TL;DR Breakdown
- TikTok announces the release of its first ever creator-led NFT collection.
- Top celebrities like Bella Poarch, and Curtis Roach will be involved with the project.
- The collection will be named TikTok Top Moments and will be built on the Ethereum Network.
TikTok has recently announced that it will take part in the crypto industry, through NFTs. It made this historical announcement on its website on 30th September. The website mentioned that TikTok seeks to get more creative as NFTs will empower the creators too.
The NFT industry is booming as major celebrities like Mila Kunis and Grammy-winner DJ Pauk Oakenfold also announced their own NFT collection releases. TikTok is also looking to capitalize on the growth of these blockchain-based tokens. The platform brought together content creators like Lil Nas X, Bella Poarch together for the release of this collection.
TikTok NFT collection to be built on Ethereum
TikTok also mentioned in the announcement that its first non-fungible token collection will be launched on the Ethereum blockchain. Ethereum has been the favorite place for NFTs as we also saw recently that the TIME Magazine NFT collection was also released on the ETH network. The release of this NFT congested the entire network.
Furthermore, the NFT collection will be supported by Immutable X, which will help in the creation of ‘the first carbon-neutral Layer-2 scaling solution for Ethereum.’
The TikTok Top Moments NFT collection will be featuring around six videos from well-known personalities that include: Gary Vaynerchuk, Bella Poarch, Brittany Broski, Curtis Roach, Lil Nas X, Jess Marciante, FNMeka, and also Rudy Willingham.
These artists have struck deals with top non-fungible token creators like COIN ARTIST, Grimes, etc.
The drop site has been decided wherein each artist will release their tokenized videos. The first one to release would be Lil Nas X (real name: Montero Lamar Hill). There will be a number of weekly drops on the site, which will enable the minting of the tokens, as well as their trading.
Widespread adoption of NFTs continue
In a recent report, it was seen that the NFT marketplace had earned more than 2.5 billion USD in sales alone. This huge growth is also related to the rise of cryptocurrency investment throughout the world.
The release of NFTs is followed by a number of buyers who are ready to place their bids. Ethereum has become popular for the creation of NFTs but, gas prices continue to surge. Popular tokens like Cryptokitties are now selling at multiple Ethers per piece, while CryptoPunks have already made 1.35 billion in sales until now.
