFTs. The Sydney based blockchain company is all about ensuring cheaper, faster and carbon-friendly transactions on the Ethereum network.
By offering Tiktok NFTs, the social media company would have an impressive line of tokens for users. The partnership is also a boost for the blockchain company given Tiktok’s high profile as a global entity. It is the needed boost for Immutable following its capital raise of $82 million.
In a statement, the social media giant claimed they are exploring NFTs as a new creator empowerment tool. The NFTs collection dubbed Tiktok Top Moments is designed by some of the leading creators from the platform and includes top trending videos they had created. It is a way to increase the exposure of the creators and their rewards while at the same time ensuring the fans own part of the Tik Tok moments.
Tiktok has lined up some of the most notable and impactful creators from the platform such as Lil Nas X, Curtis Roach, Jess Marciante, among others. These are some of the names that have had massive cultural impacts through their creations. They will work together with renowned NFT creators like COIN ARTIST, Grimes, RTFKT and more to help tokenise their creations.
The majority of revenue created from the sale of NFTs goes directly to the creators and artists. It acts as a unique way fans can support and incentivise their favourite creators.
The NFTs will be dropping every week with the first launch by Lil Nas. Once they are all available on the Ethereum platform, users will be able to mint and trade them from the Immutable X platform with zero gas fees.
What does the partnership mean for the blockchain economy?
The future of NFTs had never been so clear. As part of blockchain technology, some people have always felt NFTs were a bubble that would burst after some time. However, with time, it now seems as if NFTs are here to stay.
Tiktok is the latest of a wide range of notable individuals and companies that have NFT collections. Celebrities like the world boxing legend Floyd Mayweather and Twitter CEO Jack Dorsey have their NFTs line, same as companies like Playboy.
By launching its NFTs collections line, Tiktok has enhanced the possibility of NFTs becoming mainstream. Tiktok is currently the fastest growing social media network ever. It already has more than 1 billion global monthly users and is one of the most downloaded apps in the world right now. With such massive influence, it will be crucial in making NFTs more accessible to the masses.