TikTok has announced its first venture into the nonfungible token market with a new collection inspired by its leading trend-setters.
The company unveiled TikTok Top Moments, which is a new program that allows creators to be recognized and rewarded for their content posted. The NFT drops will be launched on Ethereum and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable.
TikTok appears to be slowly turning towards blockchain technology as part of its overall business plan. The company has partnered with blockchain streaming platform Audius around a new feature called TikTok Sounds. Which allows Audius users to export songs created on the protocol to TikTok.
TikTok has close to 1 billion users, with its United States audience increasingly utilizing the app to discover new artists and songs. Since launching its main net services in 2020, Audius’ user base has grown to 5 million.
NFTs have appeared as a major driver of blockchain adoption, with businesses and individuals keen to embrace digital collectibles.
