TikTok & NFTs: What is the Platform Doing?

NFTs and social media go perfectly together. NFT creators are utilizing social media to promote their work. Social media sites are serving as common ground for NFT sellers, buyers, and others. There is no surprise that more social networks are experimenting with NFTs

TikTok has more than a billion monthly users globally. The platform has been planning its own NFT drop in collaboration with the platform’s top creators. TikTok has announced its NFT debut in the New York Times.

TikTok Top Moments?launched in the last quarter of 2021, offering a fresh take on the digital art trend. TikTok has been planning to use the NFT universe to empower the TikTok creator community. In addition to giving an opportunity to creators to monetize their content, NFTs also allow fans to own culturally significantTikTok events.?

TikTok trends?tend to influence culture and launch trends that impact society. TikTok wanted to bring something fresh to the NFT universe by curating some pop-culture milestones and combining them with known NFT artists.

TikTok on Ethereum Powered by Immutable X

TikTok has released its first NFT collection on the Ethereum blockchain, powered by Immutable X. Using the Immutable X is worth mentioning because the platform has gone mainstream during the period of the regular gas conflicts for NFTs on Ethereum.

TikTok’s move of placing TikTok Top Moments NFTs on the blockchain has separated it from its primary social media operation. Because of this, the NFTs are not in the app. Instead, they are built on the same framework as other assets that are minted on Ethereum. TikTok’s NFTs are available for purchase on secondary marketplaces like OpenSea.

What is the Value of TikTok Getting into NFTs

Consumer interest in digital assets is on the rise, and many WEB 2.0consumer tech firms are bound to penetrate the market. TikTok move into Ethereum blockchain compares with Facebook’s future goal. It’s the most comparable with Twitter’s NFT venture.

Generally, TikTok has welcomed the blockchain community that values decentralization. This gives users the ability to collect NFTs like collectible cards, which will further potentially evolve into a collectible with historical value.?

Example of an NFT on Immutable X platform