TikTok announces that they are launching their first “creator-led” NFT collection—TikTok Top Moments. It features some of TikTok’s biggest stars like Lil Nas X, Bella Poarch and Brittany Broski collaborating with NFT creators—which includes musician and NFT enthusiast Grimes.
“Building on our commitment to helping creators achieve their goals in the growing creator economy, TikTok NFTs provide a way for creators to be recognized and rewarded for their content, and for fans to own a culturally-significant moment on TikTok,” said TikTok.
If you’re unfamiliar with what an NFT, it stands for non-fungible token. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else—whereas something like a bitcoin is fungible and can be traded for another bitcoin to have exactly the same thing.
The NFTs will be made available on Ethereum. It will also be powered by Immutable X—which uses “innovative technology to create the first carbon neutral Layer-2 scaling solution for Ethereum”. Normally, NFTs are notorious for being at least partially responsible for the millions of tons of planet-heating carbon dioxide emissions generated by the cryptocurrencies used to buy and sell them. An opportunity to use a solution that might “offset the carbon footprint” created through NFTs could help make the process more environmentally friendly—but there’s a lot we still don’t know about this solution.
TikTok Top Moments features a selection of six “culturally significant” TikTok videos from the platform’s stars. TikTok also mentions that the proceeds will “largely go directly to the creators and NFT artists involved”—but there’s no other information about how big of a cut the artists will be getting from it.
The first of the NFTs will drop on 6 October—with a Tiktok video by Lil Nas X and artist @Rudy_Willingham. While the NFT could be a brand new TikTok video especially created for the collection (they didn’t exactly specifiy), the two have sort of collaborated before with a unique stop motion TikTok video.
“The one-of-one moments will be auctioned, while the limited edition NFTs will be dropped weekly until the end of the month, and minted and traded with zero gas fees on Immutable’s Layer-2. The limited edition NFTs will be sold at accessible price points to ensure each creator’s audience can own a piece of their history,” said TikTok on their Immutable page.
Each TikTok video in the collection will also be presented at a new TikTok Exhibit at the Museum of the Moving Image in Queens, New York. The exhibit will run from 1 October until 5 November.