You’ll soon be able to access created-curator Non-Fungible Token (NFT) Collections from your TikTok account. The leading social media platform has said that it’s collaborating with Immutable X to bring you this service. Analysts say TikTok’s decision will bolster the social media integration of NFTs. The move follows a similar one by Twitter.
TikTok’s presser indicates that it’ll be working with renowned artists in launching its initial NFT collection. Its initial auction goes live on October 6th, 2021. Among the big names it has roped in are Gary Vaynerchuk, Bella Poarch, Grimes, and Lil Nas X.
Interacting With Key Cultural Milestones
TikTok’s Global Head of Marketing Nick Tran said that the development would enable fans to own significant moments on the platform. Additionally, it’ll allow them to support their favourite creators. He expressed TikTok’s excitement at seeing how its community and NFT creators use the net to interact with key cultural milestones.
Additionally, The TikTok-Immutable X partnership is launching a dedicated site titled ‘TikTok Top Moments.’ The site will use Immutable X’s Layer-2 Ethereum scaling to provide NFTs without charging gas fees. Further to giving one-of-one moments, the site will drop limited edition NFTs weekly till the month’s end. The blockchain is also carbon neutral.
TikTok’s Growing Crypto Interest
TikTok isn’t new to the crypto world, having first entered the space through a partnership with Audius. The latter is a crypto-centric music platform fighting for artists’ rights. It hosts over 100,000 artists and uses an open governance network and its native token, the $AUDIO, to champion its causes.
TikTok continues to show interest in crypto projects. It follows social media’s growing interest in the space. Twitter, for instance, is building an NFT verification system. It has also integrated a Bitcoin tipping feature on its platform. Moreover, Twitter NFT avatars continue to gain popularity.
Analysts, however, think that TikTok will embrace crypto conservatively. In July this year, the platform took a dim view of cryptos. It banned the publishing of crypto content on its platform.
Jumping on to the NFT Train
Today, NFTs are a trendy development in the crypto market. It’s why market leaders are jumping onto its train. Ripple, for instance, has launched a new $250 million Creator Fund to push NFT minting on its blockchain. Through its XRPL platform, it aims to attract NFT creators to use its BC.
XRPL is a faster and sustainable means of minting NFTs. On its part, the Creator Fund supports creators willing to pursue NFT creations. The two work together to remove the technical and financial hurdles that discouraged creators from furthering their ideas. In the Fund, creators have an essential tool for marketing their projects too. Thus it’ll ease their entry into this space.
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