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 platform.
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.
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.
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.
Own a moment that broke the internet.
— Immutable (@Immutable) September 30, 2021
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, will round out the collection.
NFT collectibles will be available through TikTok in both single-edition (one-of-one) and larger “limited edition” runs.
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.
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.
Earlier this year, the NFT industry surged, with $2.5 billion in trading volume across key marketplaces in the first six months of 2021.
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.
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.
Audius’ AUDIO coin skyrocketed in value shortly after, and the music firm just announced a $5 million investment round with Katy Perry and Nas as investors.