TikTok, a popular app for creating and sharing short videos, has joined the non-fungible token (NFT) bandwagon. TikTok promoted its entry into that market with a full-page advertisement in the New York Times.
The rapidly expanding social media platform, which recently surpassed 1 billion monthly users worldwide, announced plans to mint the content of some of its top creators, including Lil Nas X, Grimes, Bella Poarch, Rudy Willingham, and Gary Vaynerchuk, into NFTs.
The first installment of Lil Nas X’s series will be released on October 6 and will continue until the end of the month.
The company built its NFT collection on Immutable X, a layer-2 scaling Ethereum solution that claims to be “100% carbon neutral” for NFT transactions.
The final sentence of TikTok’s New York Times advertisement seemed to reveal the next step in rewarding creativity: “We want to be the platform that continues to find innovative ways to recognize and reward our creators.”
TikTok ceased operations in Hong Kong in July 2020, following the passage of the Hong Kong National Security Law. TikTok had drawn the attention of the United States and other countries due to concerns that it might share user data with Chinese authorities.