While it can be tough to distinguish the billions of dollars in crypto speculation from possible infrastructural shifts, plenty of major IT businesses are dipping their toes into the field and signalling future interest.
It’s TikTok’s turn this time. The fast-growing social media platform, which just surpassed 1 billion monthly users globally, has planned its own NFT drop, leveraging content from some of its best producers, including Lil Nas X, Grimes, Bella Poarch, Rudy Willingham, and Gary Vaynerchuk. The introduction of one-of-one and limited edition NFTs appears to be more concerned with creating hype among the existing NFT community than with exposing consumers inside the app to non-fungible tokens.
The company is avoiding blockchain energy worries by hosting their NFTs on a dedicated site powered by Immutable X, a Layer-2 scaling solution for Ethereum that claims to be “100% carbon neutral.” The drop begins on October 6 with a compilation by Lil Nas X and will last until the end of the month.
According to the Tik-Tok the collection will include six TikTok videos as one-of-one NFTs, as well as a series of limited edition NFTs inspired by key cultural moments from TikTok. On October 6, Lil Nas X, in conjunction with artist Rudy Willingham, will be the first to sell his NFT.
“Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.” – tiktok.immutable
It’s certainly an unique early experiment for the company, which hasn’t previously exhibited the same amount of NFT interest as platforms like Twitter and Facebook, but it also shows that they believe NFTs are a field worth paying attention to.