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- TikTok, a social media site, has made its maiden entrance into the NFT industry with a brand new collection that has been praised by the platform’s key trend-setters
- Each one is designed to celebrate the impact of its creators in creating TikTok one of the world’s most popular social networks
- TikTok has about 1 billion users, with viewers in the United States relying on the app to discover new artists and music
TikTok, a social media site, has made its maiden entrance into the NFT industry with a brand new collection that has been praised by the platform’s key trend-setters. On Thursday, the firm unveiled TikTok Top Moments, a new initiative that allows content producers to be recognized and paid for their work. The NFT drops will be released on Ethereum and will be powered by Immutable X, a new scaling solution for Immutable, a layer-two NFT protocol. TikTok Top Moments is said to be a collection of six TokTok movies from the most prominent producers in the community.
Each one is designed to celebrate the impact of its creators in creating TikTok one of the world’s most popular social networks. The revenues from the sales will go to the content producers and NFT artists, according to the firm. As part of its overall business strategy, TikTok appears to be progressively shifting in the direction of blockchain technology. According to news, the company has collaborated with blockchain streaming platform Audius to provide TikTok Sounds, a new feature. Audius users may now export music made using the protocol to TikTok thanks to the integration.
The revenue from the NFT sales will mostly go straight to the creators and NFT artists engaged, according to TikTok. The revenues from the Brittany Broski and Grimes collaboration, on the other hand, will be donated to charity. TikTok has about 1 billion users, with viewers in the United States relying on the app to discover new artists and music. Audius has increased its user base to five million after launching its mainnet firms in October 2020. With corporations and individuals ready to embrace digital collectibles, NFTs have emerged as a significant driver of blockchain adoption. August was the biggest month in the history of the fledgling industry, with total NFT gross sales topping $4 billion.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
