As per the latest reports, TikTok has made an announcement for the entire TikTok and cryptocurrency community. The social media platform has made an announcement confirming that it has now set foot into the non-fungible token (NFT) industry.
The TikTok officials have revealed that they will be exploring the non-fungible token industry with a new collection. The new collection would be based on the latest trends that have been set by the trend-setters. According to the officials, the trends they will be picking the inspiration from would be the ones set by leading setters.
It was on Thursday, September 30, 2021, when TikTok announced that it was launching itself in the non-fungible token market. While making the official announcement, TikTok revealed that the NFT collection would be dubbed as “TikTok Top Moments”.
TikTok has announced that TikTok Top Moments would be acting as a program that will be new to the entire TikTok community. Through the program, the users on TikTok will have the ability to create their own content. They can post the content to gain public recognition and earn rewards for the content admired by the viewers.
TikTok has announced that the rewards would be in the form of NFTs. These NFTs will reportedly be powered by a new scaling solution known as Immutable and will be launched through Ethereum. Immutable X is known for being one of the most credible scaling solutions that have been launched by Immutable, which is a layer-two NFT protocol.
The TikTok Top Moments program would consist of a total of six TikTok videos. These videos will be from some of the most influential content creators on the TikTok platform. Each video will depict the selected creators and show the impact that these content creators had on the entire TikTok community.
The videos would show how the content created by such creators impact TikTok and how their influence made TikTok one of the larges social platforms throughout the globe.
The social media platform has announced that it is aiming to generate funds from the particular collection. TikTok officials have revealed that the non-fungible token artists as well as the content creators on TikTok will be given the proceeds from the funding round.
Since the beginning of 2021, major tech giants and social media platforms have been moving towards the crypto-blockchain network. Among the rest of the social media platforms, TikTok has been making extensive efforts for the adoption of blockchain technology.
It has made blockchain a part of its business strategy. Just recently, TikTok has announced that it has launched a new service known as TikTok Sounds. The firm had revealed that it had partnered with Audius, a blockchain streaming platform in order to bring the service to the users.
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