TikTok has announced a collection of non-fungible tokens (NFTs) featuring contributions from Grimes, Lil Nas X, Bella Poarch and more.
Called “TikTok Top Moments,” the collection is the social media app’s first whole-hog foray into the world of blockchain-based digital collectibles.
The idea is to pair TikTok creators with artists in the crypto space: Each creator will auction a one-of-one NFT celebrating one of their viral videos, and sell a set of collaborative editions at a fixed price.
The NFTs also represent a partnership with Immutable, a layer 2 network built on top of Ethereum. It’s designed to make transactions a little more user-friendly, promising “zero” transaction fees and “100% carbon-neutral NFTs.” (Though, because Immutable is engaged with Ethereum, it’s still incentivizing activity on an energy-intensive proof-of-work blockchain.)
Other creators involved with TikTok’s NFTs include Brittany Broski (also known as “Kombucha Girl”), Curtis Roach and Coin Artist, who comes from the crypto side of things.
Coin Artist, who worked with Curtis Roach on his NFTs, said she’s typically wary of big corporations diving into NFTs, but appreciated how TikTok has been handling the launch.
“I love that TikTok is taking 0% of the sales,” she told CoinDesk. “And they wanted everything to be priced economically. We had instructions that the price of each of these editions needed to be under $1,000.”
In a press release, TikTok said it plans to showcase all six of the one-of-one videos at an upcoming exhibit at the Museum of the Moving Image, in Queens, N.Y.
UPDATE (Sept. 30, 21:00 UTC): Adds comments from Coin Artist.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.