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TikTok Announces Its First Foray Into NFT Market With New Collection

TikTok, the social media platform, has announced its first foray into the nonfungible token (NFT) market with a new collection inspired by its leading trend-setters.

It has been reported that the company unveiled TikTok Top Moments, a new program that allows creators to be recognized and rewarded for their content. The NFT drops will be launched on Ethereum and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable.

However, TikTok Top Moments is said to feature a selection of six TikTok videos from the network’s most influential creators. Each one is intended to celebrate the impact of these creators in making TikTok one of the largest social networks in the world.

The report said that the company said that proceeds from the sales will go directly to the content creators and NFT artists. TikTok appears to be slowly pivoting towards blockchain technology as part of its overall business strategy.

As recently reported, the company has partnered with blockchain streaming platform Audius around a new feature called TikTok Sounds. The integration allows Audius users to export songs created on the protocol to TikTok.

Likewise, TikTok has around 1 billion users, with its United States audience increasingly utilizing the app to discover new artists and songs. Since launching its mainnet services 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 keen to embrace digital collectibles.

Thus, August was the busiest month on record for the nascent industry, with total NFT sales hitting $4 billion.

Source: Cointelegraph




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