{"id":11317,"date":"2021-09-30T21:33:37","date_gmt":"2021-09-30T20:33:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11317"},"modified":"2021-09-30T21:33:43","modified_gmt":"2021-09-30T20:33:43","slug":"tiktok-sets-to-release-video-nfts-on-the-ethereum-network","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tiktok-sets-to-release-video-nfts-on-the-ethereum-network\/","title":{"rendered":"TikTok sets to release video NFTs on the Ethereum network"},"content":{"rendered":"\n
TikTok, a popular social video sharing platform, said today that it will create a line of video NFT which will be issued on Immutable X<\/a>, a layer-2 scaling solution for Ethereum.<\/h5>\n\n\n\n
\"TikTok<\/figure>\n\n\n\n

TikTok will enlist the help of some of its most popular producers to create six NFTs\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> based on existing, “culturally significant” videos on the platform.<\/p>\n\n\n\n

An NFT is a type of blockchain-based receipt that allows holders to confirm ownership of a limited-edition digital object, such as a video file or digital artwork.<\/p>\n\n\n\n

Six separate NFT drops will be included in the TikTok Top Moments compilation. On October 6, rapper Lil Nas X will release the first NFT, which is based on a TikTok video by artist Rudy Willingham.<\/p>\n\n\n\n

The stop-motion homage to Lil Nas X's iconic “Montero (Call Me By Your Name)” music video has received millions of views on the platform.<\/p>\n\n\n

\n

.@tiktok_us<\/use><\/svg><\/span><\/a> is coming to Ethereum… WAGMI \ud83d\ude80@Immutable<\/use><\/svg><\/span><\/a> X is thrilled to power the launch of TikTok Top Moments, its first creator-led NFT collection on Layer 2 with @StarkWareLtd<\/use><\/svg><\/span><\/a>.<\/p>\n

Own a moment that broke the internet.<\/p>\n

\ud83d\udc49 https:\/\/t.co\/3HMESVJre3<\/use><\/svg><\/span><\/a> pic.twitter.com\/qYI3VO2JUk<\/use><\/svg><\/span><\/a><\/p>\n

\u2014 Immutable (@Immutable) September 30, 2021<\/use><\/svg><\/span><\/a><\/p>\n<\/blockquote>\n

<\/p>\n\n\n

Contributions from investor and NFT entrepreneur Gary Vaynerchuk (aka Gary Vee), social media sensation Bella Poarch, and musician Grimes, who sold $6 million of her NFT artwork last spring<\/a>, will round out the collection.<\/p>\n\n\n\n

NFT collectibles will be available through TikTok in both single-edition (one-of-one) and larger \u201climited edition\u201d runs.<\/p>\n\n\n\n

Immutable X, a layer-2 scaling solution built on top of Ethereum, the dominant platform for NFTs, will be used to create TikTok's NFTs.<\/p>\n\n\n\n

Immutable X has cheaper transaction fees and faster transaction completion times than Ethereum's mainnet, and it consumes far less energy than Ethereum's existing proof-of-work consensus model.<\/p>\n\n\n\n

Earlier this year, the NFT industry surged, with $2.5 billion in trading volume across key marketplaces<\/a> in the first six months of 2021.<\/p>\n\n\n\n

However, a recent uptick has resulted in even higher peaks. According to Dune Analytics, the leading marketplace OpenSea had more than $3.4 billion in volume in August alone, and that's only one platform.<\/p>\n\n\n\n

This is TikTok's second foray into the crypto world in as many months. The company established a deal with the crypto music provider Audius last month, making it the first music platform to integrate TikTok's Sound Kit feature for easy song loading into videos.<\/p>\n\n\n\n

Audius' AUDIO<\/a> coin skyrocketed in value shortly after, and the music firm just announced a $5 million investment round with Katy Perry and Nas as investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

TikTok, a popular social video sharing platform, said today that it will create a line of video NFT which will be issued on Immutable X, a layer-2 scaling solution for Ethereum. TikTok will enlist the help of some of its most popular producers to create six NFTs based on existing, “culturally significant” videos on the […]<\/p>\n","protected":false},"author":12,"featured_media":11318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[128,4695,470,1328,4736],"class_list":["post-11317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ethereum","tag-immutable-x","tag-nfts","tag-tiktok","tag-videos"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/TikTok-sets-to-release-video-NFTs-on-the-Ethereum-network.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11317"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11318"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}