The social media platform TikTok announced their first foray into the NFT market with a new collection inspired by their top trendsetters.
The company announced on Thursday TikTok top moments, a new program to recognize and reward content creators for their content. The NFT auctions take place on Ethereum and are operated by Immutable X, a new scaling solution for the Layer 2 NFT protocol Immutable.
TikTok Top Moments is said to feature a selection of six videos from the network’s most influential creators. Each of them aims to celebrate the influence of these creators to make TikTok one of the largest social networks in the world.
The company said that proceeds from sales will go directly to NFT’s creators and artists.
TikTok appears to be slowly moving towards blockchain technology as part of its broader business strategy. As Cointelegraph recently reported, the company has partnered with blockchain streaming platform Audius for a new feature called TikTok Sounds. The integration enables Audius users to export songs created in the log to TikTok.
TikTok has approximately 1 billion users and American audiences rely on the app to discover new artists and songs. Since the launch of its mainnet in October 2020, Audius’ user base has grown to 5 million.
NFTs have emerged as a major driver of blockchain adoption, with businesses and individuals eager to leverage digital collectibles. August was the busiest on record in this fledgling sector, with NFT totaling $ 4 billion in sales.